India and the UAE have signed a currency agreement allowing the use of the rupee and dirham for cross-border trade. The move marks a significant milestone and could pave the way for more bilateral currency agreements signalling the potential internationalisation of the Indian rupee. The decision reflects a broader trend of emerging economies seeking to reduce reliance on the US dollar, questioning its supremacy as the world's default currency.

India-UAE trade pact: Step towards de-dollarisation?

Sri Lanka has notified the Indian rupee as a designated currency, Indian External Affairs Ministry Spokesperson Arindam Bagchi said on Thursday (July 20).

"In terms of trading in our national currencies, Sri Lanka has already notified India Rupee as designated foreign currency in their system," Bachi said during a weekly media interaction in New Delhi.

Making Indian rupee (INR) a designated foreign currency enables not only trade settlement between the two countries in INR but also Indian tourists coming to Sri Lanka can use INR for transactions.

<h2>Deepening financial and economic connection</h2>

Bagchi said that the utilisation will depend on India's private sector and people who engage in the trade sector.&nbsp;

"We would like to deepen this financial and economic connection. It will be premature to comment today on it, when the visit is tomorrow," he added.

The comments came hours before Sri Lankan President Ranil Wickremesinghe&nbsp;landed in the capital New Delhi to kickstart his two-day visit to India.

<h2>Wickremesinghe in India&nbsp;</h2>

Wickremesinghe was invited by Prime Minister Narendra Modi and is the first Sri Lankan leader to visit since the island nation was hit by an unprecedented economic crisis last year.

Notably, this is also the first time that the 74-year-old Sri Lankan leader is vising India since he assumed office in July 2022 after his predecessor, Gotabaya Rajapaksa, fled Sri Lanka amid massive public protests.

President Wickremesinghe is expected to meet his Indian counterpart Droupadi Murmu and discuss various issues of mutual interest with Prime Minister Narendra Modi and other Indian dignitaries, the Ministry of External Affairs said in a press release.

The Indian Ministry of External Affairs (MEA) in a press release noted, "Sri Lanka is an important partner in India's Neighbourhood First Policy and Vision SAGAR. The visit will reinforce the longstanding friendship between the two countries and explore avenues for enhanced connectivity and mutually beneficial cooperation across sectors."

<h2>India helping Sri Lanka</h2>

Meanwhile, Bagchi earlier in the day said that Wickremesinghe's India visit is a major one as the country has important, multifaceted relations with the island nation.

"This is a very important visit, it is a neighbouring country with whom we have very important relationship, we have multifaceted relations," he said.

Ever since Sri Lanka plunged into economic chaos, India has been helping the island country by providing aid, medicines and other essential items.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/i-am-ranil-wickremesinghe-not-ranil-rajapaksa-asserts-sri-lanka-president-617364">'I am Ranil Wickremesinghe, not Ranil Rajapaksa', asserts Sri Lanka president before India visit</a>

Last year, India gave aid worth almost $4 billion, including currency support, deferred payment of loans and lines of credit for emergency purchases of food, fuel and medicines, to Sri Lanka.

Sri Lanka will now focus on grid connectivity between the two countries, port development and renewable energy projects, largely in the northern part of the island, when President Ranil Wickremesinghe visits India from July 21 for two days, Foreign Minister Ali Sabry told reporters on July 10.

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Sri Lanka has notified the Indian rupee as a designated currency, Indian External Affairs Ministry Spokesperson Arindam Bagchi said on Thursday (July 20). "In terms of trading in our national currencies, Sri Lanka has already notified India Rupee as designated foreign currency in their system," Bachi said during a weekly media interaction in New Delhi.

Sri Lanka has notified the Indian rupee as a designated currency, Indian External Affairs Ministry Spokesperson Arindam Bagchi said on Thursday (July 20). "In terms of trading in our national currencies, Sri Lanka has already notified India Rupee as designated foreign currency in their system," Bachi said during a weekly media interaction in New Delhi. Making Indian rupee (INR) a designated foreign currency enables not only trade settlement between the two countries in INR but also Indian tourists coming to Sri Lanka can use INR for transactions. Deepening financial and economic connection Bagchi said that the utilisation will depend on India's private sector and people who engage in the trade sector. "We would like to deepen this financial and economic connection. It will be premature to comment today on it, when the visit is tomorrow," he added. The comments came hours before Sri Lankan President Ranil Wickremesinghe landed in the capital New Delhi to kickstart his two-day visit to India. Wickremesinghe in India Wickremesinghe was invited by Prime Minister Narendra Modi and is the first Sri Lankan leader to visit since the island nation was hit by an unprecedented economic crisis last year. Notably, this is also the first time that the 74-year-old Sri Lankan leader is vising India since he assumed office in July 2022 after his predecessor, Gotabaya Rajapaksa, fled Sri Lanka amid massive public protests. President Wickremesinghe is expected to meet his Indian counterpart Droupadi Murmu and discuss various issues of mutual interest with Prime Minister Narendra Modi and other Indian dignitaries, the Ministry of External Affairs said in a press release. The Indian Ministry of External Affairs (MEA) in a press release noted, "Sri Lanka is an important partner in India's Neighbourhood First Policy and Vision SAGAR. The visit will reinforce the longstanding friendship between the two countries and explore avenues for enhanced connectivity and mutually beneficial cooperation across sectors." India helping Sri Lanka Meanwhile, Bagchi earlier in the day said that Wickremesinghe's India visit is a major one as the country has important, multifaceted relations with the island nation. "This is a very important visit, it is a neighbouring country with whom we have very important relationship, we have multifaceted relations," he said. Ever since Sri Lanka plunged into economic chaos, India has been helping the island country by providing aid, medicines and other essential items. Also read | 'I am Ranil Wickremesinghe, not Ranil Rajapaksa', asserts Sri Lanka president before India visit Last year, India gave aid worth almost $4 billion, including currency support, deferred payment of loans and lines of credit for emergency purchases of food, fuel and medicines, to Sri Lanka. Sri Lanka will now focus on grid connectivity between the two countries, port development and renewable energy projects, largely in the northern part of the island, when President Ranil Wickremesinghe visits India from July 21 for two days, Foreign Minister Ali Sabry told reporters on July 10. WATCH WION LIVE HERE

Sri Lanka notifies Indian rupee as designated foreign currency, enabling trade

Nigeria's currency, the Naira, has reached a historic low following the recent dollar auction conducted by the central bank, Bloomberg reported on Wednesday. The auction conducted by the central bank saw dollars sold at a naira rate nearly 30 percent weaker than the tightly controlled official market rate. This has fueled speculation of an imminent devaluation, adding to the concerns raised after the inauguration of Nigeria's new president last month.

The impact of the currency's depreciation was felt immediately, as the Naira slipped by 0.7 percent - the steepest decline in nearly six months - in official trading on the Nigeria Exchange. It eventually settled at 467.04 naira to a dollar, marking an unprecedented low point in the history of the Nigerian currency.

Nigeria's dwindling dollar earnings and reserves, coupled with the high demand for foreign currency from industries and importers, have compelled the government to manage supply and demand through multiple exchange rates. However, this system has resulted in a significant portion of the population resorting to the black market, where the Naira is approximately 40 percent weaker than the official rate.

Currency Crisis: World Bank Rings Alarm Bell&nbsp;

Meanwhile,&nbsp;the latest World Bank's global economic prospects for Sub-Saharan Africa&nbsp;report has said that Nigeria faces several macroeconomic challenges.&nbsp;

The World Bank report said that Nigeria's economic growth momentum has been hampered by persistent inflation, foreign exchange shortages, and disruptions caused by the recent naira redesign. These factors have impacted the post-pandemic rebound in Nigeria's non-oil sector, leading to a cooling effect on economic activity earlier this year.

Furthermore, lower energy prices and stagnant oil production have further hindered the growth trajectory. As a result, the World Bank has warned that&nbsp;economic growth is expected to barely exceed population growth, falling short of the necessary pace to make substantial progress in alleviating extreme poverty.

While the challenges facing Nigeria's economy are significant, they are not unique to the country.

The World Bank's report underscores the broader regional impact, with subdued recoveries and adverse external economic headwinds affecting other countries in Sub Saharan Africa. These challenges include weakened domestic vulnerabilities, tight global financial conditions, weak global growth, and heightened social unrest in some nations.

The World Bank's report also provides a global outlook, projecting a deceleration of growth from 3.1 percent in 2022 to 2.1 percent in 2023. This global economic slowdown adds to the already complex landscape for countries like Nigeria as they navigate both domestic and international challenges.

Nigeria's currency, the Naira, has reached a historic low following the recent dollar auction conducted by the central bank, Bloomberg reported on Wednesday. The auction conducted by the central bank saw dollars sold at a naira rate nearly 30 percent weaker than the tightly controlled official market rate.

Nigeria's currency, the Naira, has reached a historic low following the recent dollar auction conducted by the central bank, Bloomberg reported on Wednesday. The auction conducted by the central bank saw dollars sold at a naira rate nearly 30 percent weaker than the tightly controlled official market rate. This has fueled speculation of an imminent devaluation, adding to the concerns raised after the inauguration of Nigeria's new president last month. The impact of the currency's depreciation was felt immediately, as the Naira slipped by 0.7 percent - the steepest decline in nearly six months - in official trading on the Nigeria Exchange. It eventually settled at 467.04 naira to a dollar, marking an unprecedented low point in the history of the Nigerian currency. Nigeria's dwindling dollar earnings and reserves, coupled with the high demand for foreign currency from industries and importers, have compelled the government to manage supply and demand through multiple exchange rates. However, this system has resulted in a significant portion of the population resorting to the black market, where the Naira is approximately 40 percent weaker than the official rate. Currency Crisis: World Bank Rings Alarm Bell Meanwhile, the latest World Bank's global economic prospects for Sub-Saharan Africa report has said that Nigeria faces several macroeconomic challenges. The World Bank report said that Nigeria's economic growth momentum has been hampered by persistent inflation, foreign exchange shortages, and disruptions caused by the recent naira redesign. These factors have impacted the post-pandemic rebound in Nigeria's non-oil sector, leading to a cooling effect on economic activity earlier this year. Furthermore, lower energy prices and stagnant oil production have further hindered the growth trajectory. As a result, the World Bank has warned that economic growth is expected to barely exceed population growth, falling short of the necessary pace to make substantial progress in alleviating extreme poverty. While the challenges facing Nigeria's economy are significant, they are not unique to the country. The World Bank's report underscores the broader regional impact, with subdued recoveries and adverse external economic headwinds affecting other countries in Sub Saharan Africa. These challenges include weakened domestic vulnerabilities, tight global financial conditions, weak global growth, and heightened social unrest in some nations. The World Bank's report also provides a global outlook, projecting a deceleration of growth from 3.1 percent in 2022 to 2.1 percent in 2023. This global economic slowdown adds to the already complex landscape for countries like Nigeria as they navigate both domestic and international challenges.

Naira Hits All-Time Low Amidst Grim World Bank Report on Nigeria's Economy

The World's undisputed king of currency is facing a fresh set of challenges. The US dollar has always dominated global trade while being the world's reserve currency. Nations around the world are, however, sceptical about US Dollar. They want to reduce this dependency on single foreign currency. Taking an initiative, BRICS nations are trying to attract hangers-on by whipping up talk of a rival currency.

Is BRICS raging against the US Dollar an exercise in futility?

Treasury Secretary Janet Yellen on Monday said the US won’t be able to pay all its bills by early June, and as soon as June 1, if Congress doesn’t raise the debt ceiling.

Treasury Secretary says US won’t be able to pay all bills by June without increase in debt ceiling

Indian banks exchange Rs 2,000 notes ahead of Demonetisation 2.0

West Bengal Chief Minister Mamata Banerjee on Friday hit out at the BJP-led Central government after the Reserve Bank of India (RBI) notified to withdraw Rs 2,000 denomination banknotes from circulation and termed it "billion dollar dhoka" urging people not forgive those responsible for such a move.

RBI on Friday announced that it has decided to withdraw the Rs 2,000 denomination banknotes from circulation but they will continue to remain legal tender.

In a tweet, the West Bengal CM said, "So it wasn't Rs 2000 dhamaka but a billion dollar dhoka to a billion Indians. Wake up my dear brothers and sisters. The suffering we have endured due to demonetisation can't be forgotten and those who inflicted that suffering shouldn't be forgiven."

Also Read | <a href="https://www.wionews.com/world/another-71-earthquake-rocks-east-of-new-caledonia-in-pacific-ocean-594298">Another 7.1 earthquake rocks east of New Caledonia in Pacific Ocean, tsunami warning issued</a>

RBI has advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect. 
Meanwhile, RBI said that citizens will continue to be able to deposit Rs 2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch up to September 30, 2023.

The Rs 2000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time.

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The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped subsequently in 2018-19, stated RBI.

About 89 per cent of the Rs 2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life span of four-five years.

The total value of these banknotes in circulation has declined from Rs 6.73 lakh crore at its peak as of March 31, 2018 (37.3 per cent of Notes in Circulation) to Rs 3.62 lakh crore constituting only 10.8 per cent of Notes in Circulation on March 31, 2023.

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"It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public," RBI said Friday.

"In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2000 banknotes into banknotes of other denominations can be made upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023," RBI said.&nbsp;

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West Bengal Chief Minister Mamata Banerjee on Friday hit out at the BJP-led Central government after the Reserve Bank of India (RBI) notified to withdraw Rs 2,000 denomination banknotes from circulation and termed it "billion dollar dhoka" urging people not forgive those responsible for such a move.

West Bengal Chief Minister Mamata Banerjee on Friday hit out at the BJP-led Central government after the Reserve Bank of India (RBI) notified to withdraw Rs 2,000 denomination banknotes from circulation and termed it "billion dollar dhoka" urging people not forgive those responsible for such a move. RBI on Friday announced that it has decided to withdraw the Rs 2,000 denomination banknotes from circulation but they will continue to remain legal tender. In a tweet, the West Bengal CM said, "So it wasn't Rs 2000 dhamaka but a billion dollar dhoka to a billion Indians. Wake up my dear brothers and sisters. The suffering we have endured due to demonetisation can't be forgotten and those who inflicted that suffering shouldn't be forgiven." Also Read | Another 7.1 earthquake rocks east of New Caledonia in Pacific Ocean, tsunami warning issued RBI has advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect. Meanwhile, RBI said that citizens will continue to be able to deposit Rs 2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch up to September 30, 2023. The Rs 2000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time. Also Read | Macron depicted as Hitler on posters in France's Avignon, police initiate probe The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped subsequently in 2018-19, stated RBI. About 89 per cent of the Rs 2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life span of four-five years. The total value of these banknotes in circulation has declined from Rs 6.73 lakh crore at its peak as of March 31, 2018 (37.3 per cent of Notes in Circulation) to Rs 3.62 lakh crore constituting only 10.8 per cent of Notes in Circulation on March 31, 2023. Watch | Who was behind the 2022 clashes in Leicester? × "It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public," RBI said Friday. "In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2000 banknotes into banknotes of other denominations can be made upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023," RBI said. 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. ×

'A billion-dollar dhoka': Mamata Banerjee takes jibe at centre after RBI withdraws ₹2,000 note

The US Fed has raised borrowing rates to 5.25% since March 2022, a level not seen in at least 16 years. Markets have reacted sharply to the monetary tightening. But the big question among investors is: when is this tightening going to stop? What's the outlook for the rest of 2023 and beyond?

Fed's Monetary Policy Outlook for 2023: Will Fed raise borrowing rates or Pause?

The Reserve Bank of India removed 2,000 rupee notes from circulation on Friday. Until September 30, 2023, the central bank has invited banks to offer 2,000 note deposit and exchange services.

India: Reserve Bank of India to withdraw ₹2000 notes from circulation

South Africa's currency, the rand, has plummeted to an all-time low, causing widespread concern among investors and experts.

Reuters reported that the rand dropped by as much as 2.4 percent to 19.3413 on Thursday, marking one of the worst performances in the developing world this year. The decline comes as the nation grapples with a series of challenges, ranging from allegations of supplying weapons to Russia, energy shortages, and China's economic fluctuations.

Recent allegations of South Africa -- the country has declared its neutrality on the Ukraine conflict&nbsp;-- providing weapons and ammunition to Russia have added a new layer of geopolitical uncertainty, further shaking investor confidence in the rand's stability. However, the currency's downward trajectory predates the recent allegations.

The nation's exports have been hit by the economic slowdown in China, while frequent&nbsp;power outages pose&nbsp;a serious threat to future economic growth.&nbsp;Both factors, coupled with the recent allegations, have intensified the overall risk factors associated with the South African rand.

President Cyril Ramaphosa's relative absence has also had a bearing on the rand. “For many, the fortunes of the rand are becoming more overtly entwined with the political prospects of the African National Congress,” Bloomberg quoted Robert Hoodless, an analyst at InTouch Capital Markets, as saying.&nbsp;

The consequences of the rand's decline could be seen across the country's&nbsp;financial landscape. South Africa's benchmark index on Thursday experienced a third consecutive day of decline, heading towards its lowest close in over a month.

South Africa's currency bonds are among the worst-performing emerging-market securities, with the yield on government debt due in 2032 rising 0.33 percent&nbsp;to reach 11.6 percent on Thursday.&nbsp;With investor sentiment weakening under the current circumstances, experts&nbsp;have raised doubts about the rand's ability to rebound.&nbsp;

South Africa's currency, the rand, has plummeted to an all-time low, causing widespread concern among investors and experts. Reuters reported that the rand dropped by as much as 2.

South Africa's currency, the rand, has plummeted to an all-time low, causing widespread concern among investors and experts. Reuters reported that the rand dropped by as much as 2.4 percent to 19.3413 on Thursday, marking one of the worst performances in the developing world this year. The decline comes as the nation grapples with a series of challenges, ranging from allegations of supplying weapons to Russia, energy shortages, and China's economic fluctuations. Recent allegations of South Africa -- the country has declared its neutrality on the Ukraine conflict -- providing weapons and ammunition to Russia have added a new layer of geopolitical uncertainty, further shaking investor confidence in the rand's stability. However, the currency's downward trajectory predates the recent allegations. The nation's exports have been hit by the economic slowdown in China, while frequent power outages pose a serious threat to future economic growth. Both factors, coupled with the recent allegations, have intensified the overall risk factors associated with the South African rand. President Cyril Ramaphosa's relative absence has also had a bearing on the rand. “For many, the fortunes of the rand are becoming more overtly entwined with the political prospects of the African National Congress,” Bloomberg quoted Robert Hoodless, an analyst at InTouch Capital Markets, as saying. The consequences of the rand's decline could be seen across the country's financial landscape. South Africa's benchmark index on Thursday experienced a third consecutive day of decline, heading towards its lowest close in over a month. South Africa's currency bonds are among the worst-performing emerging-market securities, with the yield on government debt due in 2032 rising 0.33 percent to reach 11.6 percent on Thursday. With investor sentiment weakening under the current circumstances, experts have raised doubts about the rand's ability to rebound.

South African Rand hits rock bottom, takes a dive amid multiple turmoils

Cryptocurrency exchange Bittrex INC filed for bankruptcy protection three weeks after the US securities and exchange commission accused it of operating an unregistered securities exchange.

Crypto Chaos: Bittrex files for bankruptcy

Law enforcement agencies from around the globe arrested 288 people suspected of buying or selling drugs on the dark web. In a pair of press releases posted on Tuesday, the US Department of Justice and Europol said the joint effort also resulted in the shutdown of the dark web marketplace, Monopoly Market.

US: International dark web marketplace bust leads to 288 arrests

The Reserve Bank of India (RBI) has given permission to banks from 18 countries to open Special Vostro Rupee Accounts (SVRA) and use Indian rupees to settle payments. The Indian government informed parliament of this, earlier this week.

The 18 countries are: Fiji, Botswana, Guyana, Germany, Kenya, Israel, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom

In response to a question, Union Minister of State for Finance Bhagwat Karad said banks from these 18 countries will have to approach authorised dealer (AD) banks in India who would obtain permission from the RBI for opening such an account after the due procedure.

The decision has been taken in the backdrop of the commodity crisis, post the start of the Ukraine war. Trade in local currencies has been suggested as a solution to wartime sanctions.&nbsp;

“Procedures for trade in INR have been delineated by the RBI in the Circular (No 10 RBI/2022-2023/90 dated 11.07.2022 on ‘International Trade Settlement in Indian rupees’. RBI has also issued FAQs on its website. RBI has clarified matters related to operationalisation of SRVAs through the said FAQs, which are available to banks, importers and exporters etc,” Mr&nbsp;Karad stated in the Rajya Sabha.

Rajya Sabha is the upper house of the Parliament of India.

(With inputs from agencies) 
 
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The Reserve Bank of India (RBI) has given permission to banks from 18 countries to open Special Vostro Rupee Accounts (SVRA) and use Indian rupees to settle payments.

The Reserve Bank of India (RBI) has given permission to banks from 18 countries to open Special Vostro Rupee Accounts (SVRA) and use Indian rupees to settle payments. The Indian government informed parliament of this, earlier this week. The 18 countries are: Fiji, Botswana, Guyana, Germany, Kenya, Israel, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom In response to a question, Union Minister of State for Finance Bhagwat Karad said banks from these 18 countries will have to approach authorised dealer (AD) banks in India who would obtain permission from the RBI for opening such an account after the due procedure. The decision has been taken in the backdrop of the commodity crisis, post the start of the Ukraine war. Trade in local currencies has been suggested as a solution to wartime sanctions. “Procedures for trade in INR have been delineated by the RBI in the Circular (No 10 RBI/2022-2023/90 dated 11.07.2022 on ‘International Trade Settlement in Indian rupees’. RBI has also issued FAQs on its website. RBI has clarified matters related to operationalisation of SRVAs through the said FAQs, which are available to banks, importers and exporters etc,” Mr Karad stated in the Rajya Sabha. Rajya Sabha is the upper house of the Parliament of India. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

RBI allows banks from 18 countries to trade in rupees. What does it mean?

Amid the ongoing global geopolitical tensions, countries are moving away from Dollar. Several nations have banded together to de-dollarise the global trade. Watch this video for all details.

Is the Indian Rupee challenging the Dollar's dominance in global trade?

Amid the ongoing currency crisis in Nigeria, Nigeria's Supreme Court hears an appeal to stop demonetisation. The case has been adjourned till March 3.

Nigeria currency crisis: Nigeria's Supreme Court hears appeal to stop demonetisation

The Supreme Court has adjourned the suit filed by some state governments to challenge the 10 February deadline set by the Central Bank of Nigeria to end the use of old naira notes. A seven-member panel of the court led by John Okoro adjourned the case until 22 February.

Nigeria's Supreme Court adjourns currency case

Brazil and Argentina aim for greater economic integration, including the development of a common currency, Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez said in a joint article they penned.

Common currency mooted by Brazil and Argentina

Brazil and Argentina are mooting the use of a common currency "that can be used for both financial and commercial flows, reducing costs operations." The announcement was made in a joint statement by Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez quoted by Argentinian media outlet Perfil, reported Reuters.&nbsp;

This is a positive development between the South American neighbours as the relations between the two nations had suffered a blow under former Brazilian right-wing President Jair Bolsonaro.&nbsp;

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"We intend to overcome the barriers to our exchanges, simplify and modernise the rules and encourage the use of local currencies," said the statement.&nbsp;

"We also decided to advance discussions on a common South American currency that can be used for both financial and commercial flows, reducing costs operations and our external vulnerability," the article added.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/france-and-germany-must-become-pioneers-to-relaunch-europe-says-macron-554930">France and Germany must become ‘pioneers’ to relaunch Europe, says Macron</a>

Argentina is Brazil's largest trade partner and this plan, which will be discussed at a summit in Buenos Aires this week, will be a win-win situation. As per officials cited by Financial Times, the use of a new common currency will lessen the reliance of South America on the US dollar and give an impetus to regional trade.&nbsp;

Lula's win in the most contentious Brazil elections is likely to bolster the country's ties with its neighbour Argentina. President Lula chose Argentina for his inaugural international trip after taking office, which is perceived as a step towards the revival&nbsp;of the Community of Latin American and Caribbean States (CELAC) direction. Bolsonaro during his tenure refused to join the bloc in 2019 due to the presence of Cuba and Venezuela in it.&nbsp;

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Another bloc that the leaders are vowing to take back on speed track is Mercosur trade bloc which includes Argentina, Brazil, Paraguay and Uruguay.&nbsp;

"Together with our partners, we want Mercosur to constitute a platform for our effective integration into the world, through the joint negotiation of balanced trade agreements that respond to our strategic development objectives," the presidents said in a joint statement.&nbsp;

(With inputs from agencies)

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Brazil and Argentina are mooting the use of a common currency "that can be used for both financial and commercial flows, reducing costs operations." The announcement was made in a joint statement by Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez quoted by Argentinian media outlet Perfil, reported Reuters.

Brazil and Argentina are mooting the use of a common currency "that can be used for both financial and commercial flows, reducing costs operations." The announcement was made in a joint statement by Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez quoted by Argentinian media outlet Perfil, reported Reuters. This is a positive development between the South American neighbours as the relations between the two nations had suffered a blow under former Brazilian right-wing President Jair Bolsonaro. ALSO READ | Brazil: Lula sacks Army Chief Arruda for shielding suspects during protests "We intend to overcome the barriers to our exchanges, simplify and modernise the rules and encourage the use of local currencies," said the statement. "We also decided to advance discussions on a common South American currency that can be used for both financial and commercial flows, reducing costs operations and our external vulnerability," the article added. ALSO READ | France and Germany must become ‘pioneers’ to relaunch Europe, says Macron Argentina is Brazil's largest trade partner and this plan, which will be discussed at a summit in Buenos Aires this week, will be a win-win situation. As per officials cited by Financial Times, the use of a new common currency will lessen the reliance of South America on the US dollar and give an impetus to regional trade. Lula's win in the most contentious Brazil elections is likely to bolster the country's ties with its neighbour Argentina. President Lula chose Argentina for his inaugural international trip after taking office, which is perceived as a step towards the revival of the Community of Latin American and Caribbean States (CELAC) direction. Bolsonaro during his tenure refused to join the bloc in 2019 due to the presence of Cuba and Venezuela in it. WATCH | Juice: One of Europe's grandest-ever space missions Another bloc that the leaders are vowing to take back on speed track is Mercosur trade bloc which includes Argentina, Brazil, Paraguay and Uruguay. "Together with our partners, we want Mercosur to constitute a platform for our effective integration into the world, through the joint negotiation of balanced trade agreements that respond to our strategic development objectives," the presidents said in a joint statement. (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.

Brazil and Argentina to discuss common currency, boost regional trade

Iran’s currency has reached an all-time record low amid increasing tensions with the West and the unrest gripping the country. Watch video to know more.

World Business Watch: Iran’s currency hits record low amid tensions with the West

Oil&nbsp;prices&nbsp;dropped to trade near two-month lows on Monday, having earlier slid by around $1 a barrel, as supply fears receded while concerns over fuel demand from China and US&nbsp;dollar strength weighed on&nbsp;prices.

Brent crude futures for January had slipped 74 cents, or 0.8 per cent, to $86.88 a barrel by 0715 GMT.

US&nbsp;West Texas Intermediate (WTI) crude futures for December were at $79.40 a barrel, down 68 cents or 0.9 per cent, ahead of the contract's expiry later on Monday. The more active January contract last fell 59 cents or 0.7 per cent&nbsp;to $79.52 a barrel.

Both benchmarks closed Friday at their lowest since Sept. 27, extending losses for a second week, with Brent down 9 per cent&nbsp;and WTI 10 per cent&nbsp;lower.

<a href="http://13.235.153.162/world/global-economy-live-ftx-owes-nearly-31-billion-to-top-50-creditors-535920">Also read |&nbsp;Global Economy LIVE | India's growth to slow down in 2023: Goldman Sachs</a>

"Apart from the weakened demand outlook due to China's Covid&nbsp;curbs, a rebound in the U.S. dollar today is also a bearish factor for&nbsp;oil&nbsp;prices," said Tina Teng, a CMC Markets analyst.

"Risk sentiment becomes fragile as all the recent major countries' economic data point to a recessionary scenario, especially in the UK&nbsp;and euro zone," she said, adding that hawkish comments from the US&nbsp;Federal Reserve last week also sparked concerns over the U.S. economic outlook.

New Covid&nbsp;case numbers in China remained close to April peaks as the country battles outbreaks nationwide and in major cities. Schools across some districts in the capital Beijing buckled down for online classes on Monday after officials asked residents to stay home, while the southern city of Guangzhou ordered a five-day lockdown for its most populous district.

The front-month Brent crude futures spread narrowed sharply last week while WTI flipped into a contango, reflecting dwindling supply concerns.

Meanwhile, tight crude supplies in Europe have eased as refiners have piled up stocks ahead of the Dec. 5 European Union embargo on Russian crude, putting pressure on physical crude markets across Europe, Africa and the United States.

The EU's energy policy chief told Reuters the EU expected to have its regulations completed in time for the introduction of a G7 plan to cap the price of Russian crude on Dec. 5.

<a href="http://13.235.153.162/business-economy/britain-is-no-longer-europes-biggest-stock-market-paris-takes-the-crown-534386">Also read |&nbsp;Britain is no longer Europe's biggest stock market; Paris takes the crown</a>

RBC Capital analyst Mike Tran said the weak December WTI contract expiration indicated paper market selling rather than true physical market softness.

"Tight global inventories do not support the traditional surplus of barrels rationale for contango," he said in a note.

While the North Sea and West African spot market indicators are far from strong, they are also not suggesting signs of distress, he added.

Diesel markets remained tight, with Europe and the United States competing for barrels. While China nearly doubled its diesel exports in October from a year earlier to 1.06 million tonnes, the volume was well below September's 1.73 million tonnes.

Demand in China, the world's top crude importer, remains bogged down by Covid restrictions while expectations of further interest rate rises elsewhere have elevated the greenback, making dollar-denominated commodities more expensive for investors.

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Oil prices dropped to trade near two-month lows on Monday, having earlier slid by around $1 a barrel, as supply fears receded while concerns over fuel demand from China and US dollar strength weighed on prices.

Oil prices dropped to trade near two-month lows on Monday, having earlier slid by around $1 a barrel, as supply fears receded while concerns over fuel demand from China and US dollar strength weighed on prices. Brent crude futures for January had slipped 74 cents, or 0.8 per cent, to $86.88 a barrel by 0715 GMT. US West Texas Intermediate (WTI) crude futures for December were at $79.40 a barrel, down 68 cents or 0.9 per cent, ahead of the contract's expiry later on Monday. The more active January contract last fell 59 cents or 0.7 per cent to $79.52 a barrel. Both benchmarks closed Friday at their lowest since Sept. 27, extending losses for a second week, with Brent down 9 per cent and WTI 10 per cent lower. Also read | Global Economy LIVE | India's growth to slow down in 2023: Goldman Sachs "Apart from the weakened demand outlook due to China's Covid curbs, a rebound in the U.S. dollar today is also a bearish factor for oil prices," said Tina Teng, a CMC Markets analyst. "Risk sentiment becomes fragile as all the recent major countries' economic data point to a recessionary scenario, especially in the UK and euro zone," she said, adding that hawkish comments from the US Federal Reserve last week also sparked concerns over the U.S. economic outlook. New Covid case numbers in China remained close to April peaks as the country battles outbreaks nationwide and in major cities. Schools across some districts in the capital Beijing buckled down for online classes on Monday after officials asked residents to stay home, while the southern city of Guangzhou ordered a five-day lockdown for its most populous district. The front-month Brent crude futures spread narrowed sharply last week while WTI flipped into a contango, reflecting dwindling supply concerns. Meanwhile, tight crude supplies in Europe have eased as refiners have piled up stocks ahead of the Dec. 5 European Union embargo on Russian crude, putting pressure on physical crude markets across Europe, Africa and the United States. The EU's energy policy chief told Reuters the EU expected to have its regulations completed in time for the introduction of a G7 plan to cap the price of Russian crude on Dec. 5. Also read | Britain is no longer Europe's biggest stock market; Paris takes the crown RBC Capital analyst Mike Tran said the weak December WTI contract expiration indicated paper market selling rather than true physical market softness. "Tight global inventories do not support the traditional surplus of barrels rationale for contango," he said in a note. While the North Sea and West African spot market indicators are far from strong, they are also not suggesting signs of distress, he added. Diesel markets remained tight, with Europe and the United States competing for barrels. While China nearly doubled its diesel exports in October from a year earlier to 1.06 million tonnes, the volume was well below September's 1.73 million tonnes. Demand in China, the world's top crude importer, remains bogged down by Covid restrictions while expectations of further interest rate rises elsewhere have elevated the greenback, making dollar-denominated commodities more expensive for investors. WATCH WION LIVE HERE

Oil prices ease to trade near two-month lows on China demand fears, dollar strength

Who decides the value of your currency? Why is it that one day the value of Rupee rises and the next day it falls again? Why is the value of Rupee dependent on U.S. Dollar? Molly Gambhir tells you.

Gravitas Plus: Who decides the value of your currency? Find out

An attorney for investors suing Credit Suisse told a jury in US court that chats between traders prove the world's largest banks colluded to fix prices in the foreign exchange market between 2007 and 2013.

World Business Watch: Credit Suisse faces trial on investors' currency rigging claims

China’s currency yuan slipped to a 14-year low against the US dollar and also hit a record low in the international trading market on Wednesday, despite the country’s central bank’s best efforts to stem the flow.

The Chinese currency fell to 7.2 to the dollar in the international market for the time since a separate currency trading system was established outside mainland China over a decade ago.

In the onshore markets as well, the yuan depreciated to 7.2 to the dollar, its lowest level since January 2008.

The People’s Bank of China issued a statement on Wednesday evening in a bid the calm the nerves of the investors, stating that it is strictly monitoring the market movements.

“The foreign exchange market is of great importance, and maintaining its stability is the top priority,” it stated.

The bank urged investors not to bet on the unilateral appreciation or depreciation of the yuan, and called on regional banks to curb such activity.

It also said some companies have been engaging in currency speculation or flouting regulations, without giving details.

Also read |&nbsp;<a href="https://www.wionews.com/world/as-pound-slips-bank-of-england-steps-into-buy-bonds-and-restore-parity-520510">As pound slips, Bank of England steps in to buy bonds and restore parity</a>

The yuan “has withstood the test of many rounds of external shocks…You will lose if you keep betting”, it said.

The slide of the Chinese currency follows the US interest rate hikes which prompted traders to convert money into dollars in search of higher returns.

Also read |&nbsp;<a href="https://www.wionews.com/world/pound-hits-all-time-low-against-dollar-as-liz-truss-tax-cuts-come-under-pressure-519650" target="_blank">Pound hits all-time low against dollar as Liz Truss' tax cuts come under pressure</a>

A weaker currency generally augurs well for the Chinese exporters as it makes goods cheaper abroad, but it can also lead to investors pulling their money out of the country.

Apart from China, there have been many Asian markets which saw their currency fall against the dollar, after US Fed hiked interest rates.

Last week, the Bank of Japan intervened to support the yen for the first time since 1998, after the currency weakened against the dollar.

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China’s currency yuan slipped to a 14-year low against the US dollar and also hit a record low in the international trading market on Wednesday, despite the country’s central bank’s best efforts to stem the flow.

China’s currency yuan slipped to a 14-year low against the US dollar and also hit a record low in the international trading market on Wednesday, despite the country’s central bank’s best efforts to stem the flow. The Chinese currency fell to 7.2 to the dollar in the international market for the time since a separate currency trading system was established outside mainland China over a decade ago. In the onshore markets as well, the yuan depreciated to 7.2 to the dollar, its lowest level since January 2008. The People’s Bank of China issued a statement on Wednesday evening in a bid the calm the nerves of the investors, stating that it is strictly monitoring the market movements. “The foreign exchange market is of great importance, and maintaining its stability is the top priority,” it stated. The bank urged investors not to bet on the unilateral appreciation or depreciation of the yuan, and called on regional banks to curb such activity. It also said some companies have been engaging in currency speculation or flouting regulations, without giving details. Also read | As pound slips, Bank of England steps in to buy bonds and restore parity The yuan “has withstood the test of many rounds of external shocks…You will lose if you keep betting”, it said. The slide of the Chinese currency follows the US interest rate hikes which prompted traders to convert money into dollars in search of higher returns. Also read | Pound hits all-time low against dollar as Liz Truss' tax cuts come under pressure A weaker currency generally augurs well for the Chinese exporters as it makes goods cheaper abroad, but it can also lead to investors pulling their money out of the country. Apart from China, there have been many Asian markets which saw their currency fall against the dollar, after US Fed hiked interest rates. Last week, the Bank of Japan intervened to support the yen for the first time since 1998, after the currency weakened against the dollar. WATCH WION LIVE HERE:

China’s yuan slides to record 14-year low against US dollar

Sterling tumbled to a record trough as traders scampered for the exits on speculation that UK's new government's economic plan will stretch Britain's finances to the limit.

Sterling crumbles to record low; UK's fiscal plan spurs investor exodus

On Tuesday, the Australian government indicated that Queen Elizabeth II’s image would not automatically be replaced with King Charles III on the country’s A$5 notes. However, the coins are still mandated to carry the British monarch’s image, but the notes may be replaced by Australian figures, said the country’s federal assistant minister for the Treasury, Andrew Leigh.&nbsp;

The federal minister also said that it was not about the queen’s status as a monarch but her personality that led to the decision to include her image on the A$5 notes and any changes would not be “automatic”. “It is a conversation that will take place in the government. There's no rush about it. The priority now is changing over the coins,” said Leigh.&nbsp;

Similarly, Australian Prime Minister Anthony Albanese also said that he is yet to decide if an Australian should be on the A$5 note. “I think this is a time where a bit of respect is required. We will deal with these issues appropriately, in an orderly way, in a way that is respectful.”

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/uks-currency-stamps-and-more-are-set-to-change-following-the-queens-death-514422">UK's notes, coins, stamps and more are set to change following the Queen's death</a>

In response to a question about possibly replacing the British monarch's image with that of an Australian such as indigenous land rights activist Edward Mabo for the aforementioned note, Leigh said, “It will be a conversation to be had down the track.” On the same day, the sole producer of coins in the country, The Royal Australian Mint said there is no issue in circulating the coins with the effigy of Queen Elizabeth in 2023.&nbsp;

Notably, since Queen Elizabeth II’s coronation in1953, Australia has roughly minted 15 billion coins, to put this into perspective, they mint around 110 million to 115 million coins annually. The Queen’s recent passing has reportedly reignited debates regarding Australia’s future as a constitutional monarchy, which was voted upon previously. In a 1999 referendum, voters had narrowly chosen to continue with the British monarch as its head of state. However, on Sunday, King Charles III was formally proclaimed by Australia as the head of state.&nbsp;

(With inputs from agencies)&nbsp; 
&nbsp;

On Tuesday, the Australian government indicated that Queen Elizabeth II’s image would not automatically be replaced with King Charles III on the country’s A$5 notes.

On Tuesday, the Australian government indicated that Queen Elizabeth II’s image would not automatically be replaced with King Charles III on the country’s A$5 notes. However, the coins are still mandated to carry the British monarch’s image, but the notes may be replaced by Australian figures, said the country’s federal assistant minister for the Treasury, Andrew Leigh. The federal minister also said that it was not about the queen’s status as a monarch but her personality that led to the decision to include her image on the A$5 notes and any changes would not be “automatic”. “It is a conversation that will take place in the government. There's no rush about it. The priority now is changing over the coins,” said Leigh. Similarly, Australian Prime Minister Anthony Albanese also said that he is yet to decide if an Australian should be on the A$5 note. “I think this is a time where a bit of respect is required. We will deal with these issues appropriately, in an orderly way, in a way that is respectful.” ALSO READ | UK's notes, coins, stamps and more are set to change following the Queen's death In response to a question about possibly replacing the British monarch's image with that of an Australian such as indigenous land rights activist Edward Mabo for the aforementioned note, Leigh said, “It will be a conversation to be had down the track.” On the same day, the sole producer of coins in the country, The Royal Australian Mint said there is no issue in circulating the coins with the effigy of Queen Elizabeth in 2023. Notably, since Queen Elizabeth II’s coronation in1953, Australia has roughly minted 15 billion coins, to put this into perspective, they mint around 110 million to 115 million coins annually. The Queen’s recent passing has reportedly reignited debates regarding Australia’s future as a constitutional monarchy, which was voted upon previously. In a 1999 referendum, voters had narrowly chosen to continue with the British monarch as its head of state. However, on Sunday, King Charles III was formally proclaimed by Australia as the head of state. (With inputs from agencies)

Australia: Govt may replace Queen Elizabeth II's image on their currency with local figures

China is planning to pay for Russian gas in Yuan and Roubles. Both countries are ditching the US dollar in an effort to de-dollarise their economy. Can they successfully end the dollar's dominance? How should India see this campaign? Molly Gambhir tells you.

Gravitas: China, Russia ditch dollar for gas trade

Zimbabwe has launched gold coins to be sold to the public in a bid to tame runaway inflation that has further eroded the country’s unstable currency.

Zimbabwe launches gold coin as currency to battle extreme inflation

Zimbabwe’s central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency.

The central bank governor John Mangudya said in a statement on Monday that the coins will be available for sale from July 25 in local currency, US dollars, and other foreign currencies at a price based on the prevailing international price of gold and the cost of production.

The "Mosi-oa-tunya" coin, named after Victoria falls, can be converted into cash and be traded locally and internationally, the central bank said.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/watch-want-to-meet-cute-little-smugglers-these-ants-will-leave-you-in-awe-493869">Watch: Want to meet cute little gold smugglers? These ants will leave you in awe</a>

The gold coin will contain one troy ounce of gold and will be sold by Fidelity Gold Refinery, Aurex, and local banks, it added.

Gold coins are used by investors internationally to hedge against inflation and wars.

Watch |&nbsp;WION Fineprint | Zimbabwe to introduce gold coins as local currency tumbles

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Last week, Zimbabwe more than doubled its policy rate to 200 per cent&nbsp;from 80 per cent&nbsp;and outlined plans to make the US dollar legal tender for the next five years to boost confidence.

Soaring inflation in the southern African country has been piling pressure on a population already struggling with shortages and stirring memories of economic chaos years ago under veteran leader Robert Mugabe’s near four-decade rule.

<a href="https://www.wionews.com/world/at-least-35-killed-71-injured-in-zimbabwe-crash-ahead-of-easter-gathering-471284">Also read |&nbsp;At least 35 killed, 71 injured in Zimbabwe crash ahead of Easter gathering</a>

Annual inflation, which hit almost 192 per cent&nbsp;in June, cast a shadow over President Emmerson Mnangagwa’s bid to revitalise the economy.

Zimbabwe abandoned its inflation-ravaged dollar in 2009, opting instead to use foreign currencies, mostly the US&nbsp;dollar. The government reintroduced the local currency in 2019, but it has rapidly lost value again.

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Zimbabwe’s central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency.

Zimbabwe’s central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency. The central bank governor John Mangudya said in a statement on Monday that the coins will be available for sale from July 25 in local currency, US dollars, and other foreign currencies at a price based on the prevailing international price of gold and the cost of production. The "Mosi-oa-tunya" coin, named after Victoria falls, can be converted into cash and be traded locally and internationally, the central bank said. Also read | Watch: Want to meet cute little gold smugglers? These ants will leave you in awe The gold coin will contain one troy ounce of gold and will be sold by Fidelity Gold Refinery, Aurex, and local banks, it added. Gold coins are used by investors internationally to hedge against inflation and wars. Watch | WION Fineprint | Zimbabwe to introduce gold coins as local currency tumbles Last week, Zimbabwe more than doubled its policy rate to 200 per cent from 80 per cent and outlined plans to make the US dollar legal tender for the next five years to boost confidence. Soaring inflation in the southern African country has been piling pressure on a population already struggling with shortages and stirring memories of economic chaos years ago under veteran leader Robert Mugabe’s near four-decade rule. Also read | At least 35 killed, 71 injured in Zimbabwe crash ahead of Easter gathering Annual inflation, which hit almost 192 per cent in June, cast a shadow over President Emmerson Mnangagwa’s bid to revitalise the economy. Zimbabwe abandoned its inflation-ravaged dollar in 2009, opting instead to use foreign currencies, mostly the US dollar. The government reintroduced the local currency in 2019, but it has rapidly lost value again. 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.

Zimbabwe to introduce gold coins as local currency tumbles

Argentina's Economy Minister Martin Guzman submitted his resignation as the country's currency hit an all-time low and the inflation is running above 60%.

Argentina's economic minister resigns as currency hit an all-time low

Major economies around the world are reeling under the threat of inflation and they have all reasons to feel that way. What's making the situation worse further is the downfall of respective domestic currency.

World economies fear recession amid inflation

The philippine currency Peso fell to the lowest level in more than 16 years on Wednesday (June 22). This is being seen as the Philippine central bank's preference for gradual reduction of interest-rate hike.

On Wednesday, peso dropped to 54.60 per dollar. This was a drop by 0.6 per cent. This was the peso's weakest level since November 2005. It is predicted to fall for the fifth straight mont. This is the longest streak of losses since 2015.&nbsp;

Felipe Medalla, the Philippine economist and incoming governor of the Philippines' central bank on Monday said that his aim was to continue raising rates at gradual pace beyond August. Monetary authorities from Indian to the US have embarked on larger hikes in interest rates to curb inflation.

Bloomberg said that eight of the 25 economists surveyed by it were already calling for an increase of 50 basis point at Thursday's meeting. The rest, as quoted by Bloomberg preferred 25 basis points hike.&nbsp;

Felipe Medalla, the economist who sits on the board of Bangko Sentral ng Pilipinas is due to take over as governor on July 1. He had signalled 25 basis-point increases for the meeting that took place this week and the one in August.

The philippine currency Peso fell to the lowest level in more than 16 years on Wednesday (June 22). This is being seen as the Philippine central bank's preference for gradual reduction of interest-rate hike.

The philippine currency Peso fell to the lowest level in more than 16 years on Wednesday (June 22). This is being seen as the Philippine central bank's preference for gradual reduction of interest-rate hike. On Wednesday, peso dropped to 54.60 per dollar. This was a drop by 0.6 per cent. This was the peso's weakest level since November 2005. It is predicted to fall for the fifth straight mont. This is the longest streak of losses since 2015. Felipe Medalla, the Philippine economist and incoming governor of the Philippines' central bank on Monday said that his aim was to continue raising rates at gradual pace beyond August. Monetary authorities from Indian to the US have embarked on larger hikes in interest rates to curb inflation. Bloomberg said that eight of the 25 economists surveyed by it were already calling for an increase of 50 basis point at Thursday's meeting. The rest, as quoted by Bloomberg preferred 25 basis points hike. Felipe Medalla, the economist who sits on the board of Bangko Sentral ng Pilipinas is due to take over as governor on July 1. He had signalled 25 basis-point increases for the meeting that took place this week and the one in August.

Philippine currency peso drops to lowest level in more than 16 years

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