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    Because he hates Americans, President Joe Biden is shipping much-needed American oil to foreign countries. The whole idea of the Strategic Petroleum Reserve (SPR), which is owned by the U.S. government, specifically the U.S. Department of Energy, is to hold on to about 700 million barrels of oil in the event of an emergency or disruption. But now, because His Fraudulency Joe Biden has closed pipelines, killed oil and gas leases, refused to allow refining to expand, and has gone to war with affordable energy; the SPR is releasing about a million gallons a day into the U.S. economy. Instead of doing something permanent and useful; instead of solving the crisis he created (that put a gallon of gas over five dollars), he’s looking to steady gas prices his collapsing poll numbers by squandering our reserves. That’s bad enough, so bad the SPR is now at its lowest level since 1986. Biden shuts down offshore oil and gas production while tapping the Strategic Petroleum Reserve to provide fossil fuels to U.S. consumers. https://t.co/1DcCJ14LCI — Breitbart News (@BreitbartNews) April 1, 2022...
    COLOMBO, Sri Lanka (AP) — Sri Lanka’s economy is in dire straits with its usable foreign reserves down to less than $50 million, the country’s finance minister said Wednesday. Ali Sabry was speaking to Parliament after returning to Sri Lanka from talks with the International Monetary Fund. He said any IMF rescue program, including a rapid financing instrument needed to urgently resolve shortages of essential goods, would depend on negotiations on debt restructuring with creditors and would take six months to implement. Sri Lanka is on the brink of bankruptcy and has suspended payments on its foreign loans. Its economic miseries have brought on a political crisis, with the government facing a protests and a no-confidence motion in Parliament. The country is due to repay $7 billion this year of the $25 billion in foreign loans it is scheduled to pay by 2026. “There is a severe risk in front of all of us,” said Sabri. He said Sri Lanka’s reserves stood at $7.6 billion at the end of 2019 and fell to $5.7 billion by the end of 2020...
    Chinese officials are looking at ways to defend the country from economic attack if the West should look to sanction China in the same way it did Russia — stoking fears the nation is preparing for an invasion of Taiwan. China's regulators held an emergency meeting on April 22 between officials from China’s central bank, the finance ministry, domestic banks operating within China, and international lenders such as HSBC. The West's harsh economic sanctions on Russia prompted the emergency meeting, with the Ministry of Finance stating that President Xi’s administration had been put on alert by the surprise dollar freeze. Taiwan President Tsai Ing-wen (right) speaks to United States Senator Lindsey Graham (left) and other US officials during their visit inside the Presidential office in Taipei. China's regulators held an emergency meeting on April 22 between officials from China’s central bank, the finance ministry, domestic banks operating within China, and international lenders RELATED ARTICLES Previous 1 2 Next Chilling Anzac Day warning Australia must 'prepare for war'... Taiwan TV station apologises for 'causing public panic'... ...
    NEW YORK (AP) — Russia staved off a default on its debt Friday by making a last-minute payment using its precious dollar reserves sitting outside the country, U.S. Treasury officials said. The amount of the payment was not disclosed, but earlier this month Russia’s finance ministry said it tried to make a $649 million payment due April 6 toward two bonds to an unnamed U.S. bank — previously reported as JPMorgan Chase. At that time, tightened sanctions imposed for Russia’s invasion of Ukraine prevented the payment from being accepted, so Moscow attempted to make the debt payment in rubles. Investors and rating agencies, however, did not expect Russia to be able to convert the rubles into dollars before a 30-day grace period expired next week, leading to speculation that Moscow was heading toward an historic default on its debt. Russia has not defaulted on its foreign debts since the Bolshevik Revolution in 1917, when the collapse of the Russian Empire led to the creation of the Soviet Union. Treasury officials, who declined to be named because they weren’t authorized...
    KATHMANDU, Nepal (AP) — Nepal banned imports of cars, alcohol, tobacco and other luxury items Wednesday and shortened its work week to help conserve its dwindling supply of foreign exchange. A notice published in the government gazette said only emergency vehicles can be imported. No imports of any type of alcohol or tobacco products, large-engine motorcycles and mobile phones costing over $600 dollars will be allowed. The ban, in effect until the end of the fiscal year in mid-July, also forbids imports of toys, playing cards and diamonds. Without such drastic measures, the foreign currency reserves needed to import almost everything will last only a few more months, officials said. Nepal’s main sources of foreign currency are tourism, remittances from overseas workers and foreign aid. Hundreds of thousands of foreign tourists usually visit the Himalayan country every year, but the number of visitors plunged during the coronavirus pandemic. Rising prices for oil have added to pressure on Nepal’s foreign reserves. So to conserve fuel, Information Minister Gyanendra Karki announced Wednesday that the government would reduce the...
    KATHMANDU, Nepal (AP) — Nepal is running low on foreign currency reserves needed to import medicines, oil products, cars and a range of other items, and will run out in seven months if things don’t improve, a central bank official said Friday. The central bank has increased interest rates, hoping it will discourage people from buying imports and help extend the foreign reserves, said Gunakar Bhatta, spokesperson of Nepal Rastriya Bank, the central bank. “We are concerned about the sustainability of our foreign exchange reserves,” Bhatta said. But he said there already are signs that the situation is getting better with the slowing of the pandemic. More tourists have begun to arrive and increasing numbers of Nepalese are going abroad to earn foreign currency and send it back home, he said. “Compared to previous years, the foreign exchange reserve level has come down, but we can manage it because the number of migrant workers that are going abroad has increased,” Bhatta said. Nepal’s main sources of foreign currency are tourism, remittances from overseas workers and foreign aid. Normally, hundreds...
    London (CNN Business)Russia has defaulted on its foreign debt because it offered bondholders payments in rubles, not dollars, credit ratings agency S&P has said. Russia attempted to pay in rubles for two dollar-denominated bonds that matured on April 4, S&P said in a note on Friday. The agency said this amounted to a "selective default" because investors are unlikely to be able to convert the rubles into "dollars equivalent to the originally due amounts."Moscow has a grace period of 30 days from April 4 to make the payments of capital and interest, but S&P said it does not expect it will convert them into dollars given Western sanctions that undermine its "willingness and technical abilities to honor the terms and conditions" of its obligations. Russia cannot access roughly $315 billion of its foreign currency reserves as a result of Western sanctions imposed following its invasion of Ukraine. Until last week, the United States allowed Russia to use some of its frozen assets to pay back certain investors in dollars. But the US Treasury has since blocked the country from accessing...
    The Treasury Department blocked Russia from using dollars held at U.S. banks to service its debt, increasing the odds of Moscow defaulting on its sovereign financial obligations. The move, which came Monday night, is intended to deplete the Kremlin's resources for its bloody invasion of Ukraine and cut Russia off from its over $600 million reserves in U.S. banks that it was previously allowed to use to service its international debt, according to the Treasury. CALLS FOR WAR CRIME CHARGES AGAINST PUTIN GROW, BUT SPEED OF JUSTICE COULD BE SLOW “Beginning yesterday, the U.S. Treasury will not permit any dollar debt payments to be made from Russian government accounts at U.S. financial institutions,” a Treasury spokesperson said, according to Politico. “This will further deplete the resources Putin is using to continue his war against Ukraine and will cause more uncertainty and challenges for their financial system." Shortly after the war broke out, the United States moved to freeze Russian foreign currency assets in U.S. institutions. But the Treasury previously allowed Russia to pay off its...
    Speaking to students and staff at Moscow State Institute of International Relations, Russian foreign minister Sergey Lavrov said that "no could have predicted" the severity of Western sanctions against Russian in the wake of its invasion of Ukraine, POLITICO reports. “When the reserves of the Central Bank were frozen, no one would think, out of those who made predictions, what sanctions the West might apply,” he said, adding that the West’s move is “thievery.” “Russia must be made to never again be reliant on supplies from abroad,” he said, but clarified that Moscow would be “ready to cooperate” with the West in the future “if they want.” As POLITICO points out, the EU, U.S., U.K. and Canada enacted coordinated sanctions freezing the Russian central bank’s foreign deposits, making it unable to access around half of its $630 billion gold and foreign currency reserves.From Your Site Articles
    COLOMBO, Sri Lanka (AP) — Sri Lanka has paid $500 million due on sovereign bonds from its badly depleted foreign reserves despite calls by experts to defer the payment and use the sum to import essential foods and medicine. The Indian ocean island nation is in its worst crisis in decades, with people facing shortages of essentials like milk powder, cooking gas and kerosene. Television reports have showed people in long lines waiting to buy propane, sometimes with fights breaking out. Including the latest payment, Sri Lanka has foreign debt obligations exceeding $7 billion in 2022, including repayment of another bond worth $1 billion in July. The Central Bank said on Thursday that gross official reserves stood at $3.1 billion at the end of 2021. That includes a currency swap in Chinese currency worth $1.5 billion, but economists disagree over whether those funds should be included in Sri Lanka’s foreign reserves. Negotiation deferred payments on international bonds might buy some breathing room though it may not do much to improve Sri Lanka’s credit rating or borrowing power, experts...
    ANKARA, Turkey (AP) — Turkey and the United Arab Emirates have agreed to a currency swap deal equivalent to $4.74 billion to boost Turkey’s depleted foreign exchange reserves, the Turkish central bank announced Wednesday. Under the agreement reached between their central banks, Turkey and the UAE agreed to swap 65 billion Turkish lira and 18 billion UAE dirham for a period of three years, with the possibility of extending the deal further. The agreement aims to help Turkey’s reserves following a series of interventions by the central bank, which sold foreign currency to prop up the lira amid a currency crisis. It comes as Turkey and the UAE have taken steps to improve relations following years of tensions. Turkey and the UAE found themselves on opposing sides of regional conflicts, including a proxy conflict in Libya and disputes in the Gulf and the eastern Mediterranean. Abu Dhabi’s powerful crown prince visited Ankara last month, making his first official trip to Turkey since 2012 and the highest-level visit by an Emirati official in recent years. “Signing this agreement with...
    People doing shopping at the local market in Istanbul, Turkey on December 5th, 2021. The depreciation of the Turkish lira weakened the purchasing power of citizens.Erhan Demirtas | NurPhoto via Getty Images Turkish President Recep Tayyip Erdogan has pledged to bring down his country's soaring inflation, which hit 36% in December, as the country's central bank gears up for another rate-setting meeting next week. Speaking in Parliament on Wednesday, Erdogan said he was protecting the country's economy from attacks by "foreign financial tools that can disrupt the financial system," according to a translation by Reuters. "The swelling inflation is not in line with the realities of our country," the president added, vowing that recently announced government measures to support the severely weakened lira would soon tame "unjust" price hikes. Economists commenting on the news were not impressed. "More complete and utter rubbish from Erdogan," Timothy Ash, emerging markets strategist at Bluebay Asset Management, wrote in an email note shortly after the speech. "Foreign institutional investors don't want to invest in Turkey because of the absolutely crazy monetary policy settings...
    COLOMBO, Sri Lanka (AP) — Sri Lanka’s government has withdrawn a ban on imports of agrochemicals that it said was aimed at encouraging organic cultivation. Agriculture Minister Mahindananda Aluthgamage announced on Wednesday the revocation of the ban, which took effect in April. But he said government subsidies, price guarantees for produce and technical support will only be provided to those who use organic fertilizer. The ban, which many analysts said was more an effort to preserve Sri Lanka’s scarce foreign reserves, drew months of protests, with farmers saying they were in danger of crop failures and poverty. Tea growers complained that the famous Ceylon Tea brand was at risk if yields fell, creating more opportunities for competitors. Agriculturists said that while organic farming was a welcome approach, the shift away from chemicals should be gradual to avoid food shortages. Sri Lanka’s foreign reserves dwindled to just two months’ worth of imports in August and its rupee currency depreciated 7.4% against the dollar in the first eight months of the year, according to the World Bank. Copyright © 2021 The Associated Press....
    California fires may have killed hundreds of giant sequoias Czech PM, named in Pandora probe, leads polls ahead of vote TOKYO, Oct 8 (Reuters) - Japan's finance ministry will start using foreign reserves to buy securities that meet environmental, social and governance (ESG) criteria, it said on Friday, joining a global tide of investors focusing on such issues. Load Error Japan's $1.4 trillion in foreign reserves are predominantly held by the Ministry of Finance (MOF) and are believed to comprise mainly U.S. dollars due to past interventions in foreign currency markets to weaken the yen. For years, the MOF has been trying to diversify the make-up of the world's second-largest reserves after China's. The latest plan will be put into effect as soon as possible, making Japan the first country among the Group of Seven (G7) nations to use foreign reserves for ESG investments, a MOF official said. "While adhering to the basic principle of ensuring safety, liquidity and profitability, we will make investment taking environment, social and governance (issues) into account," the MOF said in a statement,...
    Bloomberg Venezuelans are an asset, not a problem: Mac Margolis (Bloomberg) – Hunger, economic collapse, repression and covid-19: Venezuelans have experienced almost everything in the last year. For millions of them, a safe harbor in another Latin American country was the only way out. Armed fighting between security forces and guerrillas that forced at least 3,100 residents of the western state of Apure to flee across the border into Colombia in late March were just the latest example. Yet even these desperate escapades appear more complex as a continental backlash develops against the worst-hit diaspora in the Western Hemisphere. An estimated 5.4 million Venezuelans have left their homeland, 85% of whom landed in another country in Latin America or the Caribbean. They represent the world’s greatest humanitarian calamity after the war-torn Syria, but with a fraction of the aid and care. Venezuela’s refugee crisis has generated $ 1.3 billion in aid pledges, even as the Syrian refugee crisis has raised $ 19.9 billion, according to economist Dany Bahar, a senior fellow at the Brookings Institution. The pandemic has struck by...
    File Photo: A man walks in front of the facade of the Central Bank of the Argentine Republic building in Buenos Aires, Argentina. Sep 16, 2020. REUTERS / Agustin Marcarian BUENOS AIRES, Nov 30 (.) – Argentina’s central bank (BCRA) sold about $ 335 million of its reserves during November, traders said, amid a persistent fall in the domestic currency due to investors’ mistrust of the progress of the economy. Despite the fact that it is the fifth consecutive month in which the entity’s interventions show a negative balance, based on official data from the monetary authority, sales fell considerably in the month-on-month comparison. “The ‘foreign exchange stocks’ and the measures that the Government recently took are taking effect, although the investor who has liquidity continues to prefer to be positioned in dollars. All bets to recover reserves are placed on the next liquidations of the cereal (exporters)” said a renowned foreign exchange broker. Sales for the month, according to . calculations, were added to the 1,090 million used in October, the 1,618 million sold...
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