India currency's - the rupee - is set to get used in international trade with some countries after India's Central Bank approved banks to open the 'Vostro accounts' for trade with Sri Lanka using the money trading.

What is 'Vostro Account'? India initiates foreign trade

In another move to celebrate UAE National Day 2022, the country's Central Bank has issued a new Dh1,000 banknote for National Day 2022. In the first half of 2023, Central Bank offices and ATMs will have make the new banknote available. The UAE Central Bank (CBUAE) on Friday introduced a new Dh1,000 banknote in honour of the country's 51st National Day that features images of some of the most significant events in recent history, including clean energy and space explorations. The new Dh1,000 note honors not just the major achievements of the UAE in recent years but also the great vision that made them possible with pictures of Sheikh Zayed, the Hope Probe, and the Barakah Nuclear Power Plant. The current Dh1,000 note will still be accepted, though.

<h2>What features in the new bank note?&nbsp;</h2>

The UAE's Founding Father is shown on the front in the centre of a space-themed design. The Hope Probe is directly over the space shuttle that is positioned next to his portrait. According to the CBUAE, Sheikh Zayed's 1976 visit with the founders of NASA served as the inspiration for this design. The words "Emirates Mission to Explore Mars - the Hope Probe" are written to the left of his photograph, alluding to the historic journey taken in 2021. On both sides of the banknote, an astronaut graphic serves as a security mark and symbolises the first Emirati astronaut to reach space.

<img alt="Back side of UAE note " data-entity-type="file" data-entity-uuid="f0d1ee69-cc88-46fe-81b1-9f9e85d6f40f" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202022-12-02T181503.321.png" />

The Barakah Nuclear Energy Plant in Abu Dhabi is featured on the back of the note as another another success for the UAE on the international stage. The UAE's dedication to reducing carbon emissions and diversifying its energy sources is commemorated with a depiction of the plant on the back.

 
&nbsp;

In another move to celebrate UAE National Day 2022, the country's Central Bank has issued a new Dh1,000 banknote for National Day 2022. In the first half of 2023, Central Bank offices and ATMs will have make the new banknote available.

In another move to celebrate UAE National Day 2022, the country's Central Bank has issued a new Dh1,000 banknote for National Day 2022. In the first half of 2023, Central Bank offices and ATMs will have make the new banknote available. The UAE Central Bank (CBUAE) on Friday introduced a new Dh1,000 banknote in honour of the country's 51st National Day that features images of some of the most significant events in recent history, including clean energy and space explorations. The new Dh1,000 note honors not just the major achievements of the UAE in recent years but also the great vision that made them possible with pictures of Sheikh Zayed, the Hope Probe, and the Barakah Nuclear Power Plant. The current Dh1,000 note will still be accepted, though. What features in the new bank note? The UAE's Founding Father is shown on the front in the centre of a space-themed design. The Hope Probe is directly over the space shuttle that is positioned next to his portrait. According to the CBUAE, Sheikh Zayed's 1976 visit with the founders of NASA served as the inspiration for this design. The words "Emirates Mission to Explore Mars - the Hope Probe" are written to the left of his photograph, alluding to the historic journey taken in 2021. On both sides of the banknote, an astronaut graphic serves as a security mark and symbolises the first Emirati astronaut to reach space. The Barakah Nuclear Energy Plant in Abu Dhabi is featured on the back of the note as another another success for the UAE on the international stage. The UAE's dedication to reducing carbon emissions and diversifying its energy sources is commemorated with a depiction of the plant on the back.

UAE National Day 2022: Central Bank issues new Dh1,000 banknote, check what it features

Fan Yifei, one of the six deputy governors of China's central bank, is under an investigation by top anti-corruption watchdog Central Commission for Discipline Inspection (CCDI).&nbsp;The anti-corruption watchdog said on Saturday that it is investigating Yifei&nbsp;over "suspected serious violations of discipline and law".&nbsp;Fan, 58, has been the deputy governor since the beginning of 2015. The official prior to that has held several top positions at the China Investment Corporation and the China Construction Bank, Reuters reported.

<a href="https://www.wionews.com/world/g7-clear-eyed-about-need-to-align-on-china-says-blinken-after-foreign-ministers-meet-531375">Also read |&nbsp;'G7, clear-eyed about need to align on China,' says Blinken after foreign minister's meet</a> 
 
In recent years, Chinese President Xi Jinping intensified efforts to purge corrupt Communist Party members from the financial sector.&nbsp; 
 
Fan is also the latest among a number of top finance officials detained in the past two years under a sweeping anti-corruption campaign targeting the sector. He&nbsp;was CBC vice-governor for five years before being appointed deputy manager of China Investment Corporation, a sovereign wealth fund that manages part of the country’s foreign exchange reserves.

The probe was announced in a statement by the Central Commission for Discipline Inspection (CCDI). Currently, not much information has been revealed.&nbsp;

<a href="https://www.wionews.com/world/german-chancellor-calls-on-china-to-use-influence-on-russia-531164">Also read |&nbsp;German Chancellor Olaf Scholz asks China to use its 'influence' on Russia for ending Ukraine war</a>

The commission had earlier this year in May said that it was looking into possible violations by Sun Guofeng, the former head of the monetary policy division of the central bank.&nbsp; 
 
The anti-graft agency in February concluded the inspection of 25 financial institutions such as the central bank and more.&nbsp;

The president has always shown disregard for corruption among officials.&nbsp;

(With inputs from agencies)

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&nbsp;

Fan Yifei, one of the six deputy governors of China's central bank, is under an investigation by top anti-corruption watchdog Central Commission for Discipline Inspection (CCDI).

Fan Yifei, one of the six deputy governors of China's central bank, is under an investigation by top anti-corruption watchdog Central Commission for Discipline Inspection (CCDI). The anti-corruption watchdog said on Saturday that it is investigating Yifei over "suspected serious violations of discipline and law". Fan, 58, has been the deputy governor since the beginning of 2015. The official prior to that has held several top positions at the China Investment Corporation and the China Construction Bank, Reuters reported. Also read | 'G7, clear-eyed about need to align on China,' says Blinken after foreign minister's meet In recent years, Chinese President Xi Jinping intensified efforts to purge corrupt Communist Party members from the financial sector. Fan is also the latest among a number of top finance officials detained in the past two years under a sweeping anti-corruption campaign targeting the sector. He was CBC vice-governor for five years before being appointed deputy manager of China Investment Corporation, a sovereign wealth fund that manages part of the country’s foreign exchange reserves. The probe was announced in a statement by the Central Commission for Discipline Inspection (CCDI). Currently, not much information has been revealed. Also read | German Chancellor Olaf Scholz asks China to use its 'influence' on Russia for ending Ukraine war The commission had earlier this year in May said that it was looking into possible violations by Sun Guofeng, the former head of the monetary policy division of the central bank. The anti-graft agency in February concluded the inspection of 25 financial institutions such as the central bank and more. The president has always shown disregard for corruption among officials. (With inputs from agencies) WATCH WION LIVE HERE

China's central bank deputy governor Fan Yifei under corruption probe

Switzerland exited the era of negative interest rates when its central bank joined others around the world in tightening monetary policy more aggressively to combat resurgent inflation.

World Business Watch: Swiss National Bank exits negative rates era with 0.75% hike

The US Central Bank has hiked interest rates by 75 basis points for the third consecutive time. The increase takes target policy rates to the range of three to three point two five percent.

US interest rates hit 14-year high in inflation battle

The Australian central bank on Tuesday (August 9) announced that it will now begin year-long research into the merits of a central bank digital currency (CBDC), with a particular emphasis on the potential advantages it will have for the Australian economy. This programme is a partnership between the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC). In order to understand the technological, legal, and regulatory issues surrounding the issuing of a CBDC, the project will aim to find novel use cases and business models that can be supported by it, Reuters reported.

This will entail the creation of a pilot CBDC on a small scale that will operate in a ring-fenced setting and feature a digital currency claim on the reserve bank.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/softbank-posts-record-23-billion-loss-on-vision-fund-pain-504852">SoftBank posts record $23 billion loss on Vision Fund pain</a>

According to Mark Humphery-Jenner, an associate professor of finance, a CBDC typically proposes a number of advantages, like faster transactions, ease of government stimulus and money control, and smoother international transactions.

Development of particular use cases that illustrate how a CBDC can be utilised to offer cutting-edge and value-added payment and settlement services to consumers and enterprises will be requested from interested industry partners.

According to DFCRC CEO Andreas Furche, the technology for a digital currency already exists; the project is instead focused on figuring out how a CBDC may benefit the country.

Also read |&nbsp;<a href="https://www.wionews.com/crypto-isnt-a-get-rich-quick-scheme-millennials-need-to-opt-for-long-term-for-balanced-portfolio-crypto-experts-502702">Crypto isn't a get-rich-quick scheme; millennials need to opt for long-term for balanced portfolio: Experts</a>

He said, "The key research questions now are what economic benefits a CBDC could enable, and how it could be designed to maximize those benefits," IANS reported.

The central bank digital current (CBDC), in contrast to conventional digital currencies like Bitcoin and Ethereum, would be stabilised and governed by the state.

(With inputs from agencies)

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The Australian central bank on Tuesday (August 9) announced that it will now begin year-long research into the merits of a central bank digital currency (CBDC), with a particular emphasis on the potential advantages it will have for the Australian economy.

The Australian central bank on Tuesday (August 9) announced that it will now begin year-long research into the merits of a central bank digital currency (CBDC), with a particular emphasis on the potential advantages it will have for the Australian economy. This programme is a partnership between the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC). In order to understand the technological, legal, and regulatory issues surrounding the issuing of a CBDC, the project will aim to find novel use cases and business models that can be supported by it, Reuters reported. This will entail the creation of a pilot CBDC on a small scale that will operate in a ring-fenced setting and feature a digital currency claim on the reserve bank. Also read | SoftBank posts record $23 billion loss on Vision Fund pain According to Mark Humphery-Jenner, an associate professor of finance, a CBDC typically proposes a number of advantages, like faster transactions, ease of government stimulus and money control, and smoother international transactions. Development of particular use cases that illustrate how a CBDC can be utilised to offer cutting-edge and value-added payment and settlement services to consumers and enterprises will be requested from interested industry partners. According to DFCRC CEO Andreas Furche, the technology for a digital currency already exists; the project is instead focused on figuring out how a CBDC may benefit the country. Also read | Crypto isn't a get-rich-quick scheme; millennials need to opt for long-term for balanced portfolio: Experts He said, "The key research questions now are what economic benefits a CBDC could enable, and how it could be designed to maximize those benefits," IANS reported. The central bank digital current (CBDC), in contrast to conventional digital currencies like Bitcoin and Ethereum, would be stabilised and governed by the state. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Australian central bank proposes the concept of digital currency

The European Central Bank brought an end to the era of negative interest rates in the eurozone with a bigger than expected half-point hike to combat soaring inflation. Molly Gambhir tells you what it means for the Eurozone.

WION Fineprint | Eurozone raises interest rates for first time in 11 years

With an aim to bring the cryptocurrency companies on par with the country's rules and regulations, the Monetary Authority of Singapore (MAS), the country's central bank is set to take a tough stance. Reportedly, MAS is planning to hold talks with the industry players in September or October to discuss the scope of law. However, the battlelines have already been drawn.

Ravi Menon, Managing Director, MAS, in clear terms told the reporters that few crypto players will be ensnared in the legal net. "So, players who are doing some of these activities but are currently not caught, may well be caught. When we put out the consult, when we say what are the additional areas that we will regulate, it will capture a wider ambit of players," said Ravi.&nbsp;

Read More: <a href="https://www.wionews.com/world/bitcoin-drops-below-20000-to-lowest-since-december-2020-489423">Bitcoin drops below $20,000 to lowest since December 2020</a>

It is pertinent to note that currently, the South Asian country regulates its cryptocurrency sector by primarily looking out for traces of money laundering and terrorism. However, with a slew of investors getting duped by crypto sharks and their infamous pump-and-dump scheme, the central bank has had to step up.&nbsp;

The decentralisation of currency is the biggest reason given for the emergence and use of cryptocurrency. However, whenever the customers are defrauded and suffer massive investment losses, they do not have any authority to report the incident. Several governments around the world are aware of this void and the Singapore government is no different, with the central bank seeking to fill the same void.&nbsp;

Read More:&nbsp;<a href="https://www.wionews.com/world/crypto-platform-celsius-files-for-voluntary-bankruptcy-in-united-states-497297">Turmoil in cryptocurrency market hits Celsius as platform files for voluntary bankruptcy in United States</a>

Up until now, crypto companies such as TerraForm Labs and Three Arrows Capital had a relatively easy time operating in the country, despite not having obtained proper licenses or following the city-state's rules applicable to digital token service providers.&nbsp;

"We want to take this targeted approach, and that's why we want to explain our overall approach to the industry. It's a targeted effort to contain the risk and overexposure of retail investments in cryptocurrencies." Ravi signed off by saying.&nbsp;

(With inputs from agencies) 
&nbsp;

WATCH WION LIVE HERE:&nbsp;

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With an aim to bring the cryptocurrency companies on par with the country's rules and regulations, the Monetary Authority of Singapore (MAS), the country's central bank is set to take a tough stance.

With an aim to bring the cryptocurrency companies on par with the country's rules and regulations, the Monetary Authority of Singapore (MAS), the country's central bank is set to take a tough stance. Reportedly, MAS is planning to hold talks with the industry players in September or October to discuss the scope of law. However, the battlelines have already been drawn. Ravi Menon, Managing Director, MAS, in clear terms told the reporters that few crypto players will be ensnared in the legal net. "So, players who are doing some of these activities but are currently not caught, may well be caught. When we put out the consult, when we say what are the additional areas that we will regulate, it will capture a wider ambit of players," said Ravi. Read More: Bitcoin drops below $20,000 to lowest since December 2020 It is pertinent to note that currently, the South Asian country regulates its cryptocurrency sector by primarily looking out for traces of money laundering and terrorism. However, with a slew of investors getting duped by crypto sharks and their infamous pump-and-dump scheme, the central bank has had to step up. The decentralisation of currency is the biggest reason given for the emergence and use of cryptocurrency. However, whenever the customers are defrauded and suffer massive investment losses, they do not have any authority to report the incident. Several governments around the world are aware of this void and the Singapore government is no different, with the central bank seeking to fill the same void. Read More: Turmoil in cryptocurrency market hits Celsius as platform files for voluntary bankruptcy in United States Up until now, crypto companies such as TerraForm Labs and Three Arrows Capital had a relatively easy time operating in the country, despite not having obtained proper licenses or following the city-state's rules applicable to digital token service providers. "We want to take this targeted approach, and that's why we want to explain our overall approach to the industry. It's a targeted effort to contain the risk and overexposure of retail investments in cryptocurrencies." Ravi signed off by saying. (With inputs from agencies) WATCH WION LIVE HERE:

Singapore's central bank to tighten regulations around cryptocurrency; crypto companies sweat profusely

Singapore’s central bank tightened monetary policy on Thursday (July 14), claiming that this move would decrease inflation as the city-state joins other countries in attempting to combat rising price pressures. Following this news, the Singapore dollar increased significantly and was last up about 0.7 per cent to S$1.33963 per dollar, with economists anticipating more tightening in October. The Monetary Authority of Singapore (MAS) tightened the monetary policy for the fourth time in the previous nine months, Reuters reported.

The central bank also stated that the core inflation rate is now estimated between 3.0 - 4.0 per cent this year, a little up from an earlier forecast of 2.5 and 3.5 per cent. Singapore’s GDP is not expected to come in at the lower half of the 3-5 per cent forecast range for this year. The country’s GDP increased by 4.8 per cent in the second quarter, below expectations, as per the preliminary data released.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/major-economies-to-enter-recession-in-the-next-12-months-report-495159">Major economies to enter recession in the next 12 months: Report</a>

The central bank tightened monetary policy in April to combat the rising prices caused worse by the conflict in Ukraine and supply disruptions around the world. The bank schedules two meetings, one in April and the other in October, every year to discuss the monetary policy.&nbsp;

Watch |&nbsp;Singapore’s economy grew 4.8% in the second quarter, missing forecasts

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Since April, the city-state has loosened most of its Covid-19 local and travel restrictions in an effort to ais the financial and commercial hub for the economic revival.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/eurozone-inflation-hits-record-as-gas-crunch-looms-493665">Eurozone inflation hits record, as gas crunch looms</a>

As the trade flows through its economy, the MAS controls the monetary policy through exchange rate settings rather than interest rates. In addition, there are three levers used to change the policy: the slope, mid-point, and width of the policy band. These three variables allow the Singapore dollar to rise or fall against the currencies of its primary trading partners.&nbsp;

(With inputs from agencies)

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Singapore’s central bank tightened monetary policy on Thursday (July 14), claiming that this move would decrease inflation as the city-state joins other countries in attempting to combat rising price pressures.

Singapore’s central bank tightened monetary policy on Thursday (July 14), claiming that this move would decrease inflation as the city-state joins other countries in attempting to combat rising price pressures. Following this news, the Singapore dollar increased significantly and was last up about 0.7 per cent to S$1.33963 per dollar, with economists anticipating more tightening in October. The Monetary Authority of Singapore (MAS) tightened the monetary policy for the fourth time in the previous nine months, Reuters reported. The central bank also stated that the core inflation rate is now estimated between 3.0 - 4.0 per cent this year, a little up from an earlier forecast of 2.5 and 3.5 per cent. Singapore’s GDP is not expected to come in at the lower half of the 3-5 per cent forecast range for this year. The country’s GDP increased by 4.8 per cent in the second quarter, below expectations, as per the preliminary data released. Also read | Major economies to enter recession in the next 12 months: Report The central bank tightened monetary policy in April to combat the rising prices caused worse by the conflict in Ukraine and supply disruptions around the world. The bank schedules two meetings, one in April and the other in October, every year to discuss the monetary policy. Watch | Singapore’s economy grew 4.8% in the second quarter, missing forecasts Since April, the city-state has loosened most of its Covid-19 local and travel restrictions in an effort to ais the financial and commercial hub for the economic revival. Also read | Eurozone inflation hits record, as gas crunch looms As the trade flows through its economy, the MAS controls the monetary policy through exchange rate settings rather than interest rates. In addition, there are three levers used to change the policy: the slope, mid-point, and width of the policy band. These three variables allow the Singapore dollar to rise or fall against the currencies of its primary trading partners. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Singapore’s central bank tightens monetary policy to decrease inflation

The Reserve Bank of India hiked lending rates to tame inflation after two years of massive public spending. Central banks around the world are doing the same after inflation hit multi-decade highs. Is the pandemic-era spending spree over? Palki Sharma tells you.

Gravitas: India's Central Bank hikes interest rates

Australia's central bank on Tuesday raised its cash rate by a surprisingly large 25 basis points to 0.35%, the first hike in over a decade, and flagged more to come as it pulls down the curtain on massive pandemic stimulus.

Australia's central bank hikes interest rates

Australia's central bank raised&nbsp;interest&nbsp;rates&nbsp;for the&nbsp;first&nbsp;time&nbsp;in more than a decade on Tuesday, a pre-election hike designed to tame soaring consumer prices.

The Reserve Bank of&nbsp;Australia&nbsp;raised the main lending rate by 25 basis points to 0.35 percent, the&nbsp;first&nbsp;increase&nbsp;since&nbsp;November&nbsp;2010.&nbsp;

Ending record-low&nbsp;rates, the bank said inflation had "picked up significantly and by more than expected" while signalling that "further increases in&nbsp;interest&nbsp;rates" would come.

Also read |&nbsp;<a href="https://www.wionews.com/world/experts-predict-tough-times-for-twitter-under-musk-475328">Experts predict tough times for Twitter under Musk</a>

The move plunged the bank into the centre of a fierce political debate about the health of&nbsp;Australia's economy, just weeks before a May 21 election.&nbsp;

Prime Minister Scott Morrison, who is trailing in the polls, said he sympathised with mortgage borrowers who would now face rising costs.

But he insisted&nbsp;Australia&nbsp;is faring better than its peers and that rising inflation is a result of worldwide trends.

Like consumers around the world, Australians have been hit by soaring prices for food and fuel.&nbsp;Australia's annual inflation rate is currently at 5.1 per cent.&nbsp;

Watch |&nbsp;Tesla CEO Musk seeks to put in less money in Twitter deal financing

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But house prices have been rising for years even as wages have stagnated. Sydney and Melbourne are among the most expensive cities in the world to live.&nbsp;

Morrison pointed to the impact of supply chain constraints caused by the pandemic and a war in Ukraine that has caused "the single largest energy shock we've seen around the world&nbsp;since&nbsp;the 1970s."

The opposition Labor party painted the rate rise as evidence of a weakening economy and the conservative government's economic maladministration.

"If only you could pay your mortgage with Scott Morrison's excuses," said opposition economic spokesman Jim Chalmers.

The rate rise is expected to be the&nbsp;first&nbsp;of several, which could have serious implications for&nbsp;Australia's once-perennially growing economy.

Higher&nbsp;interest&nbsp;rates&nbsp;will spell higher borrowing costs for millions of already heavily indebted Australians, in a country where real estate market speculation is something like a national pastime.

Interest&nbsp;rates&nbsp;of two percent would cost the average homeowner about US$362 a month, according to financial services website RateCity.com.au.

"That's going to be a lot for many borrowers to swallow, particularly anyone already struggling to make the monthly budget add up," said RateCity's Sally Tindall.

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Australia's vast resource wealth has for decades provided insulation from global financial headwinds and underpinned high standards of living.

The country is among the world's largest producers and exporters of iron ore, gas and coal.

But there are growing concerns that the "lucky country's" run of good fortune may be coming to an end.&nbsp;

In early 2020 the economy fell into recession for the&nbsp;first&nbsp;time&nbsp;in almost three decades, largely because of devastating bushfires and the start of the Covid-19 pandemic.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/jeff-bezos-loses-billions-as-amazon-shares-slump-wall-street-tumbles-475071">Jeff Bezos loses billions as Amazon shares slump; Wall Street tumbles</a>

Climate-fuelled floods, bushfires and droughts are proving increasingly costly.

This year's east coast floods cost an estimated Aus$3.35 billion (US$2.4 billion) in insured losses, making it the costliest flood in&nbsp;Australia's history, according to the Insurance Council of&nbsp;Australia.

Australia's central bank raised interest rates for the first time in more than a decade on Tuesday, a pre-election hike designed to tame soaring consumer prices.

Australia's central bank raised interest rates for the first time in more than a decade on Tuesday, a pre-election hike designed to tame soaring consumer prices. The Reserve Bank of Australia raised the main lending rate by 25 basis points to 0.35 percent, the first increase since November 2010. Ending record-low rates, the bank said inflation had "picked up significantly and by more than expected" while signalling that "further increases in interest rates" would come. Also read | Experts predict tough times for Twitter under Musk The move plunged the bank into the centre of a fierce political debate about the health of Australia's economy, just weeks before a May 21 election. Prime Minister Scott Morrison, who is trailing in the polls, said he sympathised with mortgage borrowers who would now face rising costs. But he insisted Australia is faring better than its peers and that rising inflation is a result of worldwide trends. Like consumers around the world, Australians have been hit by soaring prices for food and fuel. Australia's annual inflation rate is currently at 5.1 per cent. Watch | Tesla CEO Musk seeks to put in less money in Twitter deal financing But house prices have been rising for years even as wages have stagnated. Sydney and Melbourne are among the most expensive cities in the world to live. Morrison pointed to the impact of supply chain constraints caused by the pandemic and a war in Ukraine that has caused "the single largest energy shock we've seen around the world since the 1970s." The opposition Labor party painted the rate rise as evidence of a weakening economy and the conservative government's economic maladministration. "If only you could pay your mortgage with Scott Morrison's excuses," said opposition economic spokesman Jim Chalmers. The rate rise is expected to be the first of several, which could have serious implications for Australia's once-perennially growing economy. Higher interest rates will spell higher borrowing costs for millions of already heavily indebted Australians, in a country where real estate market speculation is something like a national pastime. Interest rates of two percent would cost the average homeowner about US$362 a month, according to financial services website RateCity.com.au. "That's going to be a lot for many borrowers to swallow, particularly anyone already struggling to make the monthly budget add up," said RateCity's Sally Tindall. WATCH WION LIVE HERE: Australia's vast resource wealth has for decades provided insulation from global financial headwinds and underpinned high standards of living. The country is among the world's largest producers and exporters of iron ore, gas and coal. But there are growing concerns that the "lucky country's" run of good fortune may be coming to an end. In early 2020 the economy fell into recession for the first time in almost three decades, largely because of devastating bushfires and the start of the Covid-19 pandemic. Also read | Jeff Bezos loses billions as Amazon shares slump; Wall Street tumbles Climate-fuelled floods, bushfires and droughts are proving increasingly costly. This year's east coast floods cost an estimated Aus$3.35 billion (US$2.4 billion) in insured losses, making it the costliest flood in Australia's history, according to the Insurance Council of Australia.

Australia hikes interest rates for first time since 2010

Elvira Nabiillina, the highly regarded governor of Russia's central bank was reportedly going to step down from her post after Ukraine invasion was ordered. However, she continued on her post only when Putin asked her to stay, said Bloomberg citing sources. Russia invaded Ukraine on February 24.

She faces a hard road ahead navigating the Russian economy given the sanctions imposed on the country by the West.

Nabillina (58) is in office since 2013. She has been able to guide Russian economy through previous rounds on Western sanctions. These sanctions were imposed on Russia when it annexed Crimea.

Also Read | <a href="https://www.wionews.com/world/uk-to-provide-6000-missiles-to-ukraine-germany-says-further-strela-missiles-on-way-to-kyiv-465032">UK to provide 6,000 missiles to Ukraine; Germany says further Strela missiles on way to Kyiv</a>

Nabillina's term as governor was extended last on the recommendation of Putin

On February 28, four days after Russian troops entered Ukraine, the central bank raised its main interest rate from 9.5 to 20 percent after Western nations imposed sanctions that largely cut Russia's financial sector off from the global economy.

Also Read | <a href="https://www.wionews.com/world/oksana-baulina-russian-journalist-killed-during-bombardment-in-kyiv-465090">Oksana Baulina: Russian journalist killed during bombardment in Kyiv</a>

The Russian central bank's board held its main interest rate at 20 percent, as expected, at a regular meeting on Friday.

Nabiullina, who delivered a speech instead of holding her customary post-meeting press conference, said that it was "extremely difficult" to provide updated economic forecasts in the current conditions, but she would do so next month.

She nevertheless sought to strike a reassuring tone about the economy, saying the measures undertaken in response to the "unprecedented" Western sanctions helped avoid a run on banks and that the liquidity situation has stabilised.

"Inflation will remain elevated for a certain amount of time, but we won't allow an inflationary spiral develop," said Nabiullina.

(With inputs from agencies)

Elvira Nabiillina, the highly regarded governor of Russia's central bank was reportedly going to step down from her post after Ukraine invasion was ordered. However, she continued on her post only when Putin asked her to stay, said Bloomberg citing sources.

Elvira Nabiillina, the highly regarded governor of Russia's central bank was reportedly going to step down from her post after Ukraine invasion was ordered. However, she continued on her post only when Putin asked her to stay, said Bloomberg citing sources. Russia invaded Ukraine on February 24. She faces a hard road ahead navigating the Russian economy given the sanctions imposed on the country by the West. Nabillina (58) is in office since 2013. She has been able to guide Russian economy through previous rounds on Western sanctions. These sanctions were imposed on Russia when it annexed Crimea. Also Read | UK to provide 6,000 missiles to Ukraine; Germany says further Strela missiles on way to Kyiv Nabillina's term as governor was extended last on the recommendation of Putin On February 28, four days after Russian troops entered Ukraine, the central bank raised its main interest rate from 9.5 to 20 percent after Western nations imposed sanctions that largely cut Russia's financial sector off from the global economy. Also Read | Oksana Baulina: Russian journalist killed during bombardment in Kyiv The Russian central bank's board held its main interest rate at 20 percent, as expected, at a regular meeting on Friday. Nabiullina, who delivered a speech instead of holding her customary post-meeting press conference, said that it was "extremely difficult" to provide updated economic forecasts in the current conditions, but she would do so next month. She nevertheless sought to strike a reassuring tone about the economy, saying the measures undertaken in response to the "unprecedented" Western sanctions helped avoid a run on banks and that the liquidity situation has stabilised. "Inflation will remain elevated for a certain amount of time, but we won't allow an inflationary spiral develop," said Nabiullina. (With inputs from agencies)

Russia's central bank governor wanted to resign over Ukraine, Putin refused: Report

The Moscow stock exchange is unlikely to reopen next week, marking the third week in a row that it has been closed due to sanctions imposed on Russia following its invasion of Ukraine.

The Russian stock market will be closed this week, March 14-18, according to the country's central bank.

According to Reuters, the central bank stated that the foreign exchange market, money market, and repo market will all open at 0700 GMT on certain days.

The Moscow Exchange will not open, except for some non-open-market transactions utilising the SPFI payment system, according to a statement on the central bank's website.

Bloomberg reported that the central bank stated it would make a judgement later on trade from March 21 to 25.

Following Russia's invasion of Ukraine and the application of sanctions by the European Union, the United States, and other countries, stock trading on the Moscow Exchange has been suspended since February 25.&nbsp;

(With inputs from agencies)

The Moscow stock exchange is unlikely to reopen next week, marking the third week in a row that it has been closed due to sanctions imposed on Russia following its invasion of Ukraine.

The Moscow stock exchange is unlikely to reopen next week, marking the third week in a row that it has been closed due to sanctions imposed on Russia following its invasion of Ukraine. The Russian stock market will be closed this week, March 14-18, according to the country's central bank. According to Reuters, the central bank stated that the foreign exchange market, money market, and repo market will all open at 0700 GMT on certain days. The Moscow Exchange will not open, except for some non-open-market transactions utilising the SPFI payment system, according to a statement on the central bank's website. Bloomberg reported that the central bank stated it would make a judgement later on trade from March 21 to 25. Following Russia's invasion of Ukraine and the application of sanctions by the European Union, the United States, and other countries, stock trading on the Moscow Exchange has been suspended since February 25. (With inputs from agencies)

Russia’s stock market to remain closed for another week

The United States has banned all US transactions with Russia's central banks, this come into effect immediately. The treasury department has said that it has imposed this sanction to further punish Moscow for invading Ukraine.

US bans all transactions with Central Bank of Russia

After witnessing a rapid fall, Turkish currency Lira bounces back owing to President Recep Tayyip Erdogan's economic measures.

After a series of economic measures by Turkish President Erdogan, currency Lira rallies

Turkish currency Lira plunges to a record low as Turkey cuts interest rate again for the fourth successive month.

Turkey cuts interest rate again for fourth successive month as currency Lira plunges to a record low

Turkey's Central bank rushes to the rescue of the economy as the currency Lira plummets to a new low. Lira crashed as much as 7%.

Turkish currency Lira plummets to a new low

The Central Bank of Sri Lanka has ordered importers, exporters, and those engaged in receiving funds for ‘goods and services’ provided abroad, including professionals, to convert their foreign currency earnings to rupees. This comes as the island nation is facing a severe foreign exchange crisis.

Sri Lanka's central bank orders to convert foreign earnings to Rupees

Iran's President Hassan Rouhani has dismissed central bank governor Abdolnaser Hemmati, who is running in the presidential election in June, the Tasnim news agency reported on Sunday. 
 
Hemmati in a Saturday night meeting on the Clubhouse social media app said Rouhani "Told me that if you stand in the election, you cannot remain the central bank chief because it affects monetary and exchange rate policies". 
 
"I told him that I had no problem with his decision," he said.

Meanwhile, two Iranian political heavyweights, ultra-conservative Ebrahim Raisi and moderate conservative Ali Larijani, seem to be the main contenders in next month's presidential election.

Hopefuls had been registering ahead of June 18 polls to select a successor to moderate President Hassan Rouhani, who is constitutionally barred from running for a third consecutive term.

First to throw down the gauntlet on Saturday was Larijani, a long-time parliament speaker and now advisor to the supreme leader Ayatollah Ali Khamenei, submitting his name at the interior ministry early on the final day of registration.

Then it was the turn of judiciary chief and one-time presidential hopeful Raisi, who was Rouhani's leading rival in 2017 elections, to announce his own candidacy.

While several other hopefuls have thrown their hats into the ring, "the main clash will be between Mr&nbsp;Raisi and Mr&nbsp;Larijani," Masoud Bastani, a Tehran-based journalist said.

"The first represents the ultraconservative faction and part of traditional conservatives ... and the second the traditional conservatives and moderates, and by proxy, reformists," he added.

Iran's President Hassan Rouhani has dismissed central bank governor Abdolnaser Hemmati, who is running in the presidential election in June, the Tasnim news agency reported on Sunday.

Iran's President Hassan Rouhani has dismissed central bank governor Abdolnaser Hemmati, who is running in the presidential election in June, the Tasnim news agency reported on Sunday. Hemmati in a Saturday night meeting on the Clubhouse social media app said Rouhani "Told me that if you stand in the election, you cannot remain the central bank chief because it affects monetary and exchange rate policies". "I told him that I had no problem with his decision," he said. Meanwhile, two Iranian political heavyweights, ultra-conservative Ebrahim Raisi and moderate conservative Ali Larijani, seem to be the main contenders in next month's presidential election. Hopefuls had been registering ahead of June 18 polls to select a successor to moderate President Hassan Rouhani, who is constitutionally barred from running for a third consecutive term. First to throw down the gauntlet on Saturday was Larijani, a long-time parliament speaker and now advisor to the supreme leader Ayatollah Ali Khamenei, submitting his name at the interior ministry early on the final day of registration. Then it was the turn of judiciary chief and one-time presidential hopeful Raisi, who was Rouhani's leading rival in 2017 elections, to announce his own candidacy. While several other hopefuls have thrown their hats into the ring, "the main clash will be between Mr Raisi and Mr Larijani," Masoud Bastani, a Tehran-based journalist said. "The first represents the ultraconservative faction and part of traditional conservatives ... and the second the traditional conservatives and moderates, and by proxy, reformists," he added.

Iran's Rouhani dismisses central bank chief running in presidential election

Turkey President Recep Tayyip Erdogan has removed the country’s central bank governor -- third in less than two years, and replaced him with an advocate of lower interest rates.&nbsp;

According to the decree published on Saturday in the Official Gazette, Sahap Kavcioglu has replaced Naci Agbal, who was appointed in November.

Agbal’s abrupt removal comes on the heels of a 200 basis-point interest-rate hike by the central bank on Thursday.

Agbal took the job as Turkey’s top banker after weeks of declines in the lira. He was able to boost the central bank’s damaged credibility among investors.

Kavcioglu is a professor of banking at Marmara University in Istanbul. He takes over after the pace of inflation accelerated for a fifth month in February to nearly 16 per cent.&nbsp;

The currency has taken one of the worst hits among peers from climbing US Treasury yields, slumping more than 7 per cent since mid-February and adding to calls for Agbal to backstop the market with higher rates.

(with inputs)

Turkey President Recep Tayyip Erdogan has removed the country’s central bank governor -- third in less than two years, and replaced him with an advocate of lower interest rates.

Turkey President Recep Tayyip Erdogan has removed the country’s central bank governor -- third in less than two years, and replaced him with an advocate of lower interest rates. According to the decree published on Saturday in the Official Gazette, Sahap Kavcioglu has replaced Naci Agbal, who was appointed in November. Agbal’s abrupt removal comes on the heels of a 200 basis-point interest-rate hike by the central bank on Thursday. Agbal took the job as Turkey’s top banker after weeks of declines in the lira. He was able to boost the central bank’s damaged credibility among investors. Kavcioglu is a professor of banking at Marmara University in Istanbul. He takes over after the pace of inflation accelerated for a fifth month in February to nearly 16 per cent. The currency has taken one of the worst hits among peers from climbing US Treasury yields, slumping more than 7 per cent since mid-February and adding to calls for Agbal to backstop the market with higher rates. (with inputs)

President Erdogan removes Turkey’s third central bank governor in less than two years

France's economy will take two years to recover from its worst post-war recession, triggered this year by the coronavirus outbreak, the central bank said on Tuesday. The euro zone's second-biggest economy is on course to contract 10.3% this year before it bounces back with growth of 6.9% in 2021 and 3.9% in 2022, the Bank of France forecast.

Nearly a million jobs are likely to be shed this year and unemployment could climb to a new record of 11.8% in the first half of 2021. The central bank said the outlook could be brighter if the virus is quickly brought under control, while the second wave of infections could plunge the economy into a 16% downturn this year followed by growth of only 6% in 2021 and 4% in 2022.

The forecasts did not take into account the potential impact of a recovery plan that the government aims to announce in the coming months. President Emmanuel Macron put France under one of the most stringent lockdowns in Europe in mid-March, effectively shutting down large swathes of the economy until restrictions began to be lifted on May 11.

As of the end of May, economic activity was still running 17% below normal levels, though up from the 32% reduction seen during the first two weeks of lockdown in March, the central bank estimated. Business surveys suggested activity could get back to less than 12% of normal levels this month, it added. Nonetheless, the time spent under lockdown meant that the economy probably contracted 15% in the second quarter from the previous three months, when it had already slumped 5.3%, the Bank of France estimated.

France's economy will take two years to recover from its worst post-war recession, triggered this year by the coronavirus outbreak, the central bank said on Tuesday.

France's economy will take two years to recover from its worst post-war recession, triggered this year by the coronavirus outbreak, the central bank said on Tuesday. The euro zone's second-biggest economy is on course to contract 10.3% this year before it bounces back with growth of 6.9% in 2021 and 3.9% in 2022, the Bank of France forecast. Nearly a million jobs are likely to be shed this year and unemployment could climb to a new record of 11.8% in the first half of 2021. The central bank said the outlook could be brighter if the virus is quickly brought under control, while the second wave of infections could plunge the economy into a 16% downturn this year followed by growth of only 6% in 2021 and 4% in 2022. The forecasts did not take into account the potential impact of a recovery plan that the government aims to announce in the coming months. President Emmanuel Macron put France under one of the most stringent lockdowns in Europe in mid-March, effectively shutting down large swathes of the economy until restrictions began to be lifted on May 11. As of the end of May, economic activity was still running 17% below normal levels, though up from the 32% reduction seen during the first two weeks of lockdown in March, the central bank estimated. Business surveys suggested activity could get back to less than 12% of normal levels this month, it added. Nonetheless, the time spent under lockdown meant that the economy probably contracted 15% in the second quarter from the previous three months, when it had already slumped 5.3%, the Bank of France estimated.

French economy to return to pre-crisis levels only in 2022: Central bank

The Reserve Bank Of India has announced liquidity measures for banks and NPFC's and now the central bank has forecast a 7.4% GDP growth. Watch report.

RBI governor on revival of economy | India's GDP to grow at 7.4% in 2021-22

<a href="https://www.wionews.com/world/lebanons-new-pm-aims-to-form-government-within-six-weeks-report-269385">Lebanon's new government </a>faces huge upcoming debt repayments and a currency peg at breaking point, but it may already have run out of the hard cash firepower it needs to tackle these problems.

The heavily indebted country faces hefty bond repayments coming up in March and April when $1.34 billion and $842 million of interest and principal respectively come due.

Analysts expect the <a href="https://www.wionews.com/business-economy/sanctions-hit-lebanese-bank-denies-hezbollah-ties-246636">central bank</a> to be able to foot the bill, for now, though some in Beirut believe a rescheduling or restructuring is preferable.

But as policymakers cling to the currency peg and with dollar flows have dried up, the question of how much ammunition the central bank has left has become ever more pertinent.

Some analysts calculate that the country's foreign currency reserves could be negative in real terms.

"In a crisis, there's no definition of what's usable," said Nafez Zouk at Oxford Economics. "If you have to defend the peg, what's usable and what's not usable changes, and you will have to touch the reserves held by banks at the central bank."

Lebanon's financial system has a complicated profile, with diaspora dollars attracted by high-interest rates forming a major source of hard cash and local banks holding large amounts of external hard currency bonds.

Officially, the country had foreign currency reserves of $31.5 billion at the end of December. The International Monetary Fund calculated that Lebanon had more than 11 months' worth of import cover - a level deemed ample by many measures.

But how large is the war chest in reality? Morgan Stanley calculates the current level of net reserves - or gross foreign currency holdings minus banks' mandatory reserves together with the country's own holdings - at $11.5 billion as of the end of 2019.

"Estimates of BDL's (Banque du Liban) usable reserves were wide-ranging, given the complex linkage between BDL and the domestic banks," Morgan Stanley strategist Jaiparan S Khurana wrote in a recent note to clients. Khurana also acknowledged that some calculations of reserves could end up with a negative number.

The fact that the central bank owes $67 billion to commercial banks would also turn the reserves number negative, said <a href="https://www.wionews.com/india-news/survey-reveals-three-of-worlds-top-10-fastest-growing-cities-are-from-kerala-275133">Oxford Economic</a>'s Zouk. And even some policymakers agree.

"In my opinion, the reserve has become negative," outgoing economy minister&nbsp;Mansour Bteish said in an interview.

British estimates the shortfall between the central bank's liabilities to commercial banks - or hard currency deposits parked by lenders at the bank - and its own reserves at around $40 billion.

The c also holds $13.9 billion of gold and $5.7 billion of government holdings of dollar bonds.

While selling large quantities of gold is not that easy, countries under pressure such as Venezuela have mobilised their gold stacks as collateral for swap operations to gain access to hard currency.

Yet Zouk points out that Lebanon using its gold could be tricky as parliamentary approval is needed to do so and domestic public opinion is strongly against such a move.

And while it is unusual for a country's central bank and lenders to hold the foreign-denominated debt of their own sovereign, this could be a mitigating factor in the big debt repayments falling due soon, some analysts said.

Lebanon faces interest and principal payments of nearly $4.4 billion in all in 2020.

"Considering the foreign ownership is now 45 per cent, the net impact on the BDL's foreign reserve position from these payments will be smaller than what the headline number would suggest," Morgan Stanley's Khurana said.

While official data show that foreign currency reserves have held up better than many expected in recent months, trends in dollar flows the grease that has kept Lebanon's financial engine running for years - are a cause for concern, said JP Morgan.

"While capital controls helped keep resident FX deposits unchanged, non-resident FX deposits decreased by $2.1 billion as of end-November alone and total 2019 deposit outflows amounted to $12 billion as of end-November," JP&nbsp;Morgan analysts wrote in a note.

Beirut appears to be running out of road fast, said Oxford Economics' Zouk. He calculates that Beirut will honour its upcoming debt payments while leaving capital controls in place but that it will lack new dollar inflows while having to manage a current account deficit including a 30% per cent compression of imports and additional foreign currency leakage of $2 billion a month.

"Add all these up, and reserves are gone by September."

Lebanon's new government faces huge upcoming debt repayments and a currency peg at breaking point, but it may already have run out of the hard cash firepower it needs to tackle these problems.

Lebanon's new government faces huge upcoming debt repayments and a currency peg at breaking point, but it may already have run out of the hard cash firepower it needs to tackle these problems. The heavily indebted country faces hefty bond repayments coming up in March and April when $1.34 billion and $842 million of interest and principal respectively come due. Analysts expect the central bank to be able to foot the bill, for now, though some in Beirut believe a rescheduling or restructuring is preferable. But as policymakers cling to the currency peg and with dollar flows have dried up, the question of how much ammunition the central bank has left has become ever more pertinent. Some analysts calculate that the country's foreign currency reserves could be negative in real terms. "In a crisis, there's no definition of what's usable," said Nafez Zouk at Oxford Economics. "If you have to defend the peg, what's usable and what's not usable changes, and you will have to touch the reserves held by banks at the central bank." Lebanon's financial system has a complicated profile, with diaspora dollars attracted by high-interest rates forming a major source of hard cash and local banks holding large amounts of external hard currency bonds. Officially, the country had foreign currency reserves of $31.5 billion at the end of December. The International Monetary Fund calculated that Lebanon had more than 11 months' worth of import cover - a level deemed ample by many measures. But how large is the war chest in reality? Morgan Stanley calculates the current level of net reserves - or gross foreign currency holdings minus banks' mandatory reserves together with the country's own holdings - at $11.5 billion as of the end of 2019. "Estimates of BDL's (Banque du Liban) usable reserves were wide-ranging, given the complex linkage between BDL and the domestic banks," Morgan Stanley strategist Jaiparan S Khurana wrote in a recent note to clients. Khurana also acknowledged that some calculations of reserves could end up with a negative number. The fact that the central bank owes $67 billion to commercial banks would also turn the reserves number negative, said Oxford Economic's Zouk. And even some policymakers agree. "In my opinion, the reserve has become negative," outgoing economy minister Mansour Bteish said in an interview. British estimates the shortfall between the central bank's liabilities to commercial banks - or hard currency deposits parked by lenders at the bank - and its own reserves at around $40 billion. The c also holds $13.9 billion of gold and $5.7 billion of government holdings of dollar bonds. While selling large quantities of gold is not that easy, countries under pressure such as Venezuela have mobilised their gold stacks as collateral for swap operations to gain access to hard currency. Yet Zouk points out that Lebanon using its gold could be tricky as parliamentary approval is needed to do so and domestic public opinion is strongly against such a move. And while it is unusual for a country's central bank and lenders to hold the foreign-denominated debt of their own sovereign, this could be a mitigating factor in the big debt repayments falling due soon, some analysts said. Lebanon faces interest and principal payments of nearly $4.4 billion in all in 2020. "Considering the foreign ownership is now 45 per cent, the net impact on the BDL's foreign reserve position from these payments will be smaller than what the headline number would suggest," Morgan Stanley's Khurana said. While official data show that foreign currency reserves have held up better than many expected in recent months, trends in dollar flows the grease that has kept Lebanon's financial engine running for years - are a cause for concern, said JP Morgan. "While capital controls helped keep resident FX deposits unchanged, non-resident FX deposits decreased by $2.1 billion as of end-November alone and total 2019 deposit outflows amounted to $12 billion as of end-November," JP Morgan analysts wrote in a note. Beirut appears to be running out of road fast, said Oxford Economics' Zouk. He calculates that Beirut will honour its upcoming debt payments while leaving capital controls in place but that it will lack new dollar inflows while having to manage a current account deficit including a 30% per cent compression of imports and additional foreign currency leakage of $2 billion a month. "Add all these up, and reserves are gone by September."

Lebanon's new government may have little reserves left to stabilise economy

<a href="https://www.wionews.com/opinions/kazakhstan-comes-to-the-rescue-of-its-nationals-caught-in-a-crackdown-on-turkic-muslims-in-china-201688">Kazakhstan</a> plans to provide more than $1 billion in aid to at least four local banks after an asset quality review revealed holes in their balance sheets that require capital injections, two sources familiar with the plans told Reuters.

The move follows previous bailouts that have cost the oil-producing Central Asian nation more than $13 billion but have still not resuscitated a banking system riddled with bad loans after a property price crash and a currency devaluation.

New bailouts could necessitate extra borrowing by the government or if they are once again financed by the central bank, put pressure on the tenge currency.

The asset quality review, begun this year, is due to be completed by the end of December. But three bankers familiar with the process said it has already shown that four medium-sized lenders need extra capital to write off bad loans.

The three sources also said the authorities were determined to provide financial aid to all four, but the terms of such assistance were yet to be agreed.

Kazakhstan's central bank has not replied to a request for comment on the matter.

Central bank governor Yerbolat Dosayev said in October the bank planned to launch an aid programme next year that would be open to all banks. The asset quality review covered the 14 largest banks out of Kazakhstan's 27.

One of the sources said the fresh aid package could be worth up to 1 trillion tenge ($2.6 billion), while another source said it would cost more than the previous aid programme which totaled 410 billion tenge and could involve more than four banks.

Kazakhstan's total central government spending next year has been set at 12.9 trillion tenge.

Kazakhstan plans to provide more than $1 billion in aid to at least four local banks after an asset quality review revealed holes in their balance sheets that require capital injections, two sources familiar with the plans told Reuters.

Kazakhstan plans to provide more than $1 billion in aid to at least four local banks after an asset quality review revealed holes in their balance sheets that require capital injections, two sources familiar with the plans told Reuters. The move follows previous bailouts that have cost the oil-producing Central Asian nation more than $13 billion but have still not resuscitated a banking system riddled with bad loans after a property price crash and a currency devaluation. New bailouts could necessitate extra borrowing by the government or if they are once again financed by the central bank, put pressure on the tenge currency. The asset quality review, begun this year, is due to be completed by the end of December. But three bankers familiar with the process said it has already shown that four medium-sized lenders need extra capital to write off bad loans. The three sources also said the authorities were determined to provide financial aid to all four, but the terms of such assistance were yet to be agreed. Kazakhstan's central bank has not replied to a request for comment on the matter. Central bank governor Yerbolat Dosayev said in October the bank planned to launch an aid programme next year that would be open to all banks. The asset quality review covered the 14 largest banks out of Kazakhstan's 27. One of the sources said the fresh aid package could be worth up to 1 trillion tenge ($2.6 billion), while another source said it would cost more than the previous aid programme which totaled 410 billion tenge and could involve more than four banks. Kazakhstan's total central government spending next year has been set at 12.9 trillion tenge.

Kazakhstan plans more than $1 billion in fresh aid to banks: Sources

China's <a href="https://www.wionews.com/business-economy/china-november-exports-fall-but-import-growth-hints-of-recovering-demand-266930">potential economic growth</a> will be below 6 per cent&nbsp;over the next five years, an adviser to China's central bank said on Saturday.

The economy could grow between 5 per cent&nbsp;and 6 per cent&nbsp;from 2020 to 2025, Liu Shijin, a policy adviser to the People's Bank of China, said at a conference in Beijing, according to an article he posted on social media.

China's monetary policy is already quite loose, and attempting to stimulate the economy to grow faster than its potential could cause it to fall off a cliff, said Liu.

China's third-quarter economic growth slowed more than expected to 6 per cent&nbsp;year-on-year, marking its weakest pace in almost three decades, and at the bottom end of the government's full-year target range of 6.0 per cent-6.5 per cent.

Despite the growing strains on the economy caused by slowing domestic demand and a trade war with the United States, Beijing remains reluctant to implement major stimulus for fear of heightening financial risks given already high levels of debt.

China central bank governor Yi Gang reiterated in an article published last week that China will not resort to quantitative easing and is committed to maintaining a prudent monetary policy.

China's potential economic growth will be below 6 per cent over the next five years, an adviser to China's central bank said on Saturday. The economy could grow between 5 per cent and 6 per cent from 2020 to 2025, Liu Shijin, a policy adviser to the People's Bank of China, said at a conference in Beijing, according to an article he posted on social media.

China's potential economic growth will be below 6 per cent over the next five years, an adviser to China's central bank said on Saturday. The economy could grow between 5 per cent and 6 per cent from 2020 to 2025, Liu Shijin, a policy adviser to the People's Bank of China, said at a conference in Beijing, according to an article he posted on social media. China's monetary policy is already quite loose, and attempting to stimulate the economy to grow faster than its potential could cause it to fall off a cliff, said Liu. China's third-quarter economic growth slowed more than expected to 6 per cent year-on-year, marking its weakest pace in almost three decades, and at the bottom end of the government's full-year target range of 6.0 per cent-6.5 per cent. Despite the growing strains on the economy caused by slowing domestic demand and a trade war with the United States, Beijing remains reluctant to implement major stimulus for fear of heightening financial risks given already high levels of debt. China central bank governor Yi Gang reiterated in an article published last week that China will not resort to quantitative easing and is committed to maintaining a prudent monetary policy.

China's potential growth below 6% over next five years: Central bank adviser

<a href="https://www.wionews.com/world/trump-says-building-a-wall-in-colorado-257911">President Donald Trump</a> once again attacked the United States Federal Reserve on Thursday, calling for more interest rate cuts to stimulate the American economy just days before the key policy meeting.

"The Federal Reserve is derelict in its duties if it doesn't lower the Rate and even, ideally, stimulate," he said on Twitter, a relatively mild epithet after calling policymakers "boneheads" and "pathetic."

Trump has long argued that the Fed was too aggressive about raising the benchmark borrowing rate, which rose four times in 2018.

Under Fed Chair Jerome Powell, the Fed cut the rate twice this year and could do so again at the two-day meeting next week, although some economists are calling for a pause.

Trump's blitz of insults and criticism directed at the Fed had slowed in recent weeks, with the most recent occurring two weeks ago when he said US central bankers "don't have a clue but I do."

"Take a look around the World at our competitors. Germany and others are actually GETTING PAID to borrow money. Fed was way too fast to raise, and way too slow to cut!" Trump tweeted, pausing in his focus on the impeachment inquiry against him in Congress.

The European Central Bank left its policy interest rate unchanged on Thursday at -0.5 per cent, while the Bank of Japan, also set to meet next week,&nbsp;has a -0.1 per cent rate as sluggish economic growth persists

President Donald Trump once again attacked the United States Federal Reserve on Thursday, calling for more interest rate cuts to stimulate the American economy just days before the key policy meeting.

President Donald Trump once again attacked the United States Federal Reserve on Thursday, calling for more interest rate cuts to stimulate the American economy just days before the key policy meeting. "The Federal Reserve is derelict in its duties if it doesn't lower the Rate and even, ideally, stimulate," he said on Twitter, a relatively mild epithet after calling policymakers "boneheads" and "pathetic." Trump has long argued that the Fed was too aggressive about raising the benchmark borrowing rate, which rose four times in 2018. Under Fed Chair Jerome Powell, the Fed cut the rate twice this year and could do so again at the two-day meeting next week, although some economists are calling for a pause. Trump's blitz of insults and criticism directed at the Fed had slowed in recent weeks, with the most recent occurring two weeks ago when he said US central bankers "don't have a clue but I do." "Take a look around the World at our competitors. Germany and others are actually GETTING PAID to borrow money. Fed was way too fast to raise, and way too slow to cut!" Trump tweeted, pausing in his focus on the impeachment inquiry against him in Congress. The European Central Bank left its policy interest rate unchanged on Thursday at -0.5 per cent, while the Bank of Japan, also set to meet next week, has a -0.1 per cent rate as sluggish economic growth persists

Trump again attacks Federal Reserve, says central bank 'derelict in its duties'

<a href="https://www.wionews.com/world/trump-asked-australia-for-help-discrediting-russia-probe-252947">Australia's</a> central bank on Tuesday lowered the cost of borrowing, slashing interest rates for the third time this year amid fears about the flagging domestic economy.

The Reserve Bank of Australia announced it had cut rates by another 25 basis points to 0.75 per cent, a decision that brings the country's interest rates to a historic new low.

The move is part of efforts to extend a record 28-year run without a recession, in the face of increasing economic headwinds that include stagnant employment levels, low wage growth and high household debt.

Resource-rich Australia dodged the worst of the financial crisis but the economy recently recorded its weakest annual growth in a decade, expanding just 1.4 percent in the year to June.

RBA governor Philip Lowe said the decision to lower the cash rate was designed to "support employment and income growth and to provide greater confidence that inflation will be consistent with the medium-term target".&nbsp;

"The economy still has spare capacity and lower interest rates will help make inroads into that," he said in a statement following the bank's monthly policy meeting.

Lowe has forecast an "extended period" of low interest rates will be necessary to achieve full unemployment and reach the bank's inflation target, with the bank remaining "prepared to ease monetary policy further if needed".

Australia is also feeling the impact of<a href="https://www.wionews.com/opinions/us-china-trade-war-points-to-the-real-crisis-that-global-leaders-must-confront-at-g20-summit-231112"> US-China trade tensions</a>, which have rattled the global economy as central banks worldwide attempt to offset economic risks by lowering rates.

One bright light identified by Lowe, however, were recent signs of a turnaround in the Sydney and <a href="https://www.wionews.com/world/video-major-fire-breaks-out-in-melbourne-warehouse-no-casualties-162434">Melbourne</a> housing markets after a prolonged slump.

The Australian stock exchange moved slightly higher on the news, with the All Ordinaries reaching above 6,834 in afternoon trade, while the dollar was buying US$0.6728.

Australia's central bank on Tuesday lowered the cost of borrowing, slashing interest rates for the third time this year amid fears about the flagging domestic economy.

Australia's central bank on Tuesday lowered the cost of borrowing, slashing interest rates for the third time this year amid fears about the flagging domestic economy. The Reserve Bank of Australia announced it had cut rates by another 25 basis points to 0.75 per cent, a decision that brings the country's interest rates to a historic new low. The move is part of efforts to extend a record 28-year run without a recession, in the face of increasing economic headwinds that include stagnant employment levels, low wage growth and high household debt. Resource-rich Australia dodged the worst of the financial crisis but the economy recently recorded its weakest annual growth in a decade, expanding just 1.4 percent in the year to June. RBA governor Philip Lowe said the decision to lower the cash rate was designed to "support employment and income growth and to provide greater confidence that inflation will be consistent with the medium-term target". "The economy still has spare capacity and lower interest rates will help make inroads into that," he said in a statement following the bank's monthly policy meeting. Lowe has forecast an "extended period" of low interest rates will be necessary to achieve full unemployment and reach the bank's inflation target, with the bank remaining "prepared to ease monetary policy further if needed". Australia is also feeling the impact of US-China trade tensions, which have rattled the global economy as central banks worldwide attempt to offset economic risks by lowering rates. One bright light identified by Lowe, however, were recent signs of a turnaround in the Sydney and Melbourne housing markets after a prolonged slump. The Australian stock exchange moved slightly higher on the news, with the All Ordinaries reaching above 6,834 in afternoon trade, while the dollar was buying US$0.6728.

Australia's central bank cuts rates to new record low

Sri Lanka could lose access to global debt markets if a new government shifts away from the country's current fiscal policy that's aimed at shoring up the economy and managing inflation, a central bank official said on Friday.

<a href="https://www.wionews.com/world/sri-lanka-president-vetoes-military-deal-with-washington-that-allows-us-troops-free-access-to-islands-ports-233571">The Indian Ocean island nation</a> is preparing for the presidential election later this year and a parliament election in 2020, which is causing uncertainty among investors over potential policy shifts.

'The question is whether any new government coming after elections will move in a different direction compared to what we have been, or rather this government, has been doing for the last four years,' Nandalal Weerasinghe, Senior Deputy Governor at the Central Bank of Sri Lanka, told Reuters in an interview on Friday.

'If anyone tries to move away from this fiscal, macro-economic stability, they will not have access to global markets,' he said.

The economy cannot afford to lose access to global markets as it has to repay more than $16 billion in foreign loans over the next four years.

'Anyone who comes to power will have to make sure we have access to a global investor base so that we can meet payments in the next couple of years through market borrowings,' Weerasinghe said.

During Prime Minister Ranil Wickremesinghe's government, the central bank has tightened monetary policies to back the administration's overall goal of fiscal consolidation, an effort supported by a $1.5 billion loan from the International Monetary Fund.

Though Wickremesinghe is widely seen as a business-friendly leader, critics say his economic politics have stunted economic growth.

The central bank has introduced an inflation-targeting monetary policy and a flexible exchange rate transformed short-term high-cost borrowings to long-term lower-cost ones and reduced the outflow of foreign exchange for luxury goods.

SLOWED GROWTH

Those measures contributed to pulling down the economic growth rate in 2018 to an 18-year low of 3.2 per cent. A power tussle in 2018 for the prime minister's job and this year's Easter Islamist militant bombings, which killed more than 250 people, further weigh on the economy.

Weerasinghe of the central bank said proposed changes to monetary policy law, expected to win parliament approval soon, will help bolster the central bank's independence.

'Already there's central bank independence in the current law, and we are now proposing a new monetary act which will strengthen the central bank's independence as well as accountability to the public, to the parliament.'

Weerasinghe forecast 3 per cent growth this year.

In May, the central bank reduced the key interest rates by 50 basis points to boost credit growth and the economy.

There was still room to reduce market interest rates, Weerasinghe said.

'I don't see any reason to tighten at this point.'

He also said the central bank is in advance discussions to borrow $500 million from Japan via a bond sale this year.

Sri Lanka could lose access to global debt markets if a new government shifts away from the country's current fiscal policy that's aimed at shoring up the economy and managing inflation, a central bank official said on Friday.

Sri Lanka could lose access to global debt markets if a new government shifts away from the country's current fiscal policy that's aimed at shoring up the economy and managing inflation, a central bank official said on Friday. The Indian Ocean island nation is preparing for the presidential election later this year and a parliament election in 2020, which is causing uncertainty among investors over potential policy shifts. 'The question is whether any new government coming after elections will move in a different direction compared to what we have been, or rather this government, has been doing for the last four years,' Nandalal Weerasinghe, Senior Deputy Governor at the Central Bank of Sri Lanka, told Reuters in an interview on Friday. 'If anyone tries to move away from this fiscal, macro-economic stability, they will not have access to global markets,' he said. The economy cannot afford to lose access to global markets as it has to repay more than $16 billion in foreign loans over the next four years. 'Anyone who comes to power will have to make sure we have access to a global investor base so that we can meet payments in the next couple of years through market borrowings,' Weerasinghe said. During Prime Minister Ranil Wickremesinghe's government, the central bank has tightened monetary policies to back the administration's overall goal of fiscal consolidation, an effort supported by a $1.5 billion loan from the International Monetary Fund. Though Wickremesinghe is widely seen as a business-friendly leader, critics say his economic politics have stunted economic growth. The central bank has introduced an inflation-targeting monetary policy and a flexible exchange rate transformed short-term high-cost borrowings to long-term lower-cost ones and reduced the outflow of foreign exchange for luxury goods. SLOWED GROWTH Those measures contributed to pulling down the economic growth rate in 2018 to an 18-year low of 3.2 per cent. A power tussle in 2018 for the prime minister's job and this year's Easter Islamist militant bombings, which killed more than 250 people, further weigh on the economy. Weerasinghe of the central bank said proposed changes to monetary policy law, expected to win parliament approval soon, will help bolster the central bank's independence. 'Already there's central bank independence in the current law, and we are now proposing a new monetary act which will strengthen the central bank's independence as well as accountability to the public, to the parliament.' Weerasinghe forecast 3 per cent growth this year. In May, the central bank reduced the key interest rates by 50 basis points to boost credit growth and the economy. There was still room to reduce market interest rates, Weerasinghe said. 'I don't see any reason to tighten at this point.' He also said the central bank is in advance discussions to borrow $500 million from Japan via a bond sale this year.

Sri Lanka risks losing debt market access if future government policy changes

Four former leaders of the US Federal Reserve have called for the independence of the central bank, saying that the Fed and its chair must be permitted to act in the best interests of the economy, free of short-term political pressures, and, in particular, without the threat of removal or demotion of Fed leaders for political reasons.

In an opinion piece published on The Wall Street Journal on Monday, Paul Volcker, Alan Greenspan, Ben Bernanke and Janet Yellen said that an economy is strongest and functions best when the central bank acts independently and relies solely on sound economic principles and data.

The piece wrote, "Research has shown that monetary policy based on the political (rather than economic) needs of the moment leads to worse economic performance in the long run, including higher inflation and slower growth".

"Even the perception that monetary-policy decisions are politically motivated, or influenced by threats that policymakers won't be able to serve out their terms of office, can undermine public confidence that the central bank is acting in the best interest of the economy. That can lead to unstable financial markets and worse economic outcomes," the piece wrote.

The co-signed article came after US President Donald Trump's criticism of Fed Chairman Jerome Powell last week when he lashed out at Powell for not signalling the start of "a lengthy and aggressive rate-cutting cycle." Trump on Monday urged the Fed to pay attention to his remarks when he falsely accused China of "currency manipulation" on Twitter.

Trump has repeatedly voiced his discontent of the Fed's monetary policy over the past few months and even reportedly discussed an attempt to remove Powell from his position, raising questions about the central bank's independence.

Powell, meanwhile, has repeatedly stressed the Fed's commitment to independence and said he fully intends to serve a four-year term.

Four former leaders of the US Federal Reserve have called for the independence of the central bank, saying that the Fed and its chair must be permitted to act in the best interests of the economy, free of short-term political pressures, and, in particular, without the threat of removal or demotion of Fed leaders for political reasons.

Four former leaders of the US Federal Reserve have called for the independence of the central bank, saying that the Fed and its chair must be permitted to act in the best interests of the economy, free of short-term political pressures, and, in particular, without the threat of removal or demotion of Fed leaders for political reasons. In an opinion piece published on The Wall Street Journal on Monday, Paul Volcker, Alan Greenspan, Ben Bernanke and Janet Yellen said that an economy is strongest and functions best when the central bank acts independently and relies solely on sound economic principles and data. The piece wrote, "Research has shown that monetary policy based on the political (rather than economic) needs of the moment leads to worse economic performance in the long run, including higher inflation and slower growth". "Even the perception that monetary-policy decisions are politically motivated, or influenced by threats that policymakers won't be able to serve out their terms of office, can undermine public confidence that the central bank is acting in the best interest of the economy. That can lead to unstable financial markets and worse economic outcomes," the piece wrote. The co-signed article came after US President Donald Trump's criticism of Fed Chairman Jerome Powell last week when he lashed out at Powell for not signalling the start of "a lengthy and aggressive rate-cutting cycle." Trump on Monday urged the Fed to pay attention to his remarks when he falsely accused China of "currency manipulation" on Twitter. Trump has repeatedly voiced his discontent of the Fed's monetary policy over the past few months and even reportedly discussed an attempt to remove Powell from his position, raising questions about the central bank's independence. Powell, meanwhile, has repeatedly stressed the Fed's commitment to independence and said he fully intends to serve a four-year term.

Former United States Federal leaders call for independence of Central Bank

Turkey's central bank cut its inflation forecasts on Wednesday and new governor Murat Uysal said it has "considerable" room for manoeuvre on interest rates in coming months, a week after it began an expected policy easing cycle with a big cut.

Uysal appointed this month after <a href="https://www.wionews.com/world/turkish-president-recep-tayyip-erdogan-says-trump-can-waive-sanctions-on-turkey-report-236013">President Tayyip Erdogan</a> dismissed his predecessor also said the bank had independence in its use of tools to reach its inflation target.

Periodic doubts about the bank's freedom from political interference resurfaced after Murat Cetinkaya's abrupt sacking. Erdogan said the former bank governor had failed to follow instructions.

The upbeat comments by Uysal, who was Cetinkaya's deputy, set the scene for more rate cuts over the next months, especially if a spreading monetary easing trend among major central banks continues to stabilise the Turkish lira after its meltdown last year.

The lira was up 0.6 per cent at 5.53 against the dollar at 1246 GMT, on track for a sixth straight day of gains.

"In the upcoming period, we have a considerable room for manoeuvre on rates. Its application, timing and size will depend on the improvements on price and financial stability," Uysal said. "We will make (the decision) based on data."

The central bank hiked its policy rate to 24 per cent at the peak of last year's currency crisis. High rates, along with companies burdened with large amounts of foreign currency debt, drove the economy into recession and cut nearly 30 per cent from the value of the lira.

It also sent inflation soaring above 25 per cent. It has since fallen to below 16 per cent, paving the way for the bank to cut rates last week by 425 basis points to 19.75 per cent.

On Wednesday, the bank cut its inflation forecast for 2019 to 13.9 per cent from 14.6 per cent but left next year's outlook unchanged at 8.2 per cent. Uysal said the policy would depend on the inflation outlook.

In a separate publication of the minutes of the bank's policy meeting last week, it said there was a risk that inflation would not edge lower as expected.

"Although other central banks have generally been cutting, Turkish interest rates remain high and there's room for more cuts," said Nikolay Markov, senior economist at Pictet Asset Management, who expects the policy rate to fall to about 14 per cent by mid-2020.

"People thought (Uysal) would be a lot more political and what he has said today makes sense and that provides some comfort to foreign investors."

Asked in a press conference about Cetinkaya's sacking, Uysal said it had met legal requirements.

He also said the central bank had a more optimistic outlook for the economy in 2020 as lira volatility ebbed.

"The delayed, cumulative effects of the exchange rate slowly being left behind is turning our expectations for 2020 to a positive trajectory," he said.

Turkey's central bank cut its inflation forecasts on Wednesday and new governor Murat Uysal said it has "considerable" room for manoeuvre on interest rates in coming months, a week after it began an expected policy easing cycle with a big cut.

Turkey's central bank cut its inflation forecasts on Wednesday and new governor Murat Uysal said it has "considerable" room for manoeuvre on interest rates in coming months, a week after it began an expected policy easing cycle with a big cut. Uysal appointed this month after President Tayyip Erdogan dismissed his predecessor also said the bank had independence in its use of tools to reach its inflation target. Periodic doubts about the bank's freedom from political interference resurfaced after Murat Cetinkaya's abrupt sacking. Erdogan said the former bank governor had failed to follow instructions. The upbeat comments by Uysal, who was Cetinkaya's deputy, set the scene for more rate cuts over the next months, especially if a spreading monetary easing trend among major central banks continues to stabilise the Turkish lira after its meltdown last year. The lira was up 0.6 per cent at 5.53 against the dollar at 1246 GMT, on track for a sixth straight day of gains. "In the upcoming period, we have a considerable room for manoeuvre on rates. Its application, timing and size will depend on the improvements on price and financial stability," Uysal said. "We will make (the decision) based on data." The central bank hiked its policy rate to 24 per cent at the peak of last year's currency crisis. High rates, along with companies burdened with large amounts of foreign currency debt, drove the economy into recession and cut nearly 30 per cent from the value of the lira. It also sent inflation soaring above 25 per cent. It has since fallen to below 16 per cent, paving the way for the bank to cut rates last week by 425 basis points to 19.75 per cent. On Wednesday, the bank cut its inflation forecast for 2019 to 13.9 per cent from 14.6 per cent but left next year's outlook unchanged at 8.2 per cent. Uysal said the policy would depend on the inflation outlook. In a separate publication of the minutes of the bank's policy meeting last week, it said there was a risk that inflation would not edge lower as expected. "Although other central banks have generally been cutting, Turkish interest rates remain high and there's room for more cuts," said Nikolay Markov, senior economist at Pictet Asset Management, who expects the policy rate to fall to about 14 per cent by mid-2020. "People thought (Uysal) would be a lot more political and what he has said today makes sense and that provides some comfort to foreign investors." Asked in a press conference about Cetinkaya's sacking, Uysal said it had met legal requirements. He also said the central bank had a more optimistic outlook for the economy in 2020 as lira volatility ebbed. "The delayed, cumulative effects of the exchange rate slowly being left behind is turning our expectations for 2020 to a positive trajectory," he said.

Turkey's cenbank trims inflation view, new head sees room for rate cuts

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