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☆ Sri Lanka c.bank to hold rates as inflation stays high
▼ + stars: | 2023-05-30 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, May 30 (Reuters) - Sri Lanka's central bank is expected to keep rates unchanged at its policy meeting this week as it continues to support the debt-laden economy amid persistently high inflation. Sri Lanka secured a $2.9 billion bailout from the International Monetary Fund (IMF) in March and aims to complete restructuring debt talks by September. Thirteen out of the fifteen analysts and economists polled by Reuters expect the Central Bank of Sri Lanka (CBSL) to hold benchmark rates steady on Thursday, at its fourth policy rate announcement this year. The central bank raised rates by a record 950 basis points last year to tame inflation and by 100 bps on March 3. The first review of its IMF programme is expected in September and Sri Lanka plans for it to coincide with the completion of debt restructuring talks with creditors.

☆ Strikes, Delays and Lost Luggage: How to Survive Air Travel This Summer
▼ + stars: | 2023-05-25 | by ( Elaine Glusac | The New York Times | ) www.nytimes.com time to read: +27 min

Illustration by Yukai Du Strikes, Delays and Lost Luggage: How to Survive Air Travel This Summer With the travel season in full swing, we compiled a guide to help you navigate the year’s most hectic time in the skies. If you don’t care which beach, shop around.” If you haven’t booked summer flights, do it now. For one, avoiding the airports with the highest levels of delays and cancellations last summer may be a good idea. They’re also getting longer inside airport lounges, longtime havens from the masses clogging the terminals at peak times. Standard membership in Priority Pass, a network of 1,300 airport lounges, starts at $99 a year, with each visit costing $35 at that level.

Persons: Yukai Du, we’ve, haven’t, Hopper, What’s, ”, Laura Lindsay, Ted Rossman, Priceline, Mr, Rossman, Charlotte Douglas, Toronto Pearson, it’s, “, Carter Langston, Rhonda Lawson, C.B.P, you’ve, you’re, You’ll, Lawson, Emmanuel Macron, Tomasz Pawliszyn, Jamie Larounis, Larounis, they’re, SITA —, They’re, Eric Goldmann of Atlanta Organizations: Bureau of Labor Statistics, Google, Miami, JetBlue, Heathrow Airport, Amsterdam Schiphol, Gatwick, Air Canada, Labor, Newark Liberty International, La Guardia Airport, Kennedy Airport, Reagan, Miami International, Orlando International, Boston Logan International, Charlotte Douglas International, Toronto Pearson, Federal Aviation Administration, Washington , D.C, Customs, Western, Gulf, Phoenix, Transportation Security Administration, Global, Border Protection, Clear, PreCheck, Heathrow, Air, SNCF, U.S . State Department, Smart, Union, Travelers, New Tech, Airlines, Lufthansa, Siemens, Alaska Airlines, KLM, U.S . Bureau of Transportation Statistics, Apple, The Department of Transportation, American, Venture, Dallas Fort Worth International, JPMorgan Chase, Club, Chase Sapphire Reserve, Americas Locations: Europe, United States, Asia, San Francisco, Jacksonville, Fla, Miami, London, Amsterdam, U.S, La, New York, Washington, Charlotte, N.C, Newark, Orlando, Toronto, Sydney, Jakarta, Frankfurt, Munich, Heathrow, Washington ,, States, Denver, Seattle, Reno, Nev, Gulf Coast, Atlantic, Houston , New Orleans, Atlanta, Luton, T.S.A, ’, noncitizens, France, Britain, Italy, Germany, Berlin, Dutch, Swiss, Delta, United, Hong Kong, Dallas, Boston, North, Central, South America, Dallas , Newark

☆ Black Men Don’t Do Therapy. Or So I Thought.
▼ + stars: | 2023-05-18 | by ( Ismail Muhammad | ) www.nytimes.com time to read: +4 min

Sitting in a chair next to the record player, I’d play the song over and over and over, listening tearfully. When my favorite TV characters died, I’d mourn them, staying in my feelings for days at a time. Eventually I met a therapist who practiced cognitive behavioral therapy, an approach whose orientation toward problem-solving suited me. I’d learned to register, name and acknowledge my feelings as a way of managing them rather than being overwhelmed. Sadness sneaked up on me as I tried to describe my emotional life to people who I knew loved me but with whom I communicated through a haze of mutual discomfort.

☆ Philippine c.bank to hold rates at 6.25% in May after nine straight increases - Reuters poll
▼ + stars: | 2023-05-16 | by ( Devayani Sathyan | ) www.reuters.com time to read: +2 min

Sixteen out 22 economists polled by Reuters between May 9-15 expected the BSP to leave its overnight borrowing rate (PHCBIR=ECI) at 6.25% at the meeting on Thursday. "Policymakers should be comforted by the pullback in inflation prints since February, with downward revisions to inflation forecasts potentially on the cards. Among economists who had a long-term view, 11 of 19 expected the BSP to maintain rates at 6.25% until end-June. Of the remaining eight economists, seven predicted rates to be at 6.50% or higher by then, while one forecast a 25 basis points cut to 6.00%. Median forecasts showed rates would remain at 6.25% at least until the end of the year.

☆ Australia's c.bank hiked in May due to inflation risks, more raises may be required
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 16(Reuters) - Australia's central bank decided to hike at its May meeting due to inflation risks from weak productivity growth, persistently high services inflation and faster-than-forecast rental increases, saying more rate rises may be required. Minutes of the Reserve Bank of Australia's May 2 policy meeting released on Tuesday said board members also considered a pause, but that the inflation risks warranted a 25 basis point increase, after holding rates steady in April. "Members also agreed that further increases in interest rates may still be required, but that this would depend on how the economy and inflation evolve." Inflation is not expected to decline to the top of the Bank's 2-3% target range until mid-2025, leaving little room for upside risks, the May minutes said. Governor Philip Lowe has warned that the central bank cannot take too long to being inflation to heel.

☆ Swedish inflation dips more than expected in April, easing cbank worries
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

Stripping out volatile energy prices - a measure the central bank is looking closely at - underlying inflation was 8.4% on the year. For headline inflation, analysts had forecast 7.9%, the same as the Riksbank. Underlying inflation was seen by analysts at 8.7% and at 8.6% by the Riksbank. Another quarter-point hike is expected in June or September, before the tightening cycle comes to an end. Policy-makers said they were ready to rethink the plan if price pressures did not fall back as expected.

☆ G7 to vow diversifying of supply chains, filling bank regulatory gaps -draft
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +4 min

In the draft communique, the G7 central banks said they remained "strongly committed" to achieving price stability and ensuring inflation expectations stayed well-anchored. "Diversification of supply chains can contribute to safeguarding energy security and help us to maintain macroeconomic stability," the draft communique said. But it said G7 countries will work to ensure foreign investment in critical infrastructure "does not undermine the economic sovereignty of host countries." On banking-system woes, the draft communique said the financial system was resilient due to regulatory reforms implemented after the 2008 global financial crisis. "We will address data, supervisory, and regulatory gaps in the banking system," the draft communique said.

☆ Hong Kong c.bank raises interest rates after Fed hike
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

The Fed raised interest rates by a quarter of a percentage point and signalled it may pause further increases, giving officials time to assess the fallout from recent bank failures and monitor the course of inflation. HKMA said Hong Kong interbank rates, which have been rising over the past few months, will likely rise further with the Fed latest rate hike. The public should therefore carefully assess the interest rate risk when taking out mortgages or making other borrowing decisions. "After China and Hong Kong markets have returned to normalcy post COVID-19, investment sentiment in the real estate market has improved, consumption power has risen. The Hong Kong property market has rebounded by 5-6% year-to-date," Yue said, adding other economic factors also play a part.

☆ European investigators question Lebanon c.bank chief's assistant in fraud probe
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

BEIRUT, April 27 (Reuters) - European investigators in Beirut questioned an assistant to Lebanon's central bank governor on Thursday as part of a probe into whether the governor embezzled and laundered hundreds of millions of dollars in public funds, local media and a judicial source said. Marianne Houayek, 42 and a longtime assistant to the governor, was scheduled to be questioned as a suspect, according to a schedule for the European investigators seen by Reuters. A French court document seen by Reuters says up to $5 million euros from the central bank ultimately went to Houayek via accounts in Switzerland and Luxembourg. The European investigators questioned the governor in Beirut in March and returned on Monday for further hearings. The European investigators are also set to question caretaker finance minister Youssef el-Khalil, who still serves as the central bank's head of financial operations, as well as other top officials of the bank.

☆ Philippine c.bank chief: 'Dangerous' to cut rates faster than Fed
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

MANILA, April 26 (Reuters) - The Philippines' central bank considers it "dangerous" to cut interest rates faster than a policy easing by the U.S. Federal Reserve, its governor said on Wednesday. "If inflation in the U.S. is sticky and cuts are slow, it is very dangerous for the Philippine central bank to cut faster than the U.S.," Medalla said. Philippine inflation slowed for a second straight month in March to 7.6%. Gross domestic product could have expanded "in the neighbourhood of 6%" in the first quarter, Medalla said. A Philippine government inter-agency panel this week maintained its economic growth target of 6.0% to 7.0% this year on robust domestic economic activity amid global headwinds.

☆ Thai c.bank chief sees economy growing at 3.6% this year
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

BANGKOK, April 24 (Reuters) - Thailand's economy is still seen growing at 3.6% this year, the central bank chief said on Monday, in spite of some turbulence in the first half of the year. Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput told reporters exports are seen down 7.1% year-on-year in the first half of 2023, before rising 4.2% in the second half. Headline inflation, which cooled to 2.83% in March, is expected at 3.3% in first half and 2.5% in the second half. The BOT last month raised its benchmark rate by a quarter point to 1.75% to curb inflationary pressures. The BOT has raised its key rate by a total of 125 basis points since August, less aggressive than many of its peers.

April 21 (Reuters) - Demand for the Chinese yuan is growing in Russia, the CEO of Sberbank (SBER.MM) said on Friday, adding that the lender has made use of central bank currency swaps providing yuan liquidity. CEO German Gref said Sberbank was gradually raising its interest rates on yuan deposits and had resorted to borrowing from the Russian central bank in yuan several times. Gref said shareholders at the bank's annual general meeting on Friday had supported the board's recommendation to pay a record 565 billion roubles ($6.94 billion) in dividends. Gref said the bank would take advantage of an early payment option and direct around 10 billion roubles to the budget. Gref said Sberbank was not engaged in any talks with Austria's Raiffeisen Bank International (RBIV.VI) over an asset swap.

☆ China's c.bank official says no basis for long-term deflation
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

BEIJING, April 20 (Reuters) - A recovery in Chinese consumer demand needs time to pick up due to the "scarring effect" of COVID-19, but there is no basis for any long-term deflation, an official from the People's Bank of China (PBOC) said on Thursday. Despite the bounce in growth, consumer price inflation is slowing sharply and factory gate prices are in freefall. The PBOC expected consumer price inflation to pick up later this year, but there is no basis for sustained deflation or increases in inflation in China, Zou Lan, head of the monetary policy department at PBOC, told a news conference in Beijing. Amid the global economic recession jitters, Zou said the PBOC will continue to implement prudent monetary policy. Ruan Jianhong, spokesperson of the PBOC, expected household loan demand to steadily increase.

☆ Value of Russian exports falls 35% in Q1 as oil price cap bites -c.bank
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, April 20 (Reuters) - The value of Russia's exports fell 35% year-on-year in the first quarter of 2023, due in part to a Western price cap on some Russian oil products, Russia's central bank said on Thursday. "The cost of oil exports decreased both due to lower prices and because of the embargo and price ceiling by a host of countries on Russian oil and oil products," the central bank said in a report. "The discount for Russian oil to Brent crude has widened, including because of the price ceiling." It added, however, that a drop in oil exports to the European Union had been offset by an increase in sales to Asian countries seeking oil at a discounted price. As the price of Russian oil has dropped below the Western price cap, large volumes are now not subject to any restrictions, the bank said.

☆ China's Q1 GDP growth seen rebounding to 4.0%, 2023 rate seen at 5.4%: Reuters poll
▼ + stars: | 2023-04-14 | by ( Kevin Yao | ) www.reuters.com time to read: +4 min

That would be the fastest growth since the first quarter of last year. For 2023, growth was expected to pick up to 5.4%, the poll showed, from 3.0% last year - one of its worst performances in nearly half a century due to strict COVID-19 curbs. The government has set a modest target for economic growth of around 5% for this year, after badly missing the 2022 goal. The government is due to release first quarter GDP data, along with March activity data, at 0200 GMT on April 18. Consumer inflation will likely quicken to 2.3% in 2023 from 2.0% in 2022, before steadying in 2024, the poll showed.

☆ Philippine c.bank may consider pausing rate rises if inflation slows
▼ + stars: | 2023-04-09 | by ( ) www.reuters.com time to read: +1 min

MANILA, April 9 (Reuters) - The Philippine central bank may consider pausing its monetary tightening next month if April inflation does not accelerate, the bank's governor said on Sunday. Bangko Sentral ng Pilipinas Governor Felipe Medalla said in a telephone message to Reuters that a pause in interest rate increases was possible "if the April CPI (consumer price index) is not higher than the March CPI". Medalla said a "zero or negative month-on-month inflation" may also support the case for a rate hike pause. Philippine headline inflation eased for a second consecutive month in March to 7.6% from 8.6% in February but it remained above the central bank's 2%-4% target for the year. To tackle inflation, the BSP has raised its benchmark interest rate (PHCBIR=ECI) by 425 basis points since May last year to 6.25%.

☆ India c.bank set to raise rates 25 bps on elevated inflation, keep hawkish stance
▼ + stars: | 2023-04-06 | by ( Swati Bhat | ) www.reuters.com time to read: +3 min

The central bank has already raised rates by 250 basis points since May last year. Core inflation, which excludes volatile food and energy components, was also expected to have stayed high between 6.05%-6.12% in February, according to estimates from three economists. "The policy space to focus on inflation is lent by domestic growth conditions holding-up, supported by urban consumption and services sector recovery," Sen Gupta said. Early signs of a slowdown in India are also visible in easing imports and plateuing bank credit demand. The Reuters Poll showed that a majority of respondents, 20 of 36, expect the central bank would maintain its 'withdrawal of accommodation' stance while the remaining 16 said it would shift to neutral.

☆ Ukraine's reserves grow to 11-year high on foreign aid - c.bank
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

KYIV, April 6 (Reuters) - Ukraine's international reserves grew to an 11-year high of $31.9 billion at the start of April thanks to foreign aid, lower demand for hard currency and moderately-sized payments on government debt, the central bank said on Thursday. The amount included $409.3 million in interest payments on state treasury bills denominated in hard currency, the central bank said. The central bank said the demand for hard currency on the foreign exchange market was lower in March. The central bank said the volumes of its interventions decreased for the third month in a row. The current amount of the international reserves is enough to cover 4.2 months of future imports, the bank said.

☆ Colombia's peso to stay weak on c.bank pause signs, mismatch vs oil price
▼ + stars: | 2023-04-05 | by ( Gabriel Burin | ) www.reuters.com time to read: +3 min

BUENOS AIRES, April 5 (Reuters) - Colombia's peso will likely stay weak on signs the central bank is turning to a wait-and-see approach on interest rates, combined with downside pressures from the currency's mismatch against oil prices, a Reuters poll showed. Officials at BanRep, as the central bank is known, last week raised the benchmark rate by 25 basis points to 13.0%, a more than 20-year high. "If March inflation behaves as expected, they suggested this could be the last hike," J.P. Morgan analysts wrote in a report. We think this supports our underweight (view) for the peso, which has also decoupled from lower oil prices these past few weeks and offers good entry levels for shorts." The currency has fared poorly for months even while Colombia's central bank conducted an aggressive tightening cycle that added 1,125 basis points in rate increments since a pandemic-time low of 1.75%.

However, confusing the picture core inflation accelerated to 8.0% in March from February's 7.8%, the fastest pace since 1999. Nicholas Mapa, an economist at ING bank, said a sustained downtrend in inflation could make the BSP consider hitting the pause button on its most aggressive interest rate hiking cycle for years. "Today's inflation reading could be one additional data point that could convince Governor Medalla that inflation is finally moderating," Mapa told Reuters. "We expect inflation to moderate further in April which could open up the door for a BSP pause at the May meeting." Finance Secretary Benjamin Diokno, who is one of the seven members of the central bank's policy making monetary board, said on Tuesday, the central bank has probably done enough to address inflation.

Eighteen out of 20 economists and market watchers surveyed said the central bank would hike rates, with 12 of them predicting a 200 bps increase. Two poll participants saw the benchmark raised by 100 bps, while four forecast a 150 bps hike. Worldwide growth in consumer prices has compounded high inflation in Pakistan caused by a weakening currency, energy tariff increases and elevated food prices due to Ramadan. The latest consumer price-based inflation clocked a 31.5% rise on year in February, the highest in nearly 50 years. The State Bank of Pakistan has raised rates by a total 10.25% since January 2022.

☆ China to boost regulatory oversight of digital economy -c.bank deputy governor
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

BOAO, China, March 31 (Reuters) - China will beef up its regulatory oversight of the digital economy, as new technologies, especially new forms of finance, should not be blindly accepted and recognised, a deputy governor of China's central bank said on Friday. Digital currencies and newly invented cryptocurrencies, rather than solving problems in finance, can in fact create new challenges, Xuan Changneng, a deputy governor of the People's Bank of China, said at the annual Boao Forum in Hainan province. He did not spell out steps that will be taken to boost oversight. China itself has launched its own digital renminbi, or yuan, but it is little used. The National Financial Regulatory Administration will absorb the China Banking and Insurance Regulatory Commission's responsibilities and take over some supervisory functions from the central bank and the securities regulator.

☆ Investors cut bearish bets on most Asian FX as policy rate bets shift
▼ + stars: | 2023-03-23 | by ( Savyata Mishra | ) www.reuters.com time to read: +3 min

The currency firmed on Thursday, following dovish comments from the U.S. Federal Reserve that reined in expectations for more interest rate hikes and lifted sentiment for other Asian currencies. The dollar index slipped to near seven-week lows following the Fed's latest policy statement that no longer says that "ongoing increases" in rates will likely be appropriate. Bearish bets on Singapore's dollar eased to their lowest since Nov. 18, 2021. Short bets on the Indonesian rupiah and the Indian rupee rose slightly from a fortnight ago, while sentiment toward South Korea's won improved. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3.

SummarySummary Companies C.banks responded to risk-aversive moves in markets - MatsunoJapan's banking system stable as a whole - MatsunoFinmin says will keep assessing impact of Credit Suisse buyoutMarket rout may complicate BOJ's exit path from easy policyTOKYO, March 20 (Reuters) - Japan's top government spokesperson said on Monday the banking system was stable, seeking to reassure markets the country won't see a contagion from U.S. and European banking sector woes. "Each country promptly ramped up efforts as risk-aversive moves were seen in financial markets," Matsuno told a regular news conference. "Japan's financial system is stable as a whole," he said, adding that authorities were watching financial market moves "with a strong sense of alarm". For now, financial authorities in Tokyo see the most likely risk for Japan coming from a deterioration in the U.S. economy that would hurt exports, rather than a direct bank contagion. "The failure of two U.S. banks spilled over to a Swiss bank in a seemingly unrelated way," one official said.

"Each country promptly ramped up efforts as risk-aversive moves were seen in financial markets," Matsuno told a regular news conference. "Japan's financial system is stable as a whole," he said, adding that authorities were watching financial market moves "with a strong sense of alarm". The remarks came after Finance Minister Shunichi Suzuki told reporters on Monday the government would continue to "carefully assess" how a weekend rescue deal for Credit Suisse Group would affect Japan's financial sector. For now, financial authorities in Tokyo see the most likely risk for Japan coming from a deterioration in the U.S. economy that would hurt exports, rather than a direct bank contagion. "The failure of two U.S. banks spilled over to a Swiss bank in a seemingly unrelated way," one official said.

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