In an unprecedented move, the International Monetary Fund (IMF), the World Bank, and the Bank for International Settlements (BIS) are joining forces for the first time to explore “tokenization,” a novel approach to enhance their global financial operations. The collaboration extends beyond these institutions, encompassing Switzerland’s central bank, recognized for its pioneering work in tokenization. […]

In an interview, the International Monetary Fund (IMF) Managing Director Kristalina Georgieva emphasized the urgency for Italy, France, and Spain to address their mounting debt and deficit levels. Georgieva’s concerns stem from the aftermath of the Covid-19 pandemic, which has resulted in “very modest” economic growth in the Eurozone. Highlighting the robust fiscal responses of […]

Turkey’s central bank declared a substantial increase in its key interest rate on Thursday. The benchmark one-week repo rate surged by an unexpected 500 basis points, reaching a remarkable 40%. This decision, doubling economists’ projections of a 250-basis-point hike, sent ripples through financial markets. The Turkish lira responded immediately, trading at 28.766 to the dollar, […]

In a significant move towards stability in U.S.-China relations, President Joe Biden and Chinese President Xi Jinping met on the sidelines of the Asia-Pacific Economic Cooperation conference in San Francisco. The meeting, the first in approximately a year, conveyed a clear message of recalibration in the economic ties between the two global powerhouses. For U.S. […]

Germany confronts a fiscal challenge as the constitutional court’s recent ruling triggers a freeze on new spending commitments. The decision, blocking the redirection of €60 billion for pandemic relief towards economic modernization and climate initiatives, has immediate implications. Werner Gatzer, state secretary at Germany’s finance ministry, has directed a reassessment of the budgetary landscape post-court […]

Prime Minister Pedro Sanchez has unveiled a strategic initiative to bolster Spain’s economy amidst economic challenges. The focal point of this move is an adjustment in the income ceiling for mortgage relief, responding to the surge in variable interest rates impacting homeowners. Acknowledging the economic downturn, the Spanish government is reassessing its support measures for […]

British finance minister Jeremy Hunt announced on Sunday his reluctance to implement tax cuts that might exacerbate inflation, just days before the Autumn Statement scheduled for Wednesday. The statement is anticipated to unveil targeted tax reductions aimed at revitalizing the UK’s economy and bolstering the ruling Conservative party’s electoral prospects. In an interview with Sky […]

The International Energy Forum (IEF) and Synmax, a satellite data analytics company, have jointly released a report titled “Fragile Equilibrium: LNG Trade Dynamics and Market Risks,” outlining the impressive trajectory of the global liquefied natural gas (LNG) market. Global LNG trade, reaching a record high in 2022, is anticipated to grow by 25%, totaling 500 […]

In a significant development for the global financial sector, Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), has advocated for a more proactive approach to the creation of Central Bank Digital Currencies (CBDCs). To date, eleven countries, including several in the Caribbean and Nigeria, have successfully introduced CBDCs. However, a noteworthy 120 […]