Dubai: Lebanon’s current economic catastrophe is epitomised by one factor more than any other: The free fall of its currency. Since 1997, the Lebanese Central Bank has artificially pegged to the lira was to the US dollar at the rate of $1 = 1,500LP (1,507 to be precise).
The number of customers aged between 20 and 29 failing to pay off credit loans soared in June, fueling concerns that unemployed young people with low credit and little collateral to offer will emerge as the highest-risk borrowers amid the virus-triggered economic crisis.
NEW DELHI (Metro Rail News): As part of its effort to improve connectivity, Beijing-based multilateral funding agency AIIB is looking to provide loans worth USD 3 billion for various large infrastructure projects, including Delhi Meerut Rapid Rail, Mumbai Metro Rail and Chennai Peripheral Ring Road
The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. So far SDR 204.2 billion (equivalent to about US$281 billion) have been allocated to members, including SDR 182.
Argentina defaulted on sovereign debt for the ninth time in its history, as Latin America’s third-biggest economy grapples with a new cycle of economic contraction, runaway inflation and a hard-currency squeeze exacerbated by the coronavirus pandemic.