Barbados could relax foreign exchange measures

Economist Avinash Persaud (CMC) – Barbados is considering relaxing its decades-old foreign exchange measures in a bid to attract foreign exchange into the island, a senior government advisor has said. However, Government’s Special Economic Advisor, Professor Avinash Persaud, said the Mia Amor Mottley administration, which came into office in May this year and has been struggling to revitalise an ailing economy with the assistance of the International Monetary Fund (IMF), would not be rushed into dismantling the controls. “We are…

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Russian banks see forex outflow amid sanction threats

INTERNATIONAL – Russia’s largest lenders, state-owned Sberbank and VTB, saw outflows of foreign currency deposits in August amid a rouble depreciation and concerns about new US sanctions, according to an analysis of central bank data. Some of their smaller rivals, however, and subsidiaries of foreign banks in Russia saw inflows to their FX deposits in the same period. “Moderate funding outflows from larger state banks were presumably driven by concerns over potential new sanctions,” Fitch ratings said in a note, referring…

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India seeks to reassure markets on deregulation of fuel prices By Reuters

© Reuters. A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai NEW DELHI (Reuters) – India on Saturday sought to assure investors that the government would not go back to regulating fuel prices, a day after oil company shares tumbled on concerns about a return to a regime that has hurt their profits in the past. The government said on Thursday it was cutting gasoline and diesel by 2.50 rupees per liter…

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Govt to narrow current account deficit, bolster forex inflows: Finance Minister Arun Jaitley

Finance Minister Arun Jaitley on Saturday said there are some more steps on the anvil to narrow the current account deficit (CAD) and bolster forex inflows. The government has taken some steps and some more measures that are likely to narrow CAD, Jaitley said at the HT Leadership Summit. Enunciating some of the steps taken recently, he said the government cut the borrowing target for the current fiscal by Rs 70,000 crore and allowed oil companies to raise USD 10…

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Govt mulling more steps to narrow CAD, bolster forex inflows: Jaitley

Finance Minister Arun Jaitley Saturday said there are some more steps on the anvil to narrow the current account deficit (CAD) and bolster forex inflows. The government has taken some steps and some more measures are likely to narrow CAD, Jaitley said at the HT Leadership Summit here. Enunciating some of the steps taken recently, he said the government cut the borrowing target for the current fiscal by Rs…

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Not just Rupee, global currencies weakening against Dollar: Arun Jaitley

By: Express Web Desk | New Delhi | Updated: October 6, 2018 12:41:23 pm Union Minister Arun Jaitley was speaking at the Hindustan Times Leadership Summit in the national capital on Saturday. (File) Union Finance Minister Arun Jaitley termed the weakening of the Rupee as a “global phenomenon”, saying most currencies are weakening against the Dollar. The minister, who was speaking at the Hindustan Times Leadership Summit in the national capital, said, “Most currencies are weakening against the Dollar, it…

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Inter-Bank Forex Market gets $334m, CNY 52m CBN boost Newsdiaryonline

CBN In furtherance of its commitment to ensure stability in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN) on Friday, October 5, 2018, intervened in the Retail Secondary Market Sales (SMIS) to tune of $334,146,393.84. A breakdown of the forex intervention figures obtained from the Bank on Friday indicates that the Bank also injected the sum of CNY 52,106,614.35 into the inter-bank forex market. The Bank’s Director in charge of Corporate Communications, Mr. Isaac Okorafor, said the…

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Inter-Bank Forex Market gets $334m, CNY 52m CBN boost Newsdiaryonline

CBN In furtherance of its commitment to ensure stability in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN) on Friday, October 5, 2018, intervened in the Retail Secondary Market Sales (SMIS) to tune of $334,146,393.84. A breakdown of the forex intervention figures obtained from the Bank on Friday indicates that the Bank also injected the sum of CNY 52,106,614.35 into the inter-bank forex market. The Bank’s Director in charge of Corporate Communications, Mr. Isaac Okorafor, said the…

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Rupee better than other emerging markets peers: RBI governor Urjit Patel

The Indian rupee has performed better than other emerging markets peers, Reserve Bank of India (RBI) Governor Urjit Patel said, even as the currency crossed 74 against the dollar after the central bank kept the policy rates unchanged. Patel indicated the RBI would let market forces decide an appropriate level for the rupee. The RBI governor said the rupee had come under pressure because of external factors, but India’s foreign exchange reserves of $400…

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Delhi forex dealer robbed of Rs 27 lakh | Delhi News

NEW DELHI: Robbers barged into the office of a money exchanger in Karol Bagh, held him at gunpoint and robbed him of Rs 27 lakh. The owner of the firm and his three employees were held captive while the accused emptied the cash boxes containing foreign currencies. Victim Ravindra Pal Singh, said the incident took place around 2pm on Wednesday when two men wearing masks entered the shop and held them at gunpoint. The accused took the cash and threatened…

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EMERGING MARKETS-Latam currencies firm as dollar rally…

EMERGING MARKETS-Latam currencies firm as dollar rally pauses on U.S. jobs data By Reuters Published: 11:17 EDT, 5 October 2018 | Updated: 11:17 EDT, 5 October 2018 By Susan Mathew Oct 5 (Reuters) – Latin America currencies were headed for a third straight week of gains, with the Argentine and Mexican pesos gaining on Friday after U.S. jobs data eased concerns about faster interest rate hikes by the Federal Reserve, and weakened the dollar. U.S. job growth slowed sharply in…

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BOJ backs greater transparency and competition for FX market

Bank of Jamaica (BOJ) Governor Brian Wynter assured the House of Representatives yesterday that the bank is ensuring greater transparency in its operations in order to promote more competition within the foreign exchange market. “We believe that greater transparency will allow for greater competition and will also allow stakeholders to act in their own interest in the best way,” Wynter told members of the Public Administration and Appropriations Committee (PAAC) on Tuesday, which was reviewing the first supplementary estimates for…

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EMERGING MARKETS-Emerging stocks head for worst week since Feb, Indian rupee drops on RBI surprise – Macroeconomic News

(Adds India’s interest rate decision, updates prices) By Sruthi Shankar and Aaron Saldanha Oct 5 (Reuters) – Emerging market stocks were headed on Friday for their worst weekly losses since early February, while a rise in U.S. Treasury yields to seven-year highs kept a lid on emerging market currencies before U.S. jobs data are released. Signs that the U.S. economy is forging ahead even as developing countries struggle with local currency crises, trade disputes and political problems have encouraged investors…

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Market Thoughts For October 5: Stocks Sell Off As US-China Cold War Escalates

On Wednesday the big story was the spike in US bond yields, with the US standing at the highest since mid-2011 following the largest one-day spike since President Trump’s election. Fast forward 24h, and the positive ebbs and flows for risk have reverted, especially in equities. A confrontational speech from US VP Pence against China’s policies set in motion the snowball effect in what became a consistent sell-off in US equities. US VP Pence hardened the rhetoric towards China by…

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top gainer stocks: These stocks defy bearish market mood, jump up to 20%

NEW DELHI: Even as domestic equity market was radiating bearish sentiment during Friday’s session, shares of Morarjee Textiles (up 19.91 per cent) and SKP Securities (up 17.95 per cent) jumped up to 20 per cent on BSE. Shares of UTI Nifty ETF (up 15.16 per cent), Dynamic Cables (up 13.10 per cent), Conart Engineers (up 12.77 per cent) and Blue Chip Tex Industries (up 12.31 per cent) surged up to 15 per cent on BSE. Equity market benchmarks Sensex and…

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CBN to intensify forex restriction

Mobile courts to try naira abusers The Central Bank of Nigeria (CBN) may intensify its foreign exchange restriction on certain items as part of efforts to ease pressure on the country’s external reserves and boost local production.The Managing Director and Chief Executive Officer, Access Bank, Mr. Herbert Wigwe, dropped this hint while briefing newsmen on the outcome of the Bankers’ Committee meeting in Lagos yesterday. Besides the plan to intensify forex restriction, the Bankers’ Committee also disclosed that plans had…

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