Venezuela launches crypto-pegged forex rate, effectively devaluating by 96 percent By Reuters

© Reuters. Venezuela’s President Nicolas Maduro speaks during a meeting with ministers at Miraflores Palace in Caracas CARACAS (Reuters) – Venezuela’s president Nicolas Maduro announced on Friday a single exchange rate and pegged it to his socialist government’s petro cryptocurrency, effectively devaluating by 96 percent. Maduro said he would overhaul Venezuela’s disparate exchange rates and peg salaries, pensions, and prices to the petro, a cryptocurrency launched by the government earlier this year. He said one petro would equal $60 and…

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Fiscal discipline, free market rules permanent guidelines for Turkish economy

In a conference call yesterday addressing almost 6,100 investors from Europe, the Middle East, U.S. and other parts of the world, Treasury and Finance Minister Berat Albayrak underscored Turkey’s intention to decrease inflation to single digit, maintain fiscal discipline while continuing to invest in infrastructure projects for long-term growth. He also said that there will be a close monitoring of market expectations. During his speech, where the minister explained the details of Turkey’s plan to ward off the recent developments…

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Naira gains 40k against dollar at parallel market Newsdiaryonline

The Naira gained 40k against the dollar at the end of Friday trading, exchanging at N359.6 stronger than N360 traded on Thursday. The Pound Sterling and the Euro closed at N469 and N413 respectively. At the Bureau De Change (BDC) window, the Naira exchanged at N360 to the dollar, while the Pound Sterling and the Euro closed at N469 and N413 respectively. Trading at the investors’ window showed that the naira gained 30k to close at N362.50 from N362.53 traded…

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Turkish cenbank to allow gold for forex, location swap deals

ANKARA, Aug 17 (Reuters) – The Turkish central bank will allow gold for foreign exchange and location swap deals in order to provide physical gold transactions at its Istanbul and Ankara branches, a document sent by central bank to Turkish banks said. The central bank will use the spot gold price in international markets for its swap deals, which will be made through its accounts in the Bank of England (BoE), the document, seen by Reuters, said. (Reporting by Nevzat…

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RBI’s efforts to stabilise rupee hit country’s forex reserves: Experts

— By IANS | Aug 17, 2018 09:20 pm Mumbai: A strong US dollar and subsequent interventions by the country’s central bank to stabilise the rupee drained over $1.80 billion from India’s foreign exchange (forex) reserves, analysts said on Friday. As per the Reserve Bank of India (RBI) weekly statistical supplement, the overall forex reserves plunged by $1.82 billion during the week ended August 10 to $400.88 billion from $402.70 billion reported for the week ended August 3. According to Anindya Banerjee,…

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As Re bleeds, forex kitty plunges by USD 25.147 bn since April peak

Mumbai, Aug 17 () The country’s forex reserves have declined by USD 25.147 billion between April 13 and August 10, with the rupee on a downward spiral since the beginning of the year forcing the Reserve Bank to sell dollars to defend the local currency. The forex reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018 and plunged to a low of USD 400.88 billion in the week to August 10, losing…

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How to make money from home on forex trading market – Bloggers

It is important to get as much good information as possible in order to learn what to do. Read the following article for great advice on how to successfully trade currency on forex. 1.With the Forex market being gigantic, the rumor mill surrounding it is also enormous. Always make sure you’re avoiding the hearsay and rumors surrounding certain currency pairs. Just look at what happens to investors every decade or so when markets collapse. Avoid this fate by sticking with…

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CBN releases 2017 report on foreign exchange

The Central Bank of Nigeria (CBN), has said that the aggregate foreign exchange inflow into the country stood at $91 billion in 2017. The bank disclosed in its 2017 annual report released on Thursday that the figure was an increase of 45 per cent from $62.75 billion in 2016. CBN also said the figure surpassed the total outflow by $57.32 billion in the period. According to the bank, inflow through the CBN was $42.17 billion, while inflow through autonomous sources…

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MARKETS LIVE: Sensex up 300 points lead by FMCG, pharma and banking stocks

US firms cement their dominance in the top 500 league, Indian tally falls Despite the growing prominence of emerging markets (EMs) such as India on the world stage, the big-boy club of global markets continues to be dominated by US-based corporations. According to data, 203 of the world’s 500 biggest companies in terms of market capitalisation are from the US. A decade ago, there were only 164 US companies in the list. READ…

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MARKETS LIVE: Sensex up 250 pts, Nifty above 10,450 on positive global cues

EMs on cusp of a bear market; investors cautious amid global headwinds   Turkey may have helped buoy the lira, but the rest of the developing world is reeling — with stocks on the verge of a bear market.   The MSCI Emerging Markets Index has tumbled almost 20 per cent from a January peak, while a currency measure slipped to the lowest since May 2017. South Africa’s rand was battered by…

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This is how China controls its currency – Honolulu, Hawaii news, sports & weather

By Daniel Shane HONG KONG (CNNMoney) — The yuan has become caught up in the trade fight between China and the United States. China’s currency has declined around 9% versus the US dollar since April and is trading near its lowest level in more than a year. The fall has drawn the attention of President Donald Trump, who has previously accused China of keeping the value of its currency artificially low to boost its huge export industry. The yuan is…

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GLOBAL MARKETS-Stocks, emerging market currencies rise on planned U.S.-China trade talks – Macroeconomic News

(Updates to U.S. mid-afternoon; adds commentary) * Graphic: World FX rates in 2018 http://tmsnrt.rs/2egbfVh * Lira rises against dollar as Turkey reassures investors * EM currencies rebound as lira and yuan steady By April Joyner NEW YORK, Aug 16 (Reuters) – U.S. stocks and emerging market currencies rebounded on Thursday after China said it will hold trade talks with the United States later in August and Turkey’s lira continued its recovery. China said that a delegation led by its vice…

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Free fish for forex: Istanbul restaurant joins currency…

Free fish for forex: Istanbul restaurant joins currency campaign By Reuters Published: 12:49 EDT, 16 August 2018 | Updated: 12:49 EDT, 16 August 2018 By Omer Berberoglu ISTANBUL, Aug 16 (Reuters) – Istanbul’s beloved fish sandwiches, a staple street food in the Bosphorus city, are being offered for free to Turks who heed President Tayyip Erdogan’s call to sell their dollars for lira. The offer is just one of many by vendors across Turkey who are backing Erdogan’s appeal to…

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LIVE MARKETS-Amazon: who’s next on the uberization list? – Finance News

* European shares rise, Italy’s FTSE MIB falls 2 pct * U.S., China to hold next round of trade talks in late August * Atlantia shares down 17 pct on motorway collapse fallout * Wirecard jumps 9.4 pct after strong earnings, guidance raised LONDON, Aug 16 (Reuters) – Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Helen Reid. Reach her on Messenger to share your thoughts…

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Poland had 3.38 bln euros in FX funds at end of July

WARSAW, Aug 16 (Reuters) – Poland’s finance ministry had the equivalent of 3.38 billion euros ($3.84 billion) in foreign currencies at its disposal at the end of July compared with 2.22 billion euros a month earlier, the ministry said in a statement on Thursday. $1 = 0.8794 euros Reporting by Agnieszka Barteczko; editing by John Stonestreet Our Standards:The Thomson Reuters Trust Principles. Source link

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