centralbanks
Maldives Trade Minister Mohamed Saeed held discussions with senior officials from Chinese banks to form strategic alliances aimed at boosting the Maldivian economy. This comes as the US credit rating agency Fitch downgraded Maldives’ credit rating to junk status, raising concerns about the country’s ability to repay its foreign debt. High-level talks with Chinese banks While attending the 15th World Economic Forum in Dalian, China, Saeed met with senior officials from the China Industrial and Commercial Bank (ICBC) and the Bank of China. These discussions focused on strategies for further enga...
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The European Central Bank (ECB) has provided an update on the development of a digital euro, highlighting the importance of user privacy and data protection. The ECB announced on Monday that it will decide in 2025 whether to advance to the next phase of the project, following the completion of legislative elections within European Union institutions. Emphasis on privacy and data protection The ECB emphasised that user privacy has been a fundamental aspect of the digital euro project since its inception. The bank assured that for online digital euro payments, privacy would be safeguarded in a w...
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Today, the European Commission’s Eurostat data centre revealed the latest CPI inflation readings for inflation for the Euro area. The EU annual inflation rate rose by 0.1 percentage points in May 2024 to 2.7%, marking the first increase since December 2023. Previously, the April 2024 month-over-month for EU CPI was at 2.6%. For May 2024, the annual inflation rate was at 2.6%, up 0.2% from April 2024, with its reading of 2.4%. Exceeding expectationsForecasts from analysts for EU CPI month-over-month figures were broadly at 2.6% for May 2024. If this were to be the case, it would mean that the s...
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The World Bank announced on Tuesday in its latest Global Economic Prospects report that it expects the gross domestic product (GDP) in the United States to grow by 2.5% in 2024. This marks a significant increase from the January growth projection of 1.6%, highlighting the continued robust expansion of the US economy. Global economic outlook improvedThe global economy is anticipated to rise by 2.6% this year, an upgrade from the 2.4% forecast in January. The World Bank explained in its report, Global growth is envisaged to reach a slightly faster pace this year than previously expected, due mai...
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The USD/INR exchange rate dived hard on Monday morning ahead of the official Indian election results scheduled on June 4th. The pair slumped to a low of 83, its lowest level since March 20th. It has dropped by 85 basis points from its highest point this year. India election results and RBI decisionThe Indian rupee will be in the spotlight this week as India concludes its election and as the Reserve Bank of India (RBI) delivers its interest rate decision. Exit polls show that Narendra Modi will likely be declared the country’s president for the third term. There are signs that he will reach the...
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The EUR/USD exchange rate was flat on Friday after a stronger-than-expected European inflation report. It was trading at 1.08500, higher than this month’s low of 1.0600 as focus shifted to the upcoming US inflation data and the European Central Bank (ECB) decision. ECB decision aheadThe EUR/USD will be in the spotlight next week as the ECB concludes its two-day meeting on Thursday. This will be a crucial meeting since the bank has signaled that it will be the start of the rate cutting cycle. Analysts have scaled back their expectations for the number of rate cuts to expect after the June meeti...
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Two important pieces of evidence have been published, today and yesterday, adding weight to the case that the EU will begin interest rate cuts as soon as next month. Today, the European Commission published both its latest Euro-area GDP figures, and its Spring Economic Forecast, entitled ‘A gradual expansion amid high geopolitical risks’. European Commission’s forecastIn its forecast, the commission spoke on interest rates, saying that: Expectations for imminent and decisive rate cuts across the world have been pared back in recent weeks. In the euro area, where the European Central Bank last ...
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The US dollar index (DXY) and the price of gold retreated slightly after the Federal Reserve interest rate decision. The dollar moved from last month’s high of $106.50 to $105.70. It remains about 5% above its lowest point this year. US nonfarm payrolls aheadGold, on the other hand, has retreated from last month’s high of $2,432 to $2,320. Like the US dollar, gold remains significantly higher than the year-to-date low of $1,985. The main catalyst for the price of gold and the US dollar index was the Federal Reserve decision on Wednesday. In it, the bank decided to leave interest rates unchange...
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