finances

20th anniversary of Russia's 1998 default

Twenty years ago, on August 17, 1998, Russia announced a technical default on main types of sovereign debt securities to the amount about $72.7 million.  One of the main reasons of crisis was the oil price collapse to $9.1 per …

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Trump gives anti-Russian defense bill green light

U.S. President Donald Trump signed the 2019 National Defense Authorization Act which authorizes a top-line budget of $717 billion. Trump traveled to Fort Drum, home of the Army's 10th Mountain Division, in upstate …

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Russian Central Bank explains ruble’s volatility

Russia’s Central Bank can adjust its daily purchases of foreign currency to curb the ruble’s volatility as part of the implementation of the budget rule mechanism, the regulator said in a press release. Meanwhile, transactions as part …

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Iran eases currency rules

Iran's Central Bank lifted a ban on exchange offices, allowing them to resume work in a move aimed at bringing in badly needed hard currencies. The bank also gave the green light for Iranian "legal institutions and …

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 Russia's central bank extends key rate pause

The Board of Directors of the Russian Central Bank has kept the key rate at the level of 7.25% today again. It was the third consecutive board meeting the bank had decided to hold the key rate, citing risks of higher inflation. …

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United Nations faces financial difficulties

Spokesman for the United Nations Secretary-General Stéphane Dujarric said that the UN activities are hampered by financial shortfalls. He explained that different countries have different fiscal years.  …

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Iran's central bank governor replaced

Iranian President Hassan Rouhani has dismissed Iran’s central bank governor Valiollah Seif. Valiollah Seif was replaced with Abdolnaser Hemmati, who headed the state insurance …

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Global debt hits record $247 trillion

The amount of debt held by both mature and emerging markets tracked by the Institute of International Finance (IIF) rose to a record $247 trillion in the first quarter of 2018, up 11.1% from the same period a year ago. The report …

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What currencies to buy if recession is coming?

If a U.S. or global recession is looming, it’s time to own the Swiss franc, Singapore dollar, U.S. dollar and Japanese yen - and ditch emerging market currencies, according to analysts from JPMorgan Chase & Co. …

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Will global market face replay of 1998 financial crisis?

Global markets are echoing the 1998 financial crisis, Bank of America warns. Emerging markets are crumbling under a strong dollar while tech stocks advance amid optimism over the U.S. growth trajectory - two ingredients that might be …

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Russians owe banks 13.5 trillion rubles

Russian total banking debt volume increased by 26% from the beginning of this year to 13.49 trillion rubles, according to the National Rating Agency (NRA). The agency said that in the period from January to May the banks' total …

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