The inaugural issuance of the local currency treasury bonds program witnessed a strong appetite from investors in the region and globally being 6.3 times oversubscribed during the first auction that successfully concluded this week
Markets6 days ago
The Bank of England raised its key interest rate Thursday for the third time since December as it pushes ahead faster than other central banks in combating a global wave of inflation fueled by soaring energy prices
The bank boosted its key rate to 0.75% after Russia’s war in Ukraine pushed oil prices to a 13-year high earlier this month. It comes a day after U.S. Federal Reserve raised its benchmark short-term rate to 0.25% to tame the worst inflation since the early 1980s. The Fed had left it at close to zero since the coronavirus pandemic struck two years ago.
The European Central Bank left its rates unchanged last week but announced an early exit from its economic stimulus efforts in a bid to combat record inflation in the 19 countries that use the euro.
The Bank of England, which voted 8-1 in favor of the increase, said the war in Ukraine is “likely to accentuate both the peak in inflation and the adverse impact on activity by intensifying the squeeze household incomes.”
It began raising rates in December amid concern about rising consumer prices as the world began to emerge from the pandemic, increasing demand for energy and raw materials needed by industry.
ALSO READ:
Even before Russia’s invasion of Ukraine, the Bank of England expected consumer price inflation to peak at around 7.25% in April, more than three times its target of 2%.
The Resolution Foundation, a think tank focused on helping low-income families, said last week that inflation may now peak at more than 8.4%, which would push inflation to its highest level since 1982.
Central banks in other countries may soon catch up to the Bank of England. The Federal Reserve signaled that it may raise rates six more times this year.
The inaugural issuance of the local currency treasury bonds program witnessed a strong appetite from investors in the region and globally being 6.3 times oversubscribed during the first auction that successfully concluded this week
Markets6 days ago
This is the first time the virtual currency has plunged so low
Markets6 days ago
The oil giant was valued at $2.42 trillion based on the price of its shares at close of market
Markets6 days ago
Experts say rupee will remain under pressure until there is political stability
Markets1 week ago
Forex dealers say the greenback is being sold above Rs189 in the open market
Markets1 week ago
Surging oil prices have also weighed heavy on the rupee with a surprise rate hike by the Reserve Bank of India last week doing little to stem capital outflows
Markets1 week ago
The rupee has weakened sharply over the last few months due to a sharp rise in crude oil
Markets1 week ago
Century Financial will now offer services for t
Markets2 weeks ago