Competitive currency devaluation does not benefit any country and could cause chaos to global financial order, former China central bank governor Zhou Xiaochuan said on Friday.
Fears of a monetary devaluation in Lebanon, where the exchange rate has been fixed for more than two decades, are on the increase following a dollar shortage and the downgrading of the country’s sovereign credit rating.
Sri Lanka’s central bank (CB) has devalued the rupee by up to 15 per cent, taking one of several steps analysts said are needed to obtain a International Monetary Fund loan programme that would boost currency reserves and help negotiate debt
The Pakistani rupee weakened by 1.2% on Wednesday after foreign exchange companies removed a cap on the currency, saying it caused “artificial” distortions for an economy in desperate need of International Monetary Fund (IMF) help. The move towards a market-based exchange rate should please the IMF, as that is one of
Lebanon is facing an unprecedented crisis. The economy has sunk to its lowest. The Lebanese lira is going for 3,900 for a US dollar. In the black market it has reached the absurdly phenomenal level of 18,000 Lebanese lira for a US dollar. The World Bank has described it as one