Developing countries should trade in local currencies to alleviate forex pressure, Turkey’s Erdogan advises
Countries from the so-called “D-8” group of developing nations should trade with each other in their local currencies, Turkish President Tayyip Erdogan said Friday, to alleviate the forex pressure inherent in dollar-based trade. “If we are to use local currencies for trade within the D-8, our currencies will be rid of the pressures from foreign […]
Reviving India’s economy
Not long ago, India was a poster child for political stability and economic growth among emerging economies. Though the country had a long way to go to eradicate poverty and extreme inequality, when it came to steady GDP growth, it was among the world’s strongest and most consistent performers. Not anymore. In the second quarter […]
Crude oil price likely to remain above $50 per barrel threshold, says report
Global crude oil price is likely to remain above $50 per barrel in August from its strong rebound in July, gaining 8.22 percent, according to the Financial Derivatives July economic report issued August 14, 2017. According to the report, Brent crude staged a strong rebound in July, gaining 8.22% to close at $52.91 per barrel. […]
UAE, Kazakhstan, Iraq, Malaysia pledge full compliance with OPEC output cuts
The United Arab Emirates (UAE), Iraq, Kazakhstan and Malaysia Tuesday pledged full support for the existing monitoring mechanism to fully cooperate with the Joint OPEC-Non-OPEC Technical Committee (JTC) and Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) in the months ahead in order to achieve the goal of reaching full conformity. The agreement was reached at the […]