CHENNAI – S Venkitaramanan, the former Reserve Bank of India (RBI) Governor who played a pivotal role in India’s economic reforms during the early 1990s, has passed away at the age of 92 after a brief illness. His leadership was marked by critical measures that steered the country through a severe balance of payments crisis.…
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WASHINGTON – The International Monetary Fund (IMF) has reached a staff-level agreement to augment Kenya’s financial aid, providing immediate access to $682.3 million and an additional $938 million for the country’s ongoing program. This decision comes as Kenya faces liquidity challenges, with a $2 billion Eurobond due in 2024 looming over its economy. The IMF’s…
DAR ES SALAAM – In a significant move to bolster investments in key economic sectors, CRDB Bank and the African Export-Import Bank (Afreximbank) have entered into a strategic partnership. The collaboration was formalized with the signing of a $115 million facility agreement at the Intra-African Trade Fair (IATF) 2023 in Cairo, Egypt, today. This new…
MUMBAI – The Reserve Bank of India (RBI) has announced an increase in risk weights for consumer credit, including personal loans and credit card receivables. This move comes as a measure to curb the rapid growth in certain consumer credit sectors and manage the escalating risks associated with them. As per the latest circular issued…
NEW YORK – As the financial industry continues to evolve, a recent report highlights the growing importance of quality digital services in banking for enhancing customer satisfaction. Susan Foulds from Keynova Group emphasized the crucial role that fintechs and retailers play in driving the adoption of real-time payments (RTP), with Citibank at the forefront of…
© Reuters. FILE PHOTO: The U.S. Capitol Building is seen in Washington, U.S., August 15, 2023. REUTERS/Kevin Wurm/File Photo/File Photo By David Morgan and Katharine Jackson WASHINGTON (Reuters) -Democratic and Republican leaders in the U.S. Senate said on Wednesday they would try to quickly pass legislation to keep the government funded, preventing a partial shutdown…
NEW YORK – In a striking divergence from expectations, New York’s manufacturing sector experienced a robust expansion in November 2023. The Federal Reserve Bank of New York reported today that the general conditions index, a key indicator of manufacturing activity in the state, soared to a high of 9.1 from a negative reading of -4.6…
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