Author: lisa burids
Iran and Russia are making significant strides towards establishing a single currency for the BRICS group, according to Iranian Ambassador to Russia, Kazem Jalali. Jalali revealed this development during a recent press conference at the 15th International Economic Forum ‘Russia-Islamic World: KazanForum,’ held in Kazan, southwest Russia. A Strategic Economic Partnership Jalali highlighted that Iran is actively participating in various initiatives organized under Russia’s chairmanship of BRICS. “The creation of a new single currency within the framework of the association is what Russia and Iran are working on,” Jalali stated. This initiative is seen as a strategic move to counter…
The US dollar continues to experience The US dollar continues to experience significant upward pressure against the Japanese yen, a trend that has been consistently strong over the longer term. This persistent rise is largely driven by the interest rate differential between the United States and Japan, and the geopolitical stability that positions the USD as a safe haven currency. US Dollar vs Japanese Yen: Technical Analysis On Monday, the US dollar saw a slight increase against the Japanese yen in early trading hours, signaling a potential move towards the 156.50 yen level. The 155 yen mark is a crucial…
Fitch Ratings’ Positive Outlook on Four Egyptian Banks for FY2024/2025 Fitch Ratings has revised its outlook for four prominent Egyptian banks, upgrading their status from stable to positive while affirming their long-term issuer default ratings at B-. This U.S.-based credit rating agency’s decision reflects improved conditions and expectations for these banks in the upcoming fiscal year 2024/2025. State-Owned and Private Banks Included in the Positive Outlook Revision The banks benefiting from this positive revision include three state-owned institutions—the National Bank of Egypt (NBE), Banque Misr (BM), and Banque du Caire (BDC)—as well as the largest private bank in Egypt, Commercial…