currency controls

This tag is associated with 9 posts

Are U.S. Exchange Controls Imminent?

By Egon Von Greyerz, I have for quite some time warned investors to get out of the banking system. We believe that it is now becoming more urgent than ever. Bank stocks in Europe and the US are falling fast. The market is clearly sensing that things are looking extremely precarious in most financial institutions. … Continue reading

IMF Urges Nigeria To Devalue Currency As Its Economy Crumbles

The IMF is urging Nigeria’s Central Bank to devalue its local currency, the naira, and to remove curbs on access to foreign exchange as part of a package of aggressive economic policies in order to counter the impact of low oil prices, according to a statement released on Wednesday. Nigeria, Africa’s largest economy and largest crude producer, an OPEC member state, … Continue reading

Reflections On Venezuela’s “Economic Miracle”

By Andrew Syrios Back in 2013, Salon took a quick break from criticizing a caricature of libertarianism to let David Sirota write an embarrassing article praising socialism in what turns out to be a fantastic case study in both the dangers of socialist economics and of course, speaking to soon. The article was titled “Hugo Chavez’s … Continue reading

China Said To Scrap Currency Controls By 2020

Chinese leaders are set to announce a deadline of 2020 to dismantle currency controls which have kept the world’s second-largest economy from fully integrating with global financial markets, Bloomberg reports. Top leaders in China will convene in Beijing over October 26-29 for the fifth plenary session — a key four-day policy-setting meeting that will be closely eyed by global investors — were they will discuss … Continue reading

Venezuela Is Now The Most Expensive Country In The World – OpEd

By Simon Black Forget Norway. Japan. Iceland. Switzerland. Or any of the other places around the world that are notorious for being painful on the wallet. Venezuela is now the most expensive country in the world, hands down. To give you an idea, the cost of a 15-minute taxi ride to the beach yesterday afternoon totaled … Continue reading

China’s Central Bank Can’t Leave The Currency Control Lever Alone

By Tadanori Yoshida, Nikkei Asian Review Beijing desperately wants to keep the yuan from depreciating further while also internationalizing the currency, but its actions don’t appear to help achieve either end. The State Administration of Foreign Exchange summoned currency market officials from commercial banks about a month ago, telling them not to give comments to customers that might … Continue reading

Venezuela’s Continuous Coup – OpEd

By Alfredo Lopez When Caracas Mayor Antonio Ledezma was arrested last week, charged with organizing and leading a coup, the U.S. State Department’s spokeswoman Jen Psaki said: “The allegations made by the Venezuelan government that the United States is involved in coup plotting and destabilization are baseless and false. The United States does not support … Continue reading

Argentina’s Forex Controls: Clamping Down On Prosperity

By Iván Cachanosky October 2011, the government of President Cristina Kirchner created a “clamp” on the exchange rate, establishing a maximum rate with the objective of slowing the escape of foreign currency reserves from Argentina. However, the result wasn’t as hoped — reserves ended up dwindling at a rapid rate, with the impact being felt in other variables … Continue reading

Venezuela’s Auto Production Tumbles 72.5% In 2014 To Worst On Record

Venezuela’s national automakers organization – Cavenez – says that auto production in the recession-hit nation tumbled 72.5 percent in 2014 to a meager 19,759 units, the worst performance on record, Reuters reported on Saturday. In Venezuela, automakers – alongside private businesses – have been challenged as the government’s currency controls have inhibited them from importing … Continue reading

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