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currency markets

Venezuela debuts new banknotes amid soaring inflation

CARACAS, Venezuela (AP) — Venezuelans stood in long ATM lines Monday to take out new, larger-denominated bills that President Nicolas Maduro hopes will help stabilize the crisis-wracked economy. Maduro last month said he was scrapping circulation of the most used bill, the 100-bolivar note, and replacing it with new bills …

Venezuela leader says cash crackdown a victory over foes

CARACAS, Venezuela (AP) — Venezuela’s president said Sunday that the sudden decision to scrap the country’s most-used currency bill was an economic triumph over the country’s enemies even as the government sent troops and police to cities where riots and looting broke out over the measure. In a national radio …

No chicken, no cafes: Egyptians scrimp as prices leap

CAIRO (AP) — Money had already been tight as food and electricity bills climbed for weeks. So Ashraf Mahrous, a 45-year-old civil servant, warned his wife, “Black days are ahead,” when Egypt floated its pound and hiked fuel prices this month. Mahrous is now looking for a side job. Rising …

Egypt devalues, floats its currency, meeting key IMF demand

CAIRO (AP) — Egypt on Thursday took the unprecedented step of floating its currency and later hiked fuel prices, meeting key demands by the International Monetary Fund under a $12 billion loan agreement to overhaul the ailing economy of the most populous Arab state. The floatation, accompanied by a 48 …

Thai economy feels sting from political uncertainty

BANGKOK (AP) — Thailand’s stagnating economy is unlikely to get much of a boost from a referendum Sunday on a new constitution proposed by the military government, which took power in a 2014 coup. A “yes” vote could, however, tamp down some of the uncertainty that has plagued the country …

Russian ruble hits a new low as oil prices weaken

MOSCOW (AP) — The Russian ruble, battered by weak oil prices, on Monday fell to an all-time low against the euro and dropped to its lowest level in more than a year against the dollar. The Central Bank set the official exchange rate at over 85 rubles to the euro …

Winners and losers of Argentine currency devaluation

BUENOS AIRES, Argentina (AP) — A look at the winners and losers from the sharp devaluation of Argentina’s peso Thursday following the lifting of currency controls: ___ EXPORTERS (Winners)   Any business that exports is likely celebrating. The previous administration of President Cristina Fernandez overvalued the peso with a fixed …

For Russia’s Muslims, Mecca pilgrimage hopes drop with ruble

MOSCOW (AP) — The plunge in the ruble currency is making Russians’ travels abroad hugely more expensive. For thousands of the country’s Muslims, that means more than just canceling a beach vacation, but putting on hold a once-in-a-lifetime religious experience — the pilgrimage to the holy city of Mecca. Islam’s …

Indonesian president reshuffles Cabinet to boost economy

JAKARTA, Indonesia (AP) — Indonesia’s president announced a Cabinet reshuffle Wednesday, replacing key economic ministers with the aim of speeding up infrastructure spending to revive sputtering growth and stabilize the sliding rupiah. The Cabinet shake-up comes amid increasing public dissatisfaction with the lagging performance of Indonesia’s economy since Jokowi took …