Central banks could issue state-backed digital currencies, says IMF November 14, 2018 Central banks could issue digital currency, International Monetary Fund (IMF) managing director Christine Lagarde said today. Speaking at an event in Singapore, Lagarde mooted a state-backed digital token, or an account held at the central bank for consumers and firms to use for retail payments. As the demand for cashless payments increases, digital currency could provide security [...]
Italy rejects EU calls to amend budget ahead of deadline November 13, 2018 Italy defied a European Commission deadline to submit a revised budget tonight, telling the EU it will not change its expansive fiscal plans. Ahead of a midnight deadline, the Italian government said it was sticking to its guns. In a statement released after a cabinet meeting, deputy prime minister Matteo Salvini said its deficit target [...]
This Budget balancing act was Hammond’s mission impossible October 30, 2018 As he stood up to deliver his Autumn Budget yesterday, the chancellor was to fulfil two promises which the Prime Minister had made at the Conservative party conference earlier this month: end austerity, while still reducing public debt as a share of GDP. Fulfilling these pledges will take time, and more details will be unveiled [...]
Talk of a US recession in 2020 is a little premature October 16, 2018 Several analysts have come out of the woodwork in the past few weeks predicting not just a US growth slowdown, but the start of a recession in 2020. These calls were amplified after a week of stock market volatility. Bond vigilantes are pointing to rising real yields (that have been adjusted for inflation), while bear [...]
Hammond predicts economic boost from ‘Brexit deal dividend’ October 12, 2018 Chancellor Philip Hammond said today that securing a Brexit agreement with the EU will lift the economy. Speaking in the run up to the Budget later this month, Hammond told the BBC that there has been a “measurable change of pace” in the negotiations between the UK and the EU, adding that the UK could [...]
IMF data shows there’s even less cash to splash October 11, 2018 Positive news around the public finances has been forthcoming in 2018, following years of disappointingly slow deficit reduction. Borrowing fell to a 16-year low in the fiscal year that ended in April, while in July the Treasury recorded its biggest surplus since 2000. Thus it was a shame to be brought crashing back down to [...]
IMF downgrades world economic growth forecast October 9, 2018 The International Monetary Fund (IMF) has downgraded the world’s economic growth forecast while warning about risks created by the US and China’s trade war. The IMF cut its global growth prediction by 0.2 per cent to 3.7 per cent for 2018 and 2019. Read more: US and Canada sign eleventh-hour deal to replace Nafta It [...]
International Monetary Fund warns against financial regulation rollback October 3, 2018 The International Monetary Fund (IMF) today cautioned against a “race to the bottom” on financial deregulation as it warned that regulators risk “fighting the last war” in the face of technological change. The Washington-based body said that “reform fatigue” could pose a risk to financial stability if regulation of systemically important institutions is reversed, in [...]
Argentine peso falls despite IMF loan increase to $57bn September 27, 2018 The Argentine Peso opened low against the dollar today despite the International Monetary Fund boosting the country's loan to $57.1bn. The peso opened at 39.25 against the dollar today as it edged back towards record lows. The IMF funding, which was secured last night, is an increase of $7.1bn on the deal that was [...]
Peso slides as Argentina’s central bank chief resigns September 25, 2018 The governor of Argentina's central bank has resigned amid the country's ongoing discussions with the International Monetary Fund (IMF), sending the peso tumbling. Luis Caputo stepped down for personal reasons, the bank said in a statement, after less than three months in the role and has been replaced by former economic policy secretary Guido Sandleris. [...]