President Tayyip Erdogan on Monday defended a policy that oversaw a steep drop in FX reserves under former finance minister Berat Albayrak, his son-in-law, saying it helped Turkey to ride out pandemic-related shocks.
Turkey's finance minister has defended the foreign exchange reserve policy of his predecessor Berat Albayrak, saying transactions that had led to a sharp fall in reserves were a response to the extraordinary demands of the COVID-19 pandemic.
SBV says aim is to let market set dong rates FX sensitive since U.S. branded VN a “currency manipulator” (Adds backround, market price and further SBV comment)
HANOI, Feb 22 (Reuters) - The State Bank of Vietnam (SBV) said it has cut the frequency of its foreign exchange interventions to allow the Vietnamese dong to move in accordance with the market.
“From Feb. 17, 2021, the SBV reduced the frequency of buying intervention to once a week on every Wednesday, instead of daily,” the central bank said in an email to Reuters.
“This move aims at letting the rate move in accordance with the market.”
The French state should gradually reduce financial support to the economy over the coming year as coronavirus safety measures are lifted, Bank of France Governor Francois Villeroy de Galhau said in an interview with French daily Les Echos.
By Reuters Staff
(Adds details, background)
JOHANNESBURG, Feb 18 (Reuters) - Zimbabwe lifted its main lending rate to 40% from 35% previously on Thursday in a bid to reduce excess liquidity and control speculation in its foreign currency market, the central bank said.
Severe foreign currency shortages have been the clearest sign of an economic crisis that has sparked intermittent shortages of fuel, power and medicines and seen prices soar in the southern African nation.
“The decision on interest rates takes into account the current liquidity conditions in the market and the need to continue controlling speculative borrowing,” The Reserve Bank of Zimbabwe said in a statement.