![]() Last Thursday, ECOWAS ordered the deployment of a “ standby force” to Niger following the coup leaders’ failure to reinstate Bazoum by its Aug. The announcement came hours after the junta said it was open to dialogue with the Economic Community of West African States (ECOWAS). If found guilty, Bazoum could face the death penalty. He was also charged with threatening the country’s internal and external security. Niger’s military junta charged ousted President Mohamed Bazoum with high treason on Sunday for trying to derail peace negotiation efforts through his exchanges with foreign leaders and international organizations. and South Korean forces begin joint military exercises. Guatemala holds a presidential runoff election. 20: Ecuador holds early presidential and legislative elections. President Joe Biden hosts a trilateral summit with Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk-yeol.Īustrian Chancellor Karl Nehammer hosts German Chancellor Olaf Scholz. G-20 health ministers begin a three-day summit in India.įriday, Aug. 17: Iranian Foreign Minister Hossein Amir-Abdollahian visits Saudi Arabia. Thailand’s Constitutional Court delivers its judgment on a petition arguing the constitutionality of barring Pita Limjaroenrat from running for prime minister. Secretary of State Antony Blinken hosts Jordanian King Abdullah II in Washington. 16: Indonesian President Joko Widodo delivers his annual address to parliament. Santiago Peña is inaugurated as president of Paraguay. 15: Russia’s Central Bank holds an emergency meeting. “It is important for the Central Bank of Russia to understand that until now, unfortunately, the dollar exchange rate is not only an economic indicator, the exchange rate has a significant impact on the social rights of our citizens,” wrote Russian Sen. If the Kremlin does not shore up its currency soon and decrease inflation fears, the nation’s economic crisis could spill into the streets. But economists maintain that inflation will reach as high as 6.5 percent by the end of 2023. And on Thursday, it halted foreign-currency purchases for the rest of the year. To stop inflation from rising further, Russia’s Central Bank raised interest rates last month. Much of that is due to Western sanctions, which have restricted trade revenue, increased costs of imports, and made migrant labor less attractive in Russia during a time when Moscow is battling its worst labor shortage in decades. Still, Russia’s GDP exceeded expectations by growing 4.9 percent in its second quarter, mostly due to consistent oil revenue deals and intense government spending on war production efforts. The nation’s central bank furthered his argument, citing Russia’s shrinking trade balance the country’s account surplus fell 85 percent year on year in the last seven months, shrinking to just $25.2 billion. Russian President Vladimir Putin’s economic advisor, Maxim Oreshkin, wrote a column for a state media outlet blaming “loose monetary policy” for the weak currency and worsening inflation. “The whole world is laughing at us now,” said Vladimir Solovyov, a Russian TV presenter considered Moscow’s top media propagandist. Now, only a handful of fiscally stricken nations-such as Turkey, Nigeria, and Argentina-are having a worse monetary year. This marks the Kremlin’s weakest currency level since Russia invaded Ukraine more than 18 months ago. ![]() dollar-a value loss of around 30 percent since the year began. According to new central bank data, the ruble is trading at a rate just above 101 to the U.S. ![]() dollar-indicating that Western sanctions and international isolation over Russia’s war in Ukraine are taking a bite out of the country’s economy. Russia’s Central Bank announced on Monday that it will convene an emergency meeting on Tuesday after the ruble fell to a 16-month low against the U.S.
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