Egypt’s struggle to win back investors in local debt is increasing the urgency of the government’s deal with the International Monetary Fund. With external capital markets almost closed, the lack of demand has shut down one of the main sources of funding it has left at home. Sales of local currency bonds fell 38 percent […]
Tag: pound
The British count their money pound by pound
“They are literally counting their pennies,” said Natalie Seeney, director of the Cash Action Group, an independent commission that studies the use of cash in the country. And it is indeed so. With the use of the bank card and the contactless transactions that are now allowed up to 100 pounds, one cannot easily determine […]
Bloomberg: The problems of the lira are deep, whoever is elected prime minister
Whoever becomes the new resident of 10 Downing Street will inherit a maelstrom of financial problems, notes Bloomberg. Inflation in the UK is running at its fastest pace since the early 1980s. The Bank of England is tiptoeing towards interest rate hikes relative to its counterpart on the other side of the Atlantic. There are […]
Pound, UK shares boost on Johnson resignation
Sterling strengthened and British shares rose on news that Prime Minister Boris Johnson plans to resign. Investors said the news could come as a relief to UK assets, which have been hit by high inflation, a weak economy and political uncertainty. Sterling rose as much as 0.6% to $1.1994. The FTSE 250 index, which tracks […]
Pound and British stocks boosted by Johnson resignation
LAST UPDATE: 15:10 Sterling strengthened and British shares rose after news of Prime Minister Boris Johnson’s resignation. Investors said the news could come as a relief to UK assets, which have been hit by high inflation, a weak economy and political uncertainty. Sterling rose as high as $1.20. The FTSE 250 index, which tracks UK […]
UK: Recession discontent sends pound to worst quarter since 2008
According to economists at AllianceBernstein, “the UK economy is falling apart”. The evidence is everywhere, according to Bloomberg. Households are losing purchasing power, the cost of essential goods is soaring and business confidence is dismal. The pound is coming off its worst quarter since 2008 and sank below $1.20 on Friday. While economic reports point […]
Turkey’s ban on pound loans to some companies sparks ‘rally’
Turkey is stepping up efforts to strengthen the pound and curb lending with a surprise measure banning loans to companies deemed to have foreign currency cash, sending the domestic currency into the biggest rally of the year. The country’s banking regulator limits commercial loans in pounds to corporate borrowers if they hold more than 15 […]
At a high of 24 years, at 73.5% inflation in Turkey
Inflation in Turkey reached 73.5% in May, the highest level since February 2002, according to official figures released by the Anadolu agency. The rise in consumer prices, however, slowed in May, compared with the rise in April, when inflation jumped from 61% to 70%. Core inflation rose to 56% from 52.4 in May. Producer prices […]
After 35% in April, Erdogan raises gas prices for households by 30% again
Turkey boosted gas and energy prices on Wednesday, and its energy importer spoke of a “perfect storm” on world markets, fueling an inflation boom in the country that probably reached a 24-year high last month. Turkey imports almost all of its energy needs, leaving it vulnerable to sharp price increases this year, while rising global […]
Bloomberg: Sterling Risk – May Fall to $ 1.15
The fall of the British pound (sterling) may not be over, although it is likely to save a 1: 1 exchange rate with the US dollar, notes Bloomberg Intelligence analyst Audrey Childe-Freeman. He says there is a realistic chance that sterling could reach $ 1.15 in the second half of 2022, especially given the UK’s […]