Brazil Central Bank studying ‘residual’ cut in Selic rate, says Campos Neto By Reuters



© Reuters. Brazil’s Central Bank President Roberto Campos Neto attends a news conference, amid the coronavirus disease (COVID-19) outbreak, in Brasilia

BRASILIA (Reuters) – Brazil’s Central Bank is studying recent data showing inflation is somewhat above expectations to see if there is room for a “residual” cut in interest rates, its president Roberto Campos Neto told Reuters.

In an interview on Wednesday night, he said he expected the bank’s growth projections to improve as pandemic emergency income relief payments and credit for small and medium companies continued to spur improved growth.

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Lebanese central bank sets 3,900 pound/dollar rate for essential food industries By Reuters



© Reuters. FILE PHOTO: A man counts U.S. dollar banknotes next to Lebanese pounds at a currency exchange shop in Beirut

BEIRUT (Reuters) – The Lebanese central bank will provide foreign currency at a fixed exchange rate of 3,900 Lebanese pounds per dollar for importers and manufacturers of essential food items, it said on Monday.

The central bank “will secure the necessary amounts in foreign currency to meet the needs of importers and manufacturers of essential food items and raw materials used in food industries … at the fixed rate of 3,900 pounds per dollar,” it said in a statement.

The Lebanese pound has lost around 80% of its value since October on a parallel market where one dealer gave exchange rates of 9,000/9,500 on Monday. The official exchange rate remains 1,507.5 pounds per dollar, the central bank said.

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Venezuelan prosecutor issues arrest warrants for opposition’s ad hoc central bank board By Reuters



© Reuters.

CARACAS (Reuters) – Venezuela’s chief prosecutor on Friday announced arrest warrants for members of the central bank’s ad hoc board of directors, appointed by opposition leader Juan Guaido, for several crimes, including treason.

The announcement from Chief Prosecutor Tarek Saab came a day after a London court recognized Guaido as Venezuela’s interim president, as part of a legal dispute over whether Guaido or President Nicolas Maduro should control $1 billion of the country’s gold stored in London.

Saab said the orders of apprehension were requested for the crimes of treason, usurpation of functions and association to commit crimes. He added that all those involved lived outside the country, and did not rule out international actions to carry out the arrests.

Apart from Ricardo Villasmil, president of the ad hoc board, the prosecutor also included Guaido’s representative in London, Vanessa Neumann, as well as three other collaborators of the opposition leader.

Saab alleged that Guaido and his collaborators seek to “strip” Venezuela of its wealth in the legal battle over Venezuela’s gold reserves. The opposition, meanwhile, says Maduro wants gold to pay his allies.

Over the past two years, Maduro’s government has removed some 30 tonnes of gold from its reserves in Venezuela to sell abroad for much-needed hard currency.

A member of Guaido’s legal team said they now expect the court to determine whether Guaido has the authority to represent Venezuela’s central bank in another legal case to decide control over the gold itself.

Guaido, the National Assembly speaker who was recognized as Venezuela’s legitimate president by dozens of Western countries after invoking the constitution to assume the role in January 2019, has not succeeded in ousting Maduro, accused of rigging his 2018 re-election.

Maduro, who has overseen an economic collapse in the once-prosperous OPEC nation and is accused of corruption and human rights violations, calls Guaido a U.S. puppet.

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Cyprus watchdog imposes Commerzbank fine for deals of defunct bank By Reuters



© Reuters.

(Reuters) – Cyprus’s securities regulator on Friday imposed a 650,000 euro ($730,795.00) fine on Germany’s Commerzbank (DE:) for transactions ordered by a now defunct local bank whose demise featured in a financial crisis which roiled the country in 2013.

The Cyprus Securities and Exchange Commission (CySEC) said the administrative fine was imposed for the role Commerzbank played in transactions carried out by Laiki, also known as Cyprus Popular Bank, in 2011, subsequent to a cross-border merger with Greece’s Marfin-Egnatia Bank.

Commerzbank declined to comment. In a separate development, Chief Executive Martin Zielke stepped down on Friday to open the way for a fresh start for the German lender, which has been under pressure from some investors over its poor financial performance.

The eight-year probe in Cyprus, called for by Cypriot left-wing AKEL lawmaker Irene Charalambides, focussed on whether the Cypriot deals may have broken laws prohibiting a company from purchasing its own stock.

CySEC said Laiki invested in two structured products issued by Commerzbank in 2008, which had Marfin-Egnatia as an index sponsor responsible for the composition of the portfolio. As a result of the 2011 merger between the two entities, Laiki and Marfin-Egnatia, Laiki became the index sponsor, creating, CySEC said, a “clear conflict of interest.”

It said Laiki and Commerzbank acted in “concert” to manipulate the market in relation to the shares of Laiki on several occasions in April and May 2011.

CySEC said it had not placed penalties on Laiki, since it is in administration. It said it did not wish to place an additional burden on the depositors, bond holders and shareholders.

Laiki, once Cyprus’s second largest bank, was taken into administration and wound down under terms of a 10 billion euro ($13.56 billion) international financial assistance package to Cyprus in March 2013. Some 4.3 billion euros in uninsured deposits exceeding the EU threshold of 100,000 were wiped out. ($1 = 0.8894 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Fed’s Powell met with Turkey’s central bank chief in May as lira fell By Reuters



© Reuters. U.S. House of Representatives Financial Services Committee hearing on oversight of the Treasury Department and Federal Reserve response to the outbreak of the coronavirus disease (COVID-19), in Washington

SAN FRANCISCO (Reuters) – U.S. Federal Reserve Chair Jerome Powell spoke in May with Turkey’s central bank chief, records released by the U.S. central bank on Thursday showed, as fallout from the coronavirus pandemic was putting enormous pressure on the Middle Eastern country’s economy, and its currency.

Powell’s calendar is silent on the contents of the half-hour May 1 phone call with his Turkish counterpart, Murat Uysay. But it took place as the Turkish lira was falling rapidly, ultimately hitting an all-time low on May 7.

That month Ankara was urgently seeking access to funds from other central banks to head off a potential currency spiral, with analysts saying tens of billions of dollars might be needed.

The Turkish central bank had been buying record amounts of government bonds in an effort to backstop the country’s financial response to the pandemic, putting downward pressure on .

The Fed has swap lines with more than a dozen other central banks to help them with currency pressures, but not with Turkey.

Ultimately Ankara secured some aid from Qatar, tripling an existing currency-swap agreement to $15 billion in late May. The deal provided much-needed foreign funding to reinforce Turkey’s depleted reserves and help steady the currency.

Still, analysts have raised concerns over Turkey’s depleted currency reserves and only partial success in gaining access to foreign funding.

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Sri Lanka Central Bank Selects Shortlist for Blockchain Proof-of-Concept By Cointelegraph



Sri Lanka Central Bank Selects Shortlist for Blockchain Proof-of-Concept

Sri Lanka’s central bank has selected a shortlist of three firms to develop a proof-of-concept (PoC) for a shared Know Your Customer (KYC) facility using blockchain.

The project was initiated in fall 2019, according to a report from Sri Lanka’s Daily Mirror on July 2. The central bank is looking to establish a blockchain-based facility that would enable the government and the banking sector to securely share and update customer data nationwide.

Continue Reading on Coin Telegraph

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Central Bank Rate Cuts Mean ‘World Has Gone Zimbabwe’ By Cointelegraph



Bitcoin Analyst: Central Bank Rate Cuts Mean ‘World Has Gone Zimbabwe’

(BTC) supporters are watching as almost every central bank in the world lowers interest rates and the global fiat money supply skyrockets.

Statistics compiled by Charlie Bilello, CEO of wealth manager Compound Capital Advisors, show that in 2020, 84 of the world’s 118 central banks have cut interest rates.

Continue Reading on Coin Telegraph

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World Bank sees Thai economy shrinking by at least 5% this year By Reuters



© Reuters. A view of the port of Bangkok in Thailand

BANGKOK (Reuters) – Thailand’s economy is expected to be severely impacted by the COVID-19 pandemic, shrinking by at least 5% this year and taking more than two years to return to pre-pandemic GDP output levels, the World Bank said on Tuesday.

In the baseline scenario, the economy is projected to grow by 4.1% in 2021 and by 3.6% in 2022, the agency said in a statement.

An estimated 8.3 million workers will lose employment or income because of the COVID-19 crisis, which has put many jobs at risk, particularly those related to tourism and services, the World Bank said.

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Bank of America Stock Rises 3% By Investing.com



© Reuters. Bank of America Stock Rises 3%

Investing.com – Bank of America (NYSE:) Stock rose by 3.15% to trade at $24.58 by 15:14 (19:14 GMT) on Thursday on the NYSE exchange.

The volume of Bank of America shares traded since the start of the session was 44.32M. Bank of America has traded in a range of $23.55 to $24.62 on the day.

The stock has traded at $25.8600 at its highest and $23.5700 at its lowest during the past seven days.

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Bank of England says may toughen rules for non-banks By Reuters


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© Reuters. FILE PHOTO: Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London

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By Huw Jones and David Milliken

LONDON (Reuters) – Volatility in markets during the COVID-19 shock point to underlying issues in the non-bank financial sector and steps may be taken to tighten the rules governing it, Bank of England Governor Andrew Bailey said on Thursday.

The BoE’s Financial Policy Committee will publish preliminary findings from its assessment of risks from non-banks in early August, Bailey told Britain’s finance minister Rishi Sunak in a letter made available to the media.

Non-banks can include investment funds and money market funds.

“Where appropriate, the assessment will identify gaps in resilience in the non-bank financial sector and the potential measures that may be taken to increase resilience,” the letter said.

Money market funds came under severe stress during bouts of heavy market volatility in March and were helped by broader central bank interventions to boost liquidity in markets. Many UK retail property funds were suspended as they were unable to value their assets.

The assessment will set out a list of possible indicators that the FPC could publish regularly to monitor risks from non-banks, Bailey said.

The BoE had already begun working on reducing risks in open-ended funds after the suspension of retail property funds in the aftermath of the June 2016 vote to leave the European Union, and later on the shuttering of a flagship fund run by then star stockpicker Neil Woodford.

Bailey said the FPC will have “regards to opportunities” in financial services from Britain’s departure from the EU in relation to competition, innovation and competitiveness where it does not threaten financial stability.

Backers of Brexit have said that leaving the EU is an opportunity be more flexible with regulation to help London remain a globally competitive financial centre.

The BoE said it was committed to robust financial rules irrespective of Britain’s future EU relationship.

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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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