Annual inflation in Russia reached a two-decade high of 17.8 percent in April, fueled by Western sanctions over Moscow’s military campaign in Ukraine, according to the statistics agency on Friday. Since President Vladimir Putin sent troops into Ukraine on February 24, Russia has faced a barrage of international sanctions, including embargoes on key exports, which … Read more
A judicial source stated that the brother of Lebanon’s relevant bank governor posted bail of 100 billion Lebanese pounds ($3.7 million) and changed into freed on Thursday after two months of detention. The bail parent is a document in Lebanon, a rustic grappling with an economic crisis visible as one of the world’s worst in … Read more
STOCKHOLM: Inflation in Sweden continued to grow in April after reaching a 30-year high a month ago, according to Statistics Sweden. In April, the number increased to 6.4 percent, up from 6.1 percent in March, when it topped the previous high of December 1991. “(There have been) continued widespread price increases in April, including (for) … Read more
Russia’s central bank announced on Friday that it was lowering its benchmark interest rate for the second time in a row, citing a reduction in the risks of price surges and financial instability. The Bank of Russia said it would drop the rate from 17 percent to 14 percent starting next week, a bigger cut … Read more
PARIS: National statistics agency said Friday, French economic growth slowed to zero in the first quarter of this year as families cut back on spending owing to increasing prices and the conflict in Ukraine. The outcome was less than predicted, with the central bank projecting 0.25 percent year-on-year growth, highlighting Europe’s economic challenges. According to … Read more
According to central bank data released Wednesday, consumer sentiment in South Korea increased in April as a result of the easing of social-discrimination laws. According to the Bank of Korea, the composite consumer sentiment index (CCSI) reached 103.8 in April, up 0.6 points over the previous month (BOK). The index rose for the second month … Read more
Wall Street shares tumbled similarly Friday afternoon on rising angst over the Federal Reserve’s plan to aggressively counter inflation with higher interest costs. Near 1830 GMT, the Dow Jones Industrial Average changed down 2.0 percent at 34,088.51. The extensive-based totally S&P 500 fell 2.1 percent to four,303.06, even as the tech-rich Nasdaq Composite Index shed … Read more
Kyiv: Ukrainian Prime Minister Denys Shmyhal and top finance officials will visit Washington next week for IMF and World Bank spring meetings, sources said Friday. In addition to bilateral meetings, Shmyhal, Finance Minister Serhiy Marchenko, and Central Bank Governor Kyrylo Shevchenko are expected to attend a World Bank-hosted roundtable on Ukraine on Thursday. Until Thursday, … Read more
China introduced a reserve ratio cut on Friday, intended to free up billions of dollars in liquidity as worries intensify over extended Covid regulations that have disrupted businesses across the U.S. The central bank said it would reduce the reserve requirement ratio (RRR) by means of zero.25 percent points for most banks starting April 25, … Read more
LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) has urged the State Bank of Pakistan to intervene for controlling depreciation of the local currency. “Inter-bank US dollar exchange rate is on the rise. The SBP should intervene for averting economic crisis. Rupee devaluation would be the last straw that breaks the camel’s back”, LCCI … Read more
SEOUL: South Korea said on Monday it will halt all transactions with the Russia’s central bank in the latest series of punitive actions against Moscow over its invasion of Ukraine. The foreign ministry said in a statement it had decided to ban all financial dealings with the Central Bank of Russia “considering the international community’s … Read more
WASHINGTON – The impact of the conflict in Ukraine on the US economy is “highly uncertain” and the central bank will need to adjust quickly to ensure the recovery continues, Federal Reserve Chair Jerome Powell said Wednesday. With prices rising at their fastest pace in four decades and oil soaring above $100 a barrel, the … Read more
As the West slammed Russia with sanctions over its invasion of Ukraine, Russia’s central bank announced Monday that it was hiking its main interest rate to 20% from 9.5 percent. The Bank of Russia’s board of directors has voted to raise the key rate to 20%, according to a statement from the central bank. It … Read more
BEIJING: China has called for strengthening global cooperation in coordinating macro policies, as part of efforts to propel common development, according to the Ministry of Finance. “Major developed countries should adopt responsible macroeconomic policies and appropriately control the spillover effects,” Finance Minister Liu Kun said when attending the meeting of G20 finance ministers and central … Read more
WASHINGTON: Top officials at the US Federal Reserve will be banned from holding individual stocks, bonds, cryptocurrencies and certain other investments under new rules adopted on Friday, after controversial trading activity led to high-profile resignations last year. Under the regulations adopted unanimously by the policy setting Federal Open Market Committee (FOMC), central bank leaders including … Read more
KARACHI: Pakistan’s liquid foreign exchange reserves slipped $231 million to $23.49 billion by the week ended February 11, 2022, official statistics revealed. The foreign exchange reserves of the country stood at $23.721 billion by the week ended February 4, 2022, according to the statistics released by the State Bank of Pakistan (SBP). The official foreign … Read more
KARACHI: The State Bank of Pakistan (SBP) has received $18 billion as workers’ remittances during the first seven months (July-January) 2021/22, a statement said on Friday. The central bank said that during the first seven months of 2021/22, the remittances have risen to a record $18 billion, 9.1 per cent higher than the same period … Read more
KARACHI: The State Bank of Pakistan (SBP) has imposed Rs523 million as monetary penalty on commercial banks for violating regulatory provisions during the first half of fiscal year 2021/22, a statement said. The Central Bank said that it had imposed Rs58 million as penalty on five banks for the quarter ended December 31, 2021. The … Read more
BEIJING – China’s central bank said Monday that it pumped cash into the money market in January to meet the liquidity demand from financial institutions. A total of 700 billion yuan (about 110 billion U.S. dollars) was injected into the market via the medium-term lending facility (MLF) last month to maintain liquidity in the banking … Read more
KARACHI: The liquid foreign exchange reserves of the country fell $397 million to $22.085 billion by the week ended January 28, 2022, the State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country stood at $22.482 billion by the week ended January 21, 2022. The official foreign exchange reserves of … Read more
WASHINGTON: An official US digital currency could offer potential benefits to American consumers and businesses, but it is not clear they would outweigh the potential risks, the Federal Reserve said. In a long-awaited report on central bank digital currencies (CBDC), the Fed stressed that it is not taking a position nor does the paper signal … Read more
SANTIAGO: Chile’s leftist president-elect Gabriel Boric, whose victory at the polls last month unsettled the markets, on Friday named the country’s Central Bank governor as his finance minister in a young, diverse and woman-majority cabinet. Mario Marcel, an independent politician and former member of the Socialist Party, with which he maintains strong ties, announced his … Read more
KARACHI: The State Bank of Pakistan (SBP) has won the Best Central Bank of 2021 award for promoting Islamic finance, a statement said. The Islamic Finance News (IFN), an arm of RED money Group, Malaysia, announced the SBP as the best central bank of 2021 across the world in promoting Islamic finance. The results of … Read more
HONG KONG: Crude oil hit a more than seven-year high on Tuesday on optimism the global recovery will ramp up demand, but concerns about the end of long-running central bank support and rising Treasury yields saw most equity markets reverse early gains. After an almost uninterrupted rally from the early days of the pandemic, world … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has urged the ministry of commerce to facilitate barter trade with Iran as trade ties are re-established between the commerce ministries of both countries, a statement said on Monday. Unisame president Zulfikar Thaver apprised that Iran is ready to buy big quantities of different varieties of … Read more
WASHINGTON: With US inflation high and the Federal Reserve expected to hike interest rates within months, President Joe Biden said on Friday he had faith in the central bank’s ability to manage price increases while ensuring that businesses keep hiring. “I want to be clear: I’m confident the Federal Reserve will act to achieve their … Read more
ISLAMABAD: Regarding the recently passed bill envisaging autonomy for the State Bank of Pakistan (SBP), Federal Minister for Energy Hammad Azhar on Saturday said the fresh legislation would free the SBP from politicised decisions. Addressing a news conference in Islamabad, Azhar rejected the impression that it would risk national security. He pointed out that the … Read more
KARACHI: The foreign exchange reserves of the country fell $118 million to $23.901 billion by the week ended January 7, 2022, the central bank reported on Thursday. The foreign exchange reserves of the country were $24.019 billion by the week ended December 31, 2021. The official foreign exchange reserves of the State Bank of Pakistan … Read more
