(MEE) — Turkey’s economy has been in a tailspin with an inflationary currency, but the country is using something rare to help stabilise itself: gold. In late 2011, Turkey started to allow commercial banks to use gold instead of the Turkish lira for their required deposits at the central bank. These deposits are known as reserve requirements […]
In a recent article for The Duran I wrote of how the economic situation in Ukraine appeared once more to be deteriorating, with economic statistics apparently being distorted to conceal the extent of the rise in inflation, making the claimed figure of 2% GDP growth in 2017 unlikely.
In a further sign of a deteriorating economic situation, recent reports from Ukraine speak of rolling electric power blackouts in some regions, suggesting growing energy shortages as the price of oil hikes.
South Africa: The African National Congress, which is the ruling Communist Party of South Africa, announced its intention to expropriate land from white settlers without compensation. It also declared that the nation's privately-held Reserve Bank must be wholly owned by the state. These announcements sent the rand, also known as the ZAR, plummeting on the currency exchange. [...]
(ANTIMEDIA) — As the transition towards a blockchain based economy continues, the established financial powers are desperately trying to stay relevant. In an attempt to boost their credibility, analysts at Deutsche Bank are finally admitting that state-run fiat currencies are becoming obsolete.
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Originally appeared at RussiaFeed.com
Vyacheslav Putilovsky, an analyst at Expert RA:
“Russia’s not a very developed banking market. The top banks here are betting that they can catch up and maybe even overtake their Western competitors in their adaptation of this type of technology.”
(MPN) Today’s Libya is virtually unrecognizable from the Libya of years past. Following the violent ouster of former Libyan leader Muammar Gaddafi in 2011, things have taken a turn for the worse as the north African nation declines further into failure.
Russia recorded only a 0.1% growth in prices in March, bringing the annualised rate of inflation at the start of April down to 4.3%.
This is far better than even the most optimistic forecasts of just a few weeks ago. Last year the Central Bank was forecasting that inflation would be running at an annualised rate by the end of April.
In a further sign of the political chaos sweeping the country, rumours are circulating that Valeria Gontareva, Ukraine’s Central Bank chair, is contemplating resignation.
This follows a protest where a coffin was left at the entrance of the Central Bank and a report by the Central Bank that the current coal blockade will lead to a fall of 1.5% in Ukraine’s already sharply reduced GDP.
