By Reuters Staff
1 Min Read
LUSAKA, Feb 17 (Reuters) - Zambia’s central bank raised lending rates by 50 basis points to 8.5% on Wednesday, saying it was ready to tighten further to tame rising consumer inflation driven by “cost-push” pressures and a sharp deprecation in the currency.
“The bank of Zambia stands ready to further tighten monetary policy,” Bank of Zambia Chris Mvunga said at a news conference. On the country’s debt restructuring, Mvunga said government was having “cordial discussions” with the International Monetary Fund (IMF).
Zambia became Africa’s first pandemic-era sovereign default late last year. It has requested a restructuring of its debt under a new framework supported by the Group of 20 major economies. (Reporting by Chri Mfula; Writing by Mfuneko Toyana; Editing by Alison Williams)
By Reuters Staff
3 Min Read
SYDNEY, Feb 16 (Reuters) - Australia’s central bank believes it will take a significant and sustained tightening in the labour market to lift inflation to more comfortable levels, a tough task that could take years to achieve.
FILE PHOTO: Two women walk next to the Reserve Bank of Australia headquarters in central Sydney, Australia February 6, 2018. REUTERS/Daniel Munoz/File Photo
Minutes of the Reserve Bank of Australia’s (RBA) February policy meeting released on Tuesday showed the Board recognised that wage growth had been too subdued for years before the pandemic imposed its own restraints on pay.
International companies that want to participate in the Saudi government's investment opportunities "will have to make a choice" and establish regional headquarters in the kingdom as of 2024 or they will not win government contracts, the Saudi finance minister told Reuters.
By Reuters Staff
1 Min Read
FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium August 21, 2020. REUTERS/Yves Herman
BRUSSELS (Reuters) - European Union finance ministers kept Turkey off their list of tax havens on Tuesday because of progress made with Ankara on tax cooperation, the Portugues presidency of the EU said.
“We were able to make progress in cooperation with Turkey on tax matter so it was not added to the list,” Portuguese Finance Minister Joao Leao told a news conference.
Reporting by Jan Strupczewski
Cash levels in investment portfolios have hit the lowest since just before the so-called taper tantrum of 2013, according to Bank of America's February fund manager survey, which also showed investors to be overwhelmingly bullish on the economic outlook.