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Germany to face highest inflation in 70 years – central bank

Germany is about to see its highest inflation in decades, the president of the nation’s central bank, Joachim Nagel, told the Rheinische Post on Saturday, adding that Germany might fall into a recession. “An inflation rate of even 10% is possible in the autumn months,” Nagel told the paper, adding …

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US central bank needs to increase interest rates more, chair says

The Federal Reserve will have to further accelerate increasing interest rates in order to rein in inflation, which is already at 40-year highs, Fed chairman Jerome Powell told the Senate Banking Committee on Wednesday. “I think that the most recent inflation indicators, [the] various kinds, suggest to us that we …

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Russia should rethink its export-driven economy – central bank

The Russian government should reconsider the way the nation’s export-dependent economy is functioning under the current circumstances, according to the country’s central bank governor Elvira Nabiullina. Speaking at the St. Petersburg International Economic Forum on Thursday, Nabiullina said that a “substantial part” of the country’s industry should work for the …

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Russia not facing default – central bank

Russia has all the necessary financial resources to allow the economy to function under sanctions pressure, the Governor of the Central Bank Elvira Nabiullina said on Thursday at a meeting of the State Duma. She stressed there is no danger of default for the country. “Russia has the resources, all …

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US central bank warns of housing bubble

The Federal Reserve Bank’s Dallas branch has warned of a “brewing US housing bubble,” saying that prices have surged beyond levels justified by market fundamentals, creating risk of a market collapse. “There is growing concern that US house prices are again becoming unhinged from fundamentals,” Fed economists said in a …

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NATO bases in Central Asia ‘unacceptable,’ Moscow says

Russian Foreign Minister Sergey Lavrov said on Thursday that any NATO military presence in Central Asia will undermine the security of the Russian-led bloc in the region. The minister made his comment at an Afghanistan-themed summit in Tunxi, China. “We believe it’s unacceptable to have any US and NATO military …

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Ukraine wants SWIFT to cut off Russia’s central bank

The National Bank of Ukraine has asked global financial messaging system SWIFT to disconnect Russia’s central bank, effectively cutting off the regulator’s ability to conduct international transactions. “The National Bank of Ukraine appealed to the leadership of the international SWIFT system with a call to disconnect the Central Bank of …

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Russian central bank denies head tried to resign over Ukraine

Russian Central Bank Governor Elvira Nabiullina did not attempt to resign over Ukraine only to have her resignation personally rejected by President Vladimir Putin, the regulator said on Wednesday. It reiterated that “the information provided by the Bloomberg agency is not true.” Earlier, Kremlin spokesman Dmitry Peskov suggested those curious …

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US central bank hikes interest rate, blames Russia

The US Federal Reserve’s Federal Open Market Committee has boosted its benchmark interest rate by 25 basis points, the first increase in over three years as the policymaking body seeks to rein in near-record inflation. The new rate will run between .25% and .5%. In addition to the rate hike …

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