Tag Archives: central bank

Uruguay is the most promising market in the Americas for 2022

Uruguay – strong institutions and resilience to shocks With real GDP growth of 3.0% expected, the Uruguayan economy will surpass its pre-crisis levels in 2022. Government policies implemented in the fourth quarter of 2021, including the reopening of borders, the elimination of value-added tax (VAT) for tourists and loans to boost the tourism sector – which accounted for 17.4% of ...

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CBN introduces digital invoicing for importers and exporters to curb currency demand – Blueprint Newspapers Limited

The Central Bank of Nigeria (CBN) has introduced a digital invoicing system for importers and exporters to tackle excessive pricing, the deputy governor said. The new system, which became operational on February 1, aims to “save more foreign exchange earnings which will be channeled to the most productive sectors of the economy”, Kingsley Obiora said in a statement released over ...

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Banks betting on Russia face new test of appetite

Western banks are used to political turbulence in Russia. Societe Generale, which first set up shop in the country 150 years ago, was forced into a 56-year hiatus after the Bolshevik Revolution of 1917. Since its return, the French lender has weathered the end of communism, Russia’s sovereign default in 1998 and the annexation of the Crimean peninsula in 2014. ...

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Government allows exporters to make equity investments overseas

Bangladeshi exporters will now be able to make equity investments overseas, subject to an adequate balance of their Export Retention Quota (ERQ) – a portion of the export earnings they have saved in the form of foreign currency . Exporters will be able to invest, in the form of equity, the lowest amount between 20% of their five-year average annual ...

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Foreign Exchange Rate Gains in Official Market as Forex Turnover Records Rise

The exchange rate between the naira and the US dollar at the official Investors and Exporters (I&E) window closed at N416/$1. The naira appreciated slightly against the US dollar on Friday to close at N416/$1, a gain of 0.08% from the N416.33/$1 recorded in the previous trading session. On the other hand, forex turnover in the official market increased by ...

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CBN launches electronic invoicing for importers and exporters on February 1

the Central Bank of Nigeria (CBN) announces that it will launch electronic invoicing for imports and exports in the country from February 1, 2022. The apex bank made the disclosure in a circular to all authorized dealers and the general public, and signed by its director of the commerce and trade department, OS Nnaji, and posted on its official website ...

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Iran to allow crypto payments for international trade: report

The Central Bank of Iran, or CBI, and the Ministry of Commerce have reached an agreement to link the CBI’s payment platform to a trading system that allows businesses to settle payments using cryptocurrencies, The Mehr news agency reported on Monday. Alireza Peyman-Pak, Iranian deputy minister of Industry, Mines and Trade and head of the Iranian Trade Promotion Organization, or ...

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New foreign currency restrictions for imports

[ad_1] Amid the depletion of foreign exchange reserves, the central bank has reduced the amount of foreign exchange that importers of various agricultural products can purchase from banks to pay for imports. According to Unified DirectiveAs issued Friday by the Nepal Rastra Bank, importers of agricultural products can purchase a maximum of $ 50,000 per import. Government approval is still ...

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Argentina’s Central Bank will earn $ 15 billion from foreign trade in 2021 – MercoPress

[ad_1] Foreign trade brings in 15 billion dollars to Argentina’s central bank in 2021 Tuesday, January 4, 2022 – 17:57 UTC If projections hold true, 2021 would be the fifth best performance of this century Foreign trade represented around $ 15 billion for the Central Bank of Argentina (BCRA) in 2021, according to projections reported Monday in Buenos Aires. It ...

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Dollar hits 5-year high at top 115 yen, Tokyo shares surge

[ad_1] (File photo / Mainichi) TOKYO (Kyodo) – The US dollar climbed into the upper 115 yen range on Tuesday in Tokyo, its highest level since January 2017, as dollar purchases were fueled by increased risk appetite following a surge of Tokyo shares. The dollar was trading at around 115.80 yen around 1:50 p.m. in Tokyo after hitting 115.28-38 yen ...

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Sri Lankan Shipping Agents Seek Dollarized Payments Amid Currency Problems

[ad_1] ECONOMYNEXT – Sri Lanka’s shipping agents have demanded dollarized freight charges, a report said as currency shortages intensified amid low interest rates and cash injections. “The current shortage of US dollars in the banking system has made it difficult to convert any collection of freight rupees into US dollars in order to make payments to principals,” Sri Lankan newspaper ...

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Manufacturers’ trade sentiment improves for January amid robust exports

[ad_1] SEOUL, 29 Dec. (Yonhap) – The business climate for South Korean manufacturers improved in January, optimistic that the country’s exports remain strong despite the global pandemic, central bank data showed on Wednesday. The business climate index (BSI) for local manufacturers stood at 92 for December, down from 88 for this month, according to data from the Bank of Korea ...

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Government to relax collateral requirements

[ad_1] The government is set to introduce an innovative financing model as part of a new law to allow small businesses and startups to show their movable assets as collateral to feed entrepreneurs and help them get loans. A bill on the collateral protection of movable property has already been formulated, according to an official from the Ministry of Finance. ...

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Industry wants a stable currency | Sunday mail

[ad_1] Sunday mail Golden sibanda CAPTAINS of industry and economists want the government to work actively to converge parallel and official exchange rates in order to stabilize the Zimbabwe dollar. In recent weeks, the local unit has lost ground against the US dollar in the auction market. The Reserve Bank of Zimbabwe continues to insist that it does not influence ...

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UK inflation hits 10-year high

[ad_1] Inflation in Britain hit its highest level in nearly a decade in October after soaring energy prices hit household bills. The The consumer price index rose to 4.2 percent from a year earlier, the highest since November 2011, and up from 3.1% in September, the Office for National Statistics said on Wednesday. The price increases were more than double ...

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Powdered milk importers wait with hope – Hiru News

[ad_1] The Milk Powder Importers Association said stocks of powdered milk stranded at the Colombo port can be released if commercial banks release the US dollars received from the Central Bank as part of the transactions made today. Association member Lakshman Weerasuriya said obstacles to the release of powdered milk containers due to the dollar shortage are now lifted with ...

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Japanese survey of “tankans” shows manufacturers optimistic about outlook

[ad_1] The business climate among Japanese manufacturers has reached its highest level in nearly three years, according to a quarterly central bank survey. The results of the Bank of Japan’s “tankan” survey, released on Friday, revealed sentiment among major manufacturers rose from 14 to 18, the highest level since late 2018. The reading for non-manufacturers increased only slightly from 1 ...

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Will $ 80 Oil Destroy Demand?

[ad_1] Oil prices at $ 80 a barrel are, in theory, good for the budgets of major oil-exporting countries. But prices at their highest level in three years may soon turn out to be too good to be true for producers. Major importers typically set the limit at $ 80 of oil, while the recovering global economy may be unable ...

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Gold exporters want government to cut new taxes

[ad_1] By MARTIN LUTHER OKETCH The government is still engaging stakeholders, including gold exporters, who have called for the current commodity tax regime to be revised downward. Under the Mining (Amendment) Bill 2021, the government imposed a tax of $ 200 on every kilogram of gold exported. However, the levy has been revised to 5 percent for each kilogram of ...

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Kenya: cost of imports to rise as shilling hits new low

[ad_1] The Kenyan shilling continued to weaken against major currencies on Monday, hitting its lowest point this year yesterday in the economy’s latest nightmare. Official data from the Central Bank of Kenya (CBK) shows the local currency traded on average at 110.16 shillings for every US dollar, which promises to make imports more expensive in the coming days. Kenya is ...

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OP-ED: Countertrade: an alternative option to explore export markets

[ad_1] The current policy framework requires that export payments be made through bank channels in convertible foreign currencies Bangladesh tries to explore untapped export markets from Central Asia to Eurasia, West Asia to Africa, the Caribbean to South America and many other destinations. This means that the export orientation will be broader without being limited to Europe and North America. ...

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Dishonest companies insist on payment in USD

[ad_1] Sunday mail Business journalist Some unscrupulous manufacturers and retailers openly insist on payments in U.S. dollars, while others set prices in Zimbabwean dollars at shockingly high exchange rates to force consumers to pay in hard currency, The Sunday Mail Business has established. Among the companies that engage in these abusive practices are large companies that obtain foreign currency from ...

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Sri Lankan rupee revaluation to 203 dries up dollar flows, exporters prepare for new checks

[ad_1] ECONOMYNEXT – Foreign currency inflows into Sri Lankan banks dried up after the rupee was administratively revalued to 203 from around 238 to the US dollar and exporters braced for more checks, stakeholders said. Marlet. Conversions by exporters dried up after authorities wrote to banks asking for the rate to be revalued to 203, despite the note-issuing bank producing ...

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The cap rate on exporters’ dollar deposit rates is a “good move”: local banks

[ad_1] By Yakuta Dawood Recently, the Central Bank of Sri Lanka (CBSL) imposed a maximum interest rate of 5% for foreign currency deposits from Authorized Commercial Banks (LCB) and National Savings Bank (NSB). This topic is important because this CBSL measure will now eliminate the interest rate anomaly that prevailed in the domestic market between the interest rates offered by ...

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Sri Lankan rupee crosses 230 per dollar

[ad_1] ECONOMYNEXT – The Sri Lankan Rupee crossed 231 per US dollar in the over-the-counter market for importers and exporters, while 127 billion rupees was injected at the overnight print rate of 6.0% for banks to respond (sterilize) to an increase in deposit margin. Sri Lanka raised the reserve requirement ratio, a margin the bank is to maintain with the ...

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Infographic: Lebanon is on the verge of running out of water | Business and Economy News

[ad_1] More than 70 percent of the Lebanese population faces severe water shortages, the United Nations Children’s Agency warns. Lebanon’s water supply system is on the verge of collapse. In July, a report released by UNICEF warned that most water pumping would gradually cease across the country within four to six weeks as the country’s power grid falters. On August ...

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What the Big Mac Index says about the dollar and the dong

[ad_1] WHEN The Economist introduced its Big Mac Index 35 years ago, McDonald’s ubiquitous burger was only $ 1.60 in America. Now, it costs $ 5.65, based on an average price across four cities. The increase far exceeds inflation over the same period. Listen to this story Your browser does not support the item . Enjoy more audio and podcasts ...

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Soaring gas prices force Kwara women to use the stove

[ad_1] Many women in Ilorin, Kwara State, have resorted to cooking stoves due to the rising price of gas.Some housewives interviewed by LEADERSHIP in the metropolis of Ilorin deplored the sudden increase in the price of cooking gas.They said the development has worsened the economy of many households. A housewife, Taibat Kadir, said that a 12.5 kg bottle she previously ...

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Sri Lankan rupee parallel markets diverge and bonds stagnate

[ad_1] ECONOMYNEXT – The Sri Lankan Rupee was largely inactive in the forex market with the official selling rate for importers around 203 and the parallel market diverged slightly with the market falling from previous highs, market participants said . In the interbank market, direct trades are rare and there are usually offers at 199.90 without offers, although the swap ...

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“Create a favorable environment to encourage export, forex”

[ad_1] Former Director General of Lagos Chamber of Commerce and Industry (LCCI) Dr Muda Yusuf called on Nigerian authorities to create an enabling environment that will encourage exports and attract foreign exchange (forex). According to him, the Nigerian economy has the capacity to attract a lot of foreign exchange due to its size, with potentials and opportunities still hidden. Speaking ...

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In crisis, Lebanon begs for foreign aid

[ad_1] July 10, 2021 LEBANON IS “a few days” away from a “social explosion”. This is what Hassan Diab, the interim prime minister, said on July 6. The country is plunged into a crisis that has seen the value of the local currency plummet and many of the population run out of food, fuel and medicine. “I call on the ...

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