Addis Fortune’s Post

💣💣💣British Prime Minister's Office: the country is bankrupt On July 28, local time, British Prime Minister David Starmer's office issued a statement saying that the results of the review will show that the UK is "bankrupt and broken" and blamed the previous government for the situation. According to reports, British Prime Minister Starmer's office conducted a comprehensive assessment after three weeks in power, and was "shocked" by the situation facing the Conservative Party after 14 years in power, while releasing an analysis of the previous government's "failing departments". #BritishPrimeMinister #Bankrupt #Broken 🤝🤝🤝Malaysia Applies for BRICS Membership The Prime Minister's Office said in a statement on July 28 that Malaysia has written to the Russian BRICS chairmanship to apply for membership of the BRICS cooperation mechanism. Anwar said his meeting with Russian Foreign Minister Sergey Lavrov focused on Malaysia's application to join BRICS, which "is of great significance to both countries and underscores our commitment to fostering strong international cooperation". #Malaysia #BRICS #Russian #InternationalCooperation 🤞🤞🤞Ethiopia's central bank: local currency allowed to trade freely The National Bank of Ethiopia will henceforth allow banks to buy and sell foreign currencies at freely negotiated exchange rates, according to a directive posted on the bank's website. The central bank will "support the market with limited interventions only in the early stages of the market, if disorderly market conditions warrant reasonable interventions." #Ethiopia #LocalCurrency #TradeFreely #CentralBank #ExchangeRate

FLOATING BIRR , FLEETING FORTUNE Ethiopia's Prime Minister, Abiy Ahmed, has announced a "historical" overhaul of foreign exchange regulations, effective July 29, 2024, to address economic structural issues and promote a sustainable environment. The move allows exporters to retain half of their foreign earnings, surrender the rest to banks at negotiated rates, and allow businesses to access foreign currency on demand. The central bank has also issued a directive demanding all idle foreign currency earnings be surrendered to commercial banks within a month to inject liquidity into the interbank market. The decision comes after negotiations with the International Monetary Fund and the World Bank for a bailout program and debt restructuring. However, experts have debated the efficacy of floating the Birr as a panacea for Ethiopia's economic problems. FORTUNE Vol.25 No. 126 August 4, 2024

🇺🇸 🇨🇳 Chinese authorities have reportedly approved issuing 3 trillion yuan in special treasury bonds for 2025, as per exclusive sources. #China #TreasuryBonds #Investing

The International Monetary Fund (IMF) has raised objections to Prime Minister Shehbaz Sharif’s Rs200 billion package aimed at reducing the power tariff for industrial consumers by Rs10.69 per unit. Furthermore, the IMF did not endorse the government’s proposal to impose a wealth tax on all types of assets, including bank balances. Full story in comments below 🔗 #IMF #economics #taxpolicy #energytariffs

#NationalBankofEthiopia #FX #Reform The National Bank of Ethiopia announces a reform of the foreign exchange regime with immediate effect. The #NBE announces this update on 29 July 2024. As the announcement refers, the reform has revised the foreign exchange regime in force and introduced significant new policy changes. In addition to outlining the reform, the announcement underscores the motives behind the reform as well. #TheNationalBankofEthiopia #ReformoftheRoreignExchangeRegime

#QuoteOfTheWeek | “Real estate exporting is expected to contribute to providing new sources of foreign exchange, as well as bringing about a recovery in this important sector, but it is necessary that these foreign exchange revenues enter the banking system directly.” Prime Minister Mostafa Madbouly. #ArabFinance #Egypt #Economy #News

BREAKING: A fiscal briefing in China without commitments Morning from Copenhagen. In my opinion, the fiscal briefing this morning was a major dissapointment from China and it remains well short of a whatever it takes moment. No concrete numbers, no clear open-ended commitments and no clear time-line or scope. The best thing there can be said is that this leaves plenty of room for more briefings in coming weeks. Fade China! A few highlights here: Special local government bonds can be used for unsold home purchases Central government has more room to borrow, raise deficit Government to give one-off large bond quota to swap hidden debt Plans to issue special sovereign bonds to boost capital at largest state-owned banks China currently has 2.3 trillion yuan ($325 billion) in special local bonds funds available for rest of year

Türkiye's credit rating has improved. Following the elections, the economic management has renewed confidence and conveyed the message that stability will continue, along with a commitment to orthodox policies. It is expected that after reaching its maximum level in May, inflation will enter a downward trend due to base effects and the impact of measures taken. Both domestic and foreign investors are starting to have more confidence in the Turkish lira, and there is a decrease in dollarization. With Türkiye expected to be removed from the grey list in June, confidence in the lira will further increase. In this context, taking long positions in the Turkish lira and investing in government bonds while interest rates are high may provide advantages in the medium term. ( Not an investment advice)

Kenya’s foreign exchange reserves reached a new pinnacle of 7.896 billion U.S. dollars on Friday, following an increase of 121 million dollars, according to the Central Bank of Kenya’s (CBK) weekly financial markets update. This significant rise occurs shortly after the nation fully settled its 2 billion dollar Eurobond debt, initially procured in 2014, utilising a loan from the World Bank. The latest figures show an increase from the previous week’s reserves of 7.775 billion dollars. To read the full article follow this link: https://lnkd.in/dPrZZpuY #NewsUpdate #LatestNews #DailyNews #TopStories #LocalNews #CityNews #WorldNews #InternationalNews #GlobalNews #Politics #PoliticalNews #Government #Elections #BusinessNews #Economy #MarketUpdate #FinanceNews #TechNews #TechUpdate