Kristalina Georgieva Secures Second Term as IMF Chief
Bulgaria's Kristalina Georgieva has been appointed for a second term at the helm of the International Monetary Fund (IMF)
The Chinese yuan officially joined the USD, the Euro, the Japanese Yen and the British Pound Sterling as a global reserve currency.
This is an extremely important moment for Beijing in securing greater influence on the international stage, reported Reuters.
The yuan is being included in the basket of IMF reserve currencies on the day China celebrates the creation of the Chinese People’s Republic in 1949.
This step is not expected to affect global markets since it was announced last year, but it will place the not-so-transparent economic and financial policy of Beijing in the international spotlight because central banks will add assets in yuans to their official reserves.
China surprised global markets by devaluing its currency last year. As of then, the exchange rate of the yuan decreased to a near 6-year minimum which is another reason to worry considering weak global growth as it is.
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Amidst discussions about Bulgaria's journey towards joining the Eurozone, Deputy Governor of the Bulgarian National Bank (BNB), Petar Chobanov, highlighted the robustness of Bulgaria's banking system, stating it aligns closely with Eurozone standards
In a recent interview with BTA, Kristalina Georgieva, Managing Director of the IMF, emphasized the importance for Bulgaria to seize the opportunity to adopt the euro, stressing that it is achievable with the right political will
In its latest macroeconomic forecast released on Tuesday, the Bulgarian National Bank (BNB) anticipates a 2.2% increase in Bulgaria's Gross Domestic Product (GDP) for the year 2024, compared to 1.8% in 2023
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