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Friday, 13 November 2015
Egypt's revaluation: a prelude to unshackling the pound? | Reuters
Egypt's revaluation: a prelude to unshackling the pound? | Reuters:
"Egypt's revaluation of the pound this week has raised expectations of a major shift in how it manages a long-running currency crisis, with evidence growing that the central bank may be preparing for a more flexible exchange rate mechanism.
Economists, especially those with longer memories, believe the action may herald a period of greater volatility for the tightly-managed currency leading to a devaluation and greater flexibility, following a path that Egypt took over a decade ago.
The central bank has maintained the pound within a narrow band through regular dollar auctions introduced in 2012, but downward pressure has persisted, forcing it to allow incremental devaluations every few months."
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"Egypt's revaluation of the pound this week has raised expectations of a major shift in how it manages a long-running currency crisis, with evidence growing that the central bank may be preparing for a more flexible exchange rate mechanism.
Economists, especially those with longer memories, believe the action may herald a period of greater volatility for the tightly-managed currency leading to a devaluation and greater flexibility, following a path that Egypt took over a decade ago.
The central bank has maintained the pound within a narrow band through regular dollar auctions introduced in 2012, but downward pressure has persisted, forcing it to allow incremental devaluations every few months."
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Renzi Shows Off Imperial Glory to Court Rouhani for Iran Deals - Bloomberg Business
Renzi Shows Off Imperial Glory to Court Rouhani for Iran Deals - Bloomberg Business:
"Italian Prime Minister Matteo Renzi will show off the glory of Imperial Rome to Iranian President Hassan Rouhani as he seeks to spearhead a conquest of his own: a huge share of new business in the Islamic Republic.
Rouhani’s trip is his first to the European Union since his election in 2013. He has chosen to start it in Rome, and the Italians, once Iran’s biggest European trading partners, will court him assiduously as the country returns to the international fold after the nuclear deal signed in July.
On Saturday, Renzi will escort Rouhani on a tour of frescoed halls, statues and mosaics in the Capitoline Museums that overlook the Roman Forum, heart of the ancient empire. Rouhani will also meet President Sergio Mattarella and executives of leading companies, and call on Pope Francis."
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"Italian Prime Minister Matteo Renzi will show off the glory of Imperial Rome to Iranian President Hassan Rouhani as he seeks to spearhead a conquest of his own: a huge share of new business in the Islamic Republic.
Rouhani’s trip is his first to the European Union since his election in 2013. He has chosen to start it in Rome, and the Italians, once Iran’s biggest European trading partners, will court him assiduously as the country returns to the international fold after the nuclear deal signed in July.
On Saturday, Renzi will escort Rouhani on a tour of frescoed halls, statues and mosaics in the Capitoline Museums that overlook the Roman Forum, heart of the ancient empire. Rouhani will also meet President Sergio Mattarella and executives of leading companies, and call on Pope Francis."
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Saudi Arabia looks to reform energy subsidy programme - FT.com
Saudi Arabia looks to reform energy subsidy programme - FT.com:
"Saudi Arabia is studying a programme of sensitive energy subsidy reforms to reduce pressure on its economy, despite popular wariness of increases to the cost of living.
Low oil prices have encouraged radical thinking on the economy in Riyadh — including subsidy reform, which was avoided when government coffers were flush with petrodollars."
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"Saudi Arabia is studying a programme of sensitive energy subsidy reforms to reduce pressure on its economy, despite popular wariness of increases to the cost of living.
Low oil prices have encouraged radical thinking on the economy in Riyadh — including subsidy reform, which was avoided when government coffers were flush with petrodollars."
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