Currencies

The Turkish lira nosedived more than 15% on Tuesday (Nov. 23) after President Recep Tayyip Erdogan defended recent sharp rate cuts, and declared Turkey is fighting an “economic war of independence”. The currency tumbled as far as 13.45 to the U.S. dollar, a new historic low, before easing slightly to close 10.2% lower at 12.7015. The Turkish lira is by far the

Russian  international gold and foreign currency reserves rose to a record high of $618.1 billion as of September 1, according to monthly data published by the Central Bank of Russia (CBR). The amount increased by 2.9% or $17.1 billion, since August 1. The previous all-time high of $615.6 billion was recorded on Aug.27, CBR said. The state’s international reserves are highly liquid

One of the most stable currencies in Asia-Pacific this year, the Indian rupee (INR), stood at 73 against the US dollar (USD) in early September, hovering around its strongest level since mid-June. Investors have dumped the greenback after US Federal Reserve Chair Jerome Powell last month laid out a slower-than-expected path to interest rate hikes and said the U.S. central bank is

Central banks will accelerate rise of the renminbi, as they add the Chinese currency to their reserve assets, according to the 2021 Global Public Investor (GPI) survey produced by the Official Monetary and Financial Institutions Forum (OMFIF). The London-based think tank for central banking, economic policy and public investment, surveyed more than 100 GPIs – central bank reserve managers, sovereign funds and

The Mexican peso dipped on Thursday (August 13) as the country’s central bank, known as Banxico, decided to raise its benchmark policy rate by 25 bps to 4.50%, after a surprise hike in June that did little to tame inflation. Voting in favor of the decision were Banxico Governor Alejandro Díaz de León, and board members Irene Espinosa, and Jonathan Heath. Members

Foreign travelers to China will be able to use the digital yuan (e-CNY) without a local bank account, the People’s Bank of China (PBOC) announced. “Foreign residents temporarily traveling in China can open an e-CNY wallet to meet daily payment needs without opening a domestic bank account,” PBOC said in a paper published on Friday (July 16) on its website. However it

Russia shared on Tuesday (July 6) it has completed necessary exchange operations for eliminating the US dollar currency from the National Wealth Fund (NWF) which holds part of the country’s oil revenues, according to plans previously announced. “As a result of these transactions, the dollar was excluded from the structure of the NWF, the stake of the British pound was reduced to