Low interest rates mitigating the benefits of low oil prices – IMF When oil prices began to crater, it was hoped that demand would grow, giving economies a proverbial shot in the arm. Unfortunately, economic growth has remained sluggish, and has even cooled off in major demand centers like China. “The widely anticipated ‘shot in the arm’ for the global
OPEC member Nigeria looking to fund power, transport and road infrastructure projects with cheap money Nigeria, an OPEC member and Africa’s largest economy, is looking to international institutions in order to fund its record-setting 2016 budget. With approximately 35% of GDP, 75% of government revenue and 90% of export earnings coming from oil, the continued low price of crude oil
Status Bump: China’s renminbi joins the dollar, euro, pound and yen as an IMF reserve currency The International Monetary Fund (IMF) announced Monday that the international lender will include the Chinese renminbi, or yuan, in its basket of currencies that make up the Special Drawing Right (SDR), it said in a release. The IMF’s decision will be effective as of
Euro outflows look likely Greece missed its self-imposed Sunday deadline for reaching an agreement with its lenders for aid, putting pressure on the Euro. The missed deadline led to renewed fears in the market that Greece might default on its debt, or exit the euro zone, reports Reuters. Greece faces a payment to the International Monetary Fund (IMF) on Friday
