Author: Steven Sahiounie

Russia’s permanent representative to the United Nations, Vasily Nebenzia, stressed that Russia cannot rely on the dollar as a global currency in light of the Western sanctions policy. In an interview with “Novosti” agency, he indicated that the process of abandoning the dollar by the global economy is under way, and Nebenzia said, “The process of transitioning in mutual settlements between countries to national currencies reflects the desire of countries to get rid of dependence on the dollar.” The official recalled previous statements by Russian Foreign Minister Sergey Lavrov about the dollar, in which he said that the United States…

The Russian currency, the ruble, continues to rise against major currencies today, Friday, and the US currency traded below the level of 77 rubles, for the first time since last March 31 (2023). By 10:03 Moscow time, the dollar exchange rate had fallen by 83 kopecks (rule = 100 kopecks) to 77.72 rubles, according to Moscow Stock Exchange data. The euro’s exchange rate fell by 79 kopecks to 85.39 rubles, while the Chinese currency, the yuan, fell by 11 kopecks to 11.16 rubles. This article was originally published by RT.

Russian Deputy Prime Minister Alexander Novak reaffirmed his country’s full commitment to the voluntary reduction in oil production, noting that pipeline supplies to the European Union have declined by more than two-thirds. “Considering the unfounded speculation in the press about (Russian) oil production levels, Russia reaffirms its full commitment to the (previously announced) voluntary oil production cut levels,” Novak told reporters on Thursday. He added, “With regard to media reports indicating growth in exports following the results of monitoring marine shipments, these reports do not take into account the fact that pipeline shipments to the European Union have decreased significantly…

Oil prices rose today, Friday, after a wave of losses recorded this week, and prices fell in light of fears of an economic recession, which will affect the demand for crude. By 09:31 Moscow time, US West Texas Intermediate crude futures rose 1.27% to $69.43 a barrel. While Brent crude futures rose 1.32% to $73.46 a barrel, according to Bloomberg agency data. Despite the rise, black gold prices are heading towards recording weekly losses, global crude “Brent” by 8.5%, and US crude by more than 10%. This article was originally published by RT.

The Food and Agriculture Organization’s (FAO) world price index rose in April for the first time in a year. The organization said that the index, which measures the prices of the most traded food commodities globally, averaged 127.2 points last month, compared to 126.5 in March. The March reading was initially at 126.9 points. The agency added that the rise in April reflected an increase in the prices of sugar, meat and rice, which offset the impact of declines in the prices of cereals, milk and vegetable oils. …

Many countries in the world are trying to achieve economic growth and turn the course of deflation into growth, and sometimes economic activities are financed by borrowing and borrowing. Most of the time, borrowing is through government issuance of bonds in order to bridge the gap in the budget, and the result is that countries incur debts. The debt-to-GDP ratio is an important economic measure that is usually used to determine the stability and health of a country’s economy. This indicator is usually evaluated along with other indicators, such as per capita GDP and economic growth. The following is a…

Economic analyst Hanan Ramses considered that Egypt’s resources and capabilities were greatly affected by conflicting internal economic decisions, the fluctuation of the Arab position, and the increase in the number of arrivals to Egypt due to the wars in their countries. Ramses indicated, in an interview with RT, that after reaching an Egyptian-Arab understanding regarding Gulf investments in Egypt, there was a semi-stop in this file, which foreshadowed more dollar scarcity after Egypt was counting on the flow of this currency. Also, the state’s failure to complete the offerings program and activate the “state ownership policy document” mechanism had an…

Fitch downgraded Egypt’s rating from “B+” to “B”, while converting its outlook to negative, indicating that it may downgrade the rating further in the coming months due to the country’s economic problems. And the credit rating agency spoke in a statement about the increase in external financing risks in light of the high financing needs and the tightening of external financing conditions, and said in a statement that “all of this comes against the backdrop of a state of extreme uncertainty in the path of exchange rates and the decline in external liquidity reserves.” And she pointed out that the…

Despite forecasts of a steeper drop, GDP saw a year-on-year decline of 2.2% in the first quarter of 2023 Russia’s economy posted a better than expected 2.2% GDP drop from January through March in annual terms, statistics from the Economy Ministry have shown. According to the ministry, the Russian economy shrank by 1.1% year-on-year in March, an improvement on a revised 2.9% decline in February. GDP is expected to rebound marginally in 2023 from a 2.1% annual decline last year due to Western sanctions. Ministry data seen by local media in April showed that the economy is forecast to grow…

Russia has a healthy level of state debt and inflation, according to the president Russia is in better economic shape than many large Western nations in terms of inflation and the level of sovereign debt, President Vladimir Putin said on Thursday. During a working meeting with Economy Minister Maksim Reshetnikov, Putin noted that Russia’s state debt is only a fraction of its gross domestic product. “It’s 121.7% [of GDP] in the US, the eurozone’s debt amounts to 90.9%, Germany’s and France’s total 66.5% and 111.1% respectively, Russia’s 14.9% is a well-performing indicator,” the leader stated. Putin also drew attention to the…