China and Democratic Republic of Congo are discussing $7 billion in financing as part of a renegotiated minerals-for-infrastructure deal, President Felix Tshisekedi said Saturday at his second inaugural address in the capital, Kinshasa. Tshisekedi has been pushing for a restructuring of a 2008 $6.2 billion contract between the countries, which he says has provided little … Read more
Argentina devalued the peso by 54% and announced a swath of spending cuts as the first steps of President Javier Milei’s shock-therapy program, moves welcomed by the International Monetary Fund. The newly inaugurated administration weakened the official exchange rate to 800 pesos per dollar, Economy Minister Luis Caputo said in a televised address after the … Read more
The Eastern Caribbean Central Bank is celebrating 40 years since its founding. What do you view as the main benefits of the Eastern Caribbean Currency Union? The main benefit, without a doubt, is relatively low inflation over an extended period. Since 1976, we have pegged US$1 to EC$2.7. Our inflation is largely imported and typically … Read more
The Pakistani rupee registered marginal losses against the US dollar as it depreciated 0.02% during the opening hours of trading in the inter-bank market on Monday. At 11am, the rupee was hovering at 285.43, a decrease of Re0.06 in the inter-bank market. During the previous week, the rupee extended its winning streak for the second … Read more
The Pakistani rupee posted a marginal gain against the US dollar, appreciating 0.05% during the opening hours of trading in the inter-bank market on Friday. At 10:10am, the rupee was hovering at 286.75, an increase of Re0.15 in the inter-bank market. On Wednesday, the rupee had depreciated 0.18% to settle at 286.90 against the US … Read more
Harare skyline, including the Reserve Bank of Zimbabwe tower in the centre Zimbabwe’s central bank lowered its policy rate by 20 percentage points, to 130%, on October 23. This is the first change to the policy rate since June, when Zimbabwe devalued its currency and raised its rate 1,000 basis points. According to official statistics, … Read more
Argentina investors again braced for a selloff after Economy Minister Sergio Massa did better than forecast in Sunday’s presidential vote, dashing hopes for an outright win by a more market-friendly candidate. The country’s dollar bonds — already trading below 30 cents on the dollar — look set to tumble further ahead of the Asia market … Read more
The Central Bank of Argentina Argentines gave up on their peso long ago. They now hold some $200 billion in cash, second only to the cash holdings of US citizens. With expectations for 186% inflation over the next 12 months adding insult to injury, it is little wonder that Argentines increasingly support presidential candidate Javier … Read more
Argentina Election 2023: Will the US Dollar Replace the Peso in … Bloomberg Source link
Central Bank of Argentina The Central Bank of Argentina (BCRA) ordered another large increase in its policy rate on October 12, as inflation jumped and the national currency shrivelled on informal markets. Policy-makers raised the Leliq rate by 15 percentage points to 133%. Since January 2022, the central bank has more than tripled its policy … Read more