Our Scans · (FS.5.05) Foreign Exchange · Weekly Summary

• In Bangladesh, output is expected to rise by 5.7% in FY24 / 25, with high inflation and restrictions on trade and foreign exchange constraining economic activity. World Bank
• The Reserve Bank of India could step up its intervention in the forex markets by buying dollars to halt the rupee's upward march amid higher portfolio inflows and a weaker greenback overseas. Telegraph India
• The global food trade provides opportunities for food-exporting countries to earn foreign exchange, which is indispensable for the economic development of many countries and for improving the standard of living of many people. SpringerLink
• The current inflationary pressure in Nigeria's economy will persist as a result of the combined influence of fuel subsidy removal and foreign exchange liberalization. Newtelegraphng.com
• The livestock sector in Kenya has the potential to earn the country significant foreign exchange if certain intervention measures are taken to mitigate the effects of climate change. Business Daily
• The post subsidy removal era offers companies opportunities to quickly reinvent themselves to withstand global economic shifts, capricious energy prices, Nigeria's macro-economic conditions and opaque forex regime. Vanguard News
• Accenture's business outlook for the full 2024 fiscal year assumes that the foreign-exchange impact on its results in U.S. dollars will be flat compared with fiscal 2023. Yahoo Finance
• UK funded occupational pension schemes mainly hold forward foreign currency contracts to hedge against exchange rate risk, and swaps contracts in relation to liability driven investment strategies. Office for National Statistics
• The disruption in Chile under Allende and fear for the future had recently meant large rises in copper prices which were costing the UK an extra £500,000 in foreign exchange. Declassified Media Ltd
• If marijuana classification were to ease at the federal level, that could allow major stock exchanges to list businesses that are in the cannabis trade, and potentially allow foreign companies to begin selling their products in the US. MalaysiaNow
• The Government of Bangladesh gets huge revenue from the participating domestic and foreign companies and has the opportunity to earn a lot of foreign exchange. Eurasia Review
• The IMF inflows, together with the UAE rollover, will help build Pakistan's foreign exchange reserves which currently are nearing two months' worth of import cover, rising from one month of import cover. ArabNews
• The prospect of interest rate cuts in the US and emerging markets in 2024 is likely to make foreign exchange hedging cheaper for corporates, which dealers believe will result in increased hedge ratios. FX Markets
• Although oil prices have been projected to stay around $75 per barrel on average through the year in alignment with Nigeria's budgetary benchmarks, the import of petroleum products according to most stakeholders must see a significant reduction in the year to reduce the pressure on foreign exchange. Guardian Nigeria
• With central bank foreign exchange reserves barely enough to cover one month of controlled imports, Pakistan is facing an acute balance of payment crisis, which analysts say could spiral into a debt default if the IMF money does not come through. Reuters
• In the dynamic landscape of foreign exchange markets, technology has progressively been transforming how corporate clients manage their currency-related risks and transactions. Global Finance Magazine
• Following the freezing of nearly half of the Russian central bank's reserves, some countries might reduce the insurance value they assign to foreign exchange reserves if they fear facing sanctions in the future. European Central Bank
• Exports can decline further while prices could rise and the Indian Rupee could weaken with the worsening of the balance of payment situation and decline in foreign exchange reserves. DW.COM
• Foreign Exchange Reserves in Kenya is expected to be USD 15200.00 Million by the end of this quarter. Trading Economics
• Severe and persistent shortages of foreign exchange (forex) continue to subdue growth and threaten efforts to mitigate the prevailing high levels of poverty. Nation Publication Limited
• In addition to navigating risks from global economic shifts, fluctuating energy prices, Nigeria's macroeconomic conditions and forex regime, companies must embrace operational excellence to stay competitive. Premium Times Nigeria

Last updated: 23 April 2024