Hoarding, low sugar performance blamed for rising exchange rates
Currency Exchange
March 18, 2014 | BY KNEWS |
Guyana’s rising exchange rates may be blamed on a number of prevailing factors, including reduced proceeds from sugar and a steep drop of gold prices on the world market.
Over the past months, the exchange rate of Guyana dollar to the US climbed from $200 to US$1 to just over $210, a worrying trend for businesses and the administration. It is not likely to drift down in a hurry, analysts have said.
While banks were advertising trading on average between $204 and $209, businesses have been complaining of hardships in acquiring significant amounts. Continue reading
RUSSIA: Ukraine invasion — How Russia rescued the ruble – NPR Newsletter
Russia said last week that it wants the European countries that buy its natural gas to make their payments in rubles, rather than dollars or euros. A month ago, that might have seemed like a pretty good deal: The ruble was down 40%, at 139 rubles to the dollar, in the wake of Russia’s invasion of Ukraine.
Since that low point on March 7, however, the Russian ruble has staged a dramatic recovery. At the time of this writing, it was trading at 84 to the dollar, which is right back where it was at the time of the invasion. And this is no dead cat bounce. It’s a sharp and sustained recovery that made the ruble the world’s top-performing currency in March.
Yet all the sanctions imposed when the war began are still in place, and in some cases they’re even more robust. So how have the Russians managed to revive their currency? Continue reading →
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