(Bloomberg) Federal Reserve Chair Jerome Powell is likely to emphasize a dovish message to Congress in his first testimony since Democrats took control of…
Inflationary pressures and currency weakness could force central banks in some key African economies like Nigeria to tighten monetary policy even as the slow rollout of coronavirus vaccines and new mutations of the disease pose risks to economic growth.
Nigeria’s annual inflation rose 0.72 percentage points to 16.47% in January from a month earlier, its 17th monthly increase, the statistics office said on Tuesday, as the effect of the coronavirus pandemic weighed on the index.
Nigeria is facing its second recession in five years, triggered by a coronavirus-induced crash in oil prices that has hammered state revenue, creating large financing needs and weakening the naira.
Publishing date: Feb 18, 2021 • February 18, 2021 • 3 minute read •
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(Bloomberg) Indonesia’s central bank cut its benchmark interest rate to a record low and downgraded its growth outlook amid fears that a resurgence in Covid-19 cases is slowing the economy’s recovery.
Bank Indonesia slashed the seven-day reverse repurchase rate Thursday by 25 basis points to 3.5%, the lowest level since the rate was introduced in 2016. The move was expected by 22 out of 29 economists surveyed by Bloomberg, while seven forecast no change.
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Singapore Trims Deficit, Taps Reserves Again for Covid Aid
Bloomberg 2/17/2021 Michelle Jamrisko
(Bloomberg) Singapore plans to rein in its budget deficit as the economy recovers, while digging deeper into government reserves for a new S$11 billion ($8.3 billion) package to help households and businesses rebound from the Covid-19 pandemic.
“Even as our economy recovers gradually and some sectors grow well, some other sectors remain stressed,” Deputy Prime Minister Heng Swee Keat said Tuesday in the annual budget speech to Parliament. “Our fiscal approach must strike a careful balance between addressing our immediate needs and meeting our longer-term structural needs in a responsible manner.”
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