Local currencies – Kopa Runescape 2 Gold http://www.koparunescape2gold.com/ Fri, 07 Jan 2022 09:20:39 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://www.koparunescape2gold.com/wp-content/uploads/2021/07/kopa.png Local currencies – Kopa Runescape 2 Gold http://www.koparunescape2gold.com/ 32 32 How Bristol became the frontline of revival https://www.koparunescape2gold.com/how-bristol-became-the-frontline-of-revival/ Fri, 07 Jan 2022 05:00:00 +0000 https://www.koparunescape2gold.com/how-bristol-became-the-frontline-of-revival/ Yet even as Good Life blossoms by the River Avon – the Soil Association, Triodos Bank and the Environment Agency are all headquartered here – is everything in Bristol really so rosy? Former Mayor Independent George Ferguson yesterday warned the city faced an existential threat in the form of overdevelopment. This laid back, friendly lifestyle […]]]>

Yet even as Good Life blossoms by the River Avon – the Soil Association, Triodos Bank and the Environment Agency are all headquartered here – is everything in Bristol really so rosy? Former Mayor Independent George Ferguson yesterday warned the city faced an existential threat in the form of overdevelopment. This laid back, friendly lifestyle attracts more investment, and as it does, Ferguson warned: sleepwalking through it.

An architect by training, Ferguson warned of a resurgence of “selfish high-rise development,” pleading for “common sense” to create elegant streets and spaces that are the makings of major European cities, and promising to “fight like hell for Bristol.” “

The city is not without social problems either. A 2019 sewage and wastewater report found it to be the cocaine capital of Europe.

Additionally, a survey conducted last summer by Currys PC World and Ring Security found that Bristol was only 36th out of 50 for affordable UK cities, ranking 30th for safety and 22nd for work balance. -personal life. It only makes it to 29th place for greenery, which seems particularly disappointing.

Worse yet, according to the city’s review website I Live Here, many accolades are a myth. “What is really happening is that posh neighborhoods such as Clifton are becoming even more posh, more trendy and less accessible for the ‘lower’ classes, while other places on the outskirts continue to decline,” explains a poster. “A few tips from Bristol: Graffiti, expensive sandwiches and the smelly hordes of hippies don’t make a pleasant city.”

These hippies may also be Trustafarians, still wearing the clothes in which they roamed Indonesia, are now studying history at university with the intention of working in the city later.

I’m only too well aware of how the past and the present are intertwined, Georgian terraces and gangly white youths with dreadlocks are in the city, having been schooled there in the 1970s and 1980s. Seven years old, I crossed the gently creaking Clifton Suspension Bridge with my mom, dropping me off at high school and then going to the comprehensive school where she taught: Lockleaze, just south of Filton.

My friends and I hiked Clifton and Redlands, all the way to Gloucester Road – now the hippest shopping and food street, but then decidedly unhealthy. We walked down the steep hill from Park Street, met at Broadmead shopping center to shop at Snob’s and have a cocktail at the floating pub on the docks, Lochiel.

The relaxed vibe was close to structural levels. Lunches were spent haunting the antique market where fox stoles – with their heads still attached – jostled alongside long silk dressing gowns, once owned by elderly gentlemen who lived in the grand houses of the Downs. Moms in long skirts sharing yogurt recipes. In my memory Clifton still smells of the roasted coffee at Carwardines – as it might have done in the 1920s – and the patchouli-scented incense sticks imported from India.

As a teenager I had friends at Colston Girls’ School (now Montpellier High School) and sang with a choir at Colston Hall – the Bristol Beacon since 2020. We took houseboat trips around the docks to watch the giant tobacco warehouses and see the SS Great Britain. Trade and slavery were taught in history classes because their history was all around us, in museums as well as in events such as the St. Paul’s riots in 1980.


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Kenya’s foreign wealth shrinks by $ 769 million https://www.koparunescape2gold.com/kenyas-foreign-wealth-shrinks-by-769-million/ Wed, 05 Jan 2022 13:40:34 +0000 https://www.koparunescape2gold.com/kenyas-foreign-wealth-shrinks-by-769-million/ By VICTOR JUMA Kenya’s net foreign assets fell by Ksh 87.1 billion ($ 769.7 million) in the year through September, the largest drop to date, indicating that local financial institutions have liquidated some of their portfolios abroad. Net Foreign Assets (NEA) refer to the total foreign assets held by banks and the Central Bank of […]]]>

By VICTOR JUMA

Kenya’s net foreign assets fell by Ksh 87.1 billion ($ 769.7 million) in the year through September, the largest drop to date, indicating that local financial institutions have liquidated some of their portfolios abroad.

Net Foreign Assets (NEA) refer to the total foreign assets held by banks and the Central Bank of Kenya less foreign liabilities of institutions.

“Net foreign assets increased from Ksh 751.2 billion ($ 6.6 billion) at the end of September 2020 to Ksh 664.1 billion ($ 5.8 billion) at the end of September 2021”, Kenya’s National Bureau of Statistics said in its third quarter GDP report. .

Stable or growing net foreign assets are likely to increase the relative value of the Kenyan shilling, while the reverse could cause the value of the local currency to fall against others.

A stronger shilling helps lower the cost of imports, as Kenya ships a wide range of consumer and capital goods such as petroleum products and industrial machinery.

A lower shilling contributes to inflation but may benefit some players such as exporters whose goods become cheaper from the perspective of foreign buyers.

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The net international investment position alone, however, is not the only determinant of a country’s macroeconomic stability.

Assets indicate whether a country is a net creditor or a net debtor. Kenya was a debtor country between 1982 and 1992 when its financial institutions owed foreigners more money than they had abroad, according to World Bank data.

This is the largest drop in assets, which fell from a low of Ksh 30 billion ($ 264.9 million) in 1993 to a high of Sh 885 billion in the first half of last year.

The Treasury attributed the decline in foreign assets to a reduction in the CBK’s foreign exchange reserves in addition to a decline in bank deposits abroad.

The CBK’s foreign exchange reserves are usually spent when the institution steps in to support the shilling or makes payments to foreign lenders as a tax agent for the government.

Kenya’s growing appetite for international borrowing through the issuance of dollar-denominated bonds has grown in recent years, making debt servicing a major factor in changes in net foreign assets.

The weakening of the shilling also risks eroding assets by inflating the debt of financial institutions in foreign currencies.

The local currency depreciated to trade at 113 units to the dollar, from 100 units to the greenback in February 2020 – a month before the country registered its first case of the coronavirus.

The pandemic has resulted in a significant weakening of the local currency due to a reduction in exports and a wide disruption of economic activity, including severe restrictions on sectors such as tourism and transport.

The shilling has lost ground against most major currencies, including the euro, British pound, and US dollar.

The depreciation continued even after the removal of restrictions related to the coronavirus which led to a strong economic recovery.

“The economic recovery from the effects of the Covid-19 pandemic continued in the third quarter of 2021 thanks to the gradual relaxation of containment measures instituted to curb the spread of the disease,” said KNBS.

“Real GDP grew 9.9% in the third quarter of 2021, compared to a contraction of 2.1% in the same quarter of 2020.”

KNBS said the performance was due to strong rebounds in most economic activities which contracted in the third quarter of 2020.

Industries that supported overall growth included manufacturing which increased 9.5 percent, education (64.7 percent), transportation and warehousing (13 percent), accommodation activities and catering (24.8 percent) and financial and insurance activities (6.7 percent.

“However, agricultural production was limited due to the drought conditions that characterized the quarter under review in most parts of the country,” KNBS said.

“The agriculture, forestry and fishing sector contracted 1.8% during the review, compared to growth of 4.2% in the same quarter of 2020.”

The contraction resulted in a significant drop in fruit exports, cane deliveries, tea production and coffee exports, the statistical agency said.


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Equities end the year on a positive note https://www.koparunescape2gold.com/equities-end-the-year-on-a-positive-note/ Mon, 03 Jan 2022 15:30:02 +0000 https://www.koparunescape2gold.com/equities-end-the-year-on-a-positive-note/ The actions extended their Santa Claus rally with hopes that the Omicron variant won’t cause serious economic damage next year, even as the number of cases has skyrocketed around the world. The S&P 500 was up 0.85% week-over-week amid low trading volumes and low volatility (VIX down 4% to 17.2), after hitting a record high […]]]>

The actions extended their Santa Claus rally with hopes that the Omicron variant won’t cause serious economic damage next year, even as the number of cases has skyrocketed around the world. The S&P 500 was up 0.85% week-over-week amid low trading volumes and low volatility (VIX down 4% to 17.2), after hitting a record high intraday of 4,809 Thursday. The Dow Jones Industrial Average gained 388 points to 36,338.30, or +1.08%. The Russell 2000 gained + 0.17%.

International equities performed in line with their US counterparts. MSCI World added + 0.78%. In Europe, the MSCI EMU jumped + 0.96%. In Asia, the Shanghai Composite rose + 0.60% while the Nikkei of Japan stalled (+ 0.03%) after three positive weeks.

Gains in almost all sectors

Unlike last week, defensive sectors such as real estate (+ 3.69%), utilities (+ 2.64%) and consumer staples (+ 2.48%) were the most big winners in the last days of December. Consumer discretionary (+ 0.42%) lagged behind as Amazon plunged -2.54%. Moreover, Tesla climbed (-0.96%) after the electric vehicle maker announced that nearly half a million cars were due for recall due to safety concerns. Information technology (+ 0.47%) and financials (+ 0.60%) also underperformed the broader market, but it was more difficult for communication services (-0.79 %), the only S&P sector in the red, pushed down by ViacomCBS (-1.30%), Google (-1.67%), Netflix (-1.90%), Twitter (-2.13% ) and Discovery (-3.60%).

Yields on treasury bills edged up

US Treasuries continued to hold firm ahead of New Year’s Eve. The 10-year T-note rate closed at + 1.52% (+ 3bp over the week). In Germany, the 10 years Bund yield followed suit, jumping 7 basis points from -0.25% to -0.18%. Likewise, the yield of the French OAT rose from + 0.12% to + 0.20%, its highest level for two months.

Corporate investment grade bonds closed in a mixed manner (-0.29% in Europe, + 0.30% in the United States). In the high yield space, the trend remained positive on both sides of the Atlantic for the fifth consecutive week (+ 0.03% in Europe, + 0.21% in the United States). Emerging debt fell by -0.34% in local currencies while the greenback weakened (dollar index down -0.89%). Elsewhere, gold extended its winning streak to a fourth week (spot price at $ 1,829.20, or + 0.65%).

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Peso loses 6% in 2021 https://www.koparunescape2gold.com/peso-loses-6-in-2021/ Sat, 01 Jan 2022 16:00:00 +0000 https://www.koparunescape2gold.com/peso-loses-6-in-2021/ Lawrence Agcaoili – The Filipino Star January 2, 2022 | 00h00 MANILA, Philippines – After becoming one of the region’s best-performing currencies in 2020, the peso depreciated near the $ 51-1 level in 2021 amid strong Philippine demand for the dollar as the economy is gradually recovering from the impact of the pandemic. Michael Ricafort, […]]]>
Lawrence Agcaoili – The Filipino Star

January 2, 2022 | 00h00

MANILA, Philippines – After becoming one of the region’s best-performing currencies in 2020, the peso depreciated near the $ 51-1 level in 2021 amid strong Philippine demand for the dollar as the economy is gradually recovering from the impact of the pandemic.

Michael Ricafort, Chief Economist at Rizal Commercial Banking Corp. (RCBC), said the peso weakened by P2.976, or 6.2%, to close at 50.999 at the end of 2021, going from 48.023 to $ 1 at the end of 2020.

From the 4.5-year intraday high of 47.61 on June 1, 2021, the peso depreciated 3.39P, or 7.1% in over six months due to the reopening of the economy following strict COVID-19 lockdowns, resulting in increased import demand.

The peso ended 2021 on a stronger note, closing $ 50.999-1 on the last trading day of 2021, rising from $ 51 to $ 1 on Wednesday – the peso’s weakest since closing at $ 51.07-1 March 26, 2020.

Ricafort said monthly imports and trade deficit data have already returned to pre-COVID levels on a monthly basis despite the emergence of the new Omicron variant.

The latest data from the Philippine Statistics Authority (PSA) showed the country’s trade deficit increased 66% to $ 33.21 billion from January to October 2021, from $ 20 billion during the same period in 2020.

This, after imports rose 29.7% to $ 95.31 billion in the 10-month period of 2021 from $ 73.48 billion a year ago, while exports increased by 16.1% to $ 62.1 billion against $ 53.48 billion.

Ricafort said the strengthening of the peso against the dollar was offset by some recovery in the economy as well as imports given the expected acceleration of COVID vaccinations in the coming months, which could help better manage the new local cases and, in turn, will ultimately help to justify the further reopening of the economy.

Ricafort said revenue from export sales likely increased in the fourth quarter of 2021.

As seen consistently for many years, Ricafort said the peso appreciated with the widely expected increase in Filipino Workers Abroad (OFW) remittances as well as the conversion into pesos, especially during the Christmas and New Year holiday season.

OFW’s personal remittances rose 5.4% to $ 28.82 billion from January through October, from a level of $ 27.35 billion a year ago, as cash remittances flowed through by banks increasing 5.6% to $ 23.12 billion, from $ 21.89 billion.

Likewise, net inflows of foreign direct investment (FDI) jumped 43.8 percent to $ 7.29 billion in the first three quarters of 2021, from $ 5.02 billion in the same period. in 2020.

Ricafort said the next big hurdle against further upside potential is the levels of 51 to 51.50 per $ 1 seen at the start of the pandemic.

“The overall economy is still below pre-COVID levels for now, reflecting a relatively slower recovery in some import activity, given the lockdowns at the start of the year and last year.

Security Bank chief economist Robert Dan Roces said the local currency could weaken further to $ 52 to $ 1 amid rising demand for the dollar as the economy continues to reopen.

Roces said pain points to watch for 2022 include the presidential and national elections in May, the series of interest rate hikes by the U.S. Fed, the country’s widening trade deficit as well as rising global prices for goods. raw materials.

“Currency exchange space is very difficult to predict. We didn’t expect him to hit all 49 levels again this late in the game, but he did. So, next year, with the Fed rising, we might expect a stronger response from the dollar. So that means the peso is also weakening, ”Roces said.

According to Roces, the export sector could show faster growth of 8% next year compared to the 7% forecast this year, but the sector could still be affected by high shipping costs and chain constraints. supply.

Likewise, he said, China faces slower growth, potentially affecting external demand for products made in the Philippines, including agricultural exports, thereby suppressing the potential for export growth.

On the flip side, Roces said imports could see double-digit growth next year from the nine percent forecast this year due to rebounding domestic demand.

However, Roces warned that the country still faces high commodity prices due to surging global demand, leading to further inflationary pressures.

“Importers will have to meet demand, so they’re probably going to be looking for more dollars to fund their operations, of course they’re going to source it locally. So there is going to be a higher local demand for dollars and that indicates the depreciation of the peso, ”Roces said.

According to Roces, oil prices are expected to remain high next year, as demand could exceed pre-pandemic level on a gradual path.

ANZ Research said the peso weakened in 2021 as the country’s current account position turned unfavorable due to high import bills.

“The improvement in remittances was also insufficient to offset the increase in the trade deficit. The evolution of its external position will be the key to the performance of the peso in 2022. Rising domestic demand, high oil prices and an increase in infrastructure spending will further increase imports, ”ANZ said in its report on the economic outlook for the first quarter of 2022.

ANZ expects the peso to strengthen to $ 49.90 to $ 1 in 2022 and to $ 49.50 to $ 1 in 2023 after weakening against the dollar in 2021 as the increase in remittances OFW as well as higher revenues from the Business Process Outsourcing industry would help support the current account in 2022.


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Kenya needs bold and broad economic thinking https://www.koparunescape2gold.com/kenya-needs-bold-and-broad-economic-thinking/ Thu, 30 Dec 2021 21:03:19 +0000 https://www.koparunescape2gold.com/kenya-needs-bold-and-broad-economic-thinking/ Chroniclers Kenya needs bold and broad economic thinking Friday, December 31, 2021 By JAINDI KISEROMore from this author Summary When traders hesitate to speak up it is usually that we are entering a period when players will be more interested in short term calculations. In the coming weeks, the Monetary Policy Committee of the Central […]]]>

Chroniclers

Kenya needs bold and broad economic thinking


jaindikisero_img

Summary

  • When traders hesitate to speak up it is usually that we are entering a period when players will be more interested in short term calculations.
  • In the coming weeks, the Monetary Policy Committee of the Central Bank of Kenya will need to show more dexterity in managing the speculative forces that are sure to explode, especially in the run-up to the elections.

With a widening current account and pressure on our hard currency starting to build up due to large upcoming external debt repayments – and the country entering a high-stakes general election – it shouldn’t be surprising that we we were starting to see speculative pressures manifest. to be applied to the local currency.

If you are going to buy dollars today, it is likely that you will see big differences between the rates offered to you in the banking room and the rates quoted in the open market.

We are in an environment of information asymmetry. I telephoned several forex traders and treasury managers at the major banks for explanations of these pressures on the shilling. The standard response has been tight-lipped. When traders hesitate to speak up it is usually that we are entering a period when players will be more interested in short term calculations.

In the coming weeks, the Monetary Policy Committee of the Central Bank of Kenya will need to show more dexterity in managing the speculative forces that are sure to explode, especially in the run-up to the elections.

Yet we also have to agree that the fundamentals don’t look good. Our export sectors have been underperforming for several years. Indeed, exports to GDP have remained stable for several consecutive years.

Income from tea, coffee, tourism and horticulture has historically been low. The recent collapse of the tourism industry has made matters worse.

On the other hand, the value and quantity of imports have increased exponentially. Diaspora remittances are about the only place where we see significant growth in the export sector.

Along with the large investment in infrastructure projects that we have implemented, there has been a huge increase in the demand for dollars to finance imports of steel and heavy machinery.

We export huge amounts of dollars to pay Chinese contractors and to service expensive syndicated loans and Eurobonds.

External factors also intervened. Internationally, all indications are that the US dollar has strengthened and continues to exert pressure on the currencies of all of its trading partners, including Kenya.

Indeed, recent statistics now show that the United States has become Kenya’s third largest source of imports. At the regional level, the weak performance of our economy compared to its neighbors has led to an appreciation of their currencies against the Kenyan shilling.

We must put pressure on the presidential candidates to go beyond filing lists of so-called flagship projects and to give us clearly quantified plans of what they want to do.

We are at a point where what we need most is bold and broad economic thinking. In the air, you neither sense nor smell the anticipation of a new direction in economic policy. Indeed, the development of economic policies in this country has become lazy and unpredictable. Take this ritual of the annual budget speech, for example.

When you read the budget statements or even the fiscal policy statement, it’s basically about spending a few billion more on roads, ports, electricity, railways, housing, and police vehicles, and the salaries of the Kenya Defense Forces and teachers.

Economic policymaking has turned into taxing and extravagant spending, with the IMF and the World Bank encouraging us and telling us not to worry.

We know that agriculture remains the backbone of the economy. But in terms of budget allocations, the lion’s share of spending will still go to megaprojects ostensibly aimed at improving infrastructure. Part of the problem is the failure of the institutions that run the economy.

Public finance management is in total disarray at both the national and county levels. Our line ministries and departments are unable to produce regular accounts. This is why we are having difficulty with the functioning of the Integrated Financial System (IFMIS) and why the Treasury is unable to implement the proposed Single Treasury Account.


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Tanzanian shilling maintains stability in 2021 https://www.koparunescape2gold.com/tanzanian-shilling-maintains-stability-in-2021/ Wed, 29 Dec 2021 13:00:56 +0000 https://www.koparunescape2gold.com/tanzanian-shilling-maintains-stability-in-2021/ The shilling has maintained stability throughout the year, fluctuating slightly around 1.0% since January. The local currency opened the year at 2,309/09 against the US dollar, which was almost similar to the 2,309/16 yesterday. According to the Bank of Tanzania (BoT) daily exchange report, the shilling has kept the range of fluctuation for most of […]]]>

The shilling has maintained stability throughout the year, fluctuating slightly around 1.0% since January. The local currency opened the year at 2,309/09 against the US dollar, which was almost similar to the 2,309/16 yesterday.

According to the Bank of Tanzania (BoT) daily exchange report, the shilling has kept the range of fluctuation for most of the year at around 2,309 / -. However, it was not until the middle of the year – from June to September – that it reached the limit of 2310 / -.

The best shilling moment of this year was between October and November, when it appreciated strongly against the greenback. In October, it gained to trade at 2,305 / – against the dollar before appreciating again to 2,304 / – at the end of November. The NMB Bank said demand for shillings was still dampened by inputs from agriculture, NGOs and the mining sector to help manage its stability.

“(The) demand (has been) observed from manufacturers, telecoms and oil JIs (marketing companies) with thin flows from NGOs and the mining sector to support demand. Local currency is expected to remain at the same levels in the coming days (towards the end of the year), ”NMB said in one of its daily market reports this month.

According to Orbit Securities, the shilling edged down 0.02% against the US dollar to close last week at 2,309/09 against the greenback from the previous week’s close at 2,308/68. In addition, last week the volume traded on the Interbank Foreign Exchange Market (IFEM) fell more than 90% to a dismal US dollar equivalent to 4.3 billion / – from 55.10 billion / – the previous week. .