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Kazakhstan's central bank is intervening in the market to address the tenge's decline, which has reached its lowest point since March 2022. Officials aim to prevent destabilizing fluctuations, ensure a stable foreign-currency supply, and restore a fair exchange rate. The National Bank is prepared to continue these interventions to maintain normal currency market operations.
Morocco plans to enable local banks to offload nearly $10 billion in junk loans via a secondary market, aiming to enhance funding for an economy affected by climate change. A draft bill has been proposed to help banks improve their balance sheets, bolster solvency, and generate new liquidity for other financing activities, pending legislative approval.
Raiffeisen Bank projects Ukraine's GDP to grow by 4.9% in 2025, with an exchange rate of 45.5 UAH/$1, amid a slight decrease in inflation to 8%. The bank's forecasts hinge on improved security conditions, while external aid is expected to support the budget deficit and foreign reserves.
The Swiss rail expansion project is set to cost nearly CHF30.4 billion by 2035, nearly doubling initial estimates. This includes CHF8.5 billion for major upgrades like station conversions and CHF5.5 billion for specific projects, such as the Brütten tunnel, to accommodate a 20% increase in passenger capacity. The transport ministry emphasizes the need for these investments to manage growing mobility demands while ensuring safety at larger stations.
Russia's economy is facing severe challenges as the ruble plummets, hitting its lowest level since March 2022, amid ongoing sanctions and a war-focused domestic economy. The central bank has halted foreign currency purchases to stabilize the market, but inflation continues to soar, exacerbating economic instability. Despite some growth driven by oil and gas exports, the situation is deteriorating, with experts warning of a potential currency crisis.
The European Central Bank may gradually lower interest rates as inflation eases, potentially reaching around 2%, according to Governing Council member Pierre Wunsch. He indicated that if inflation slows to target sooner than anticipated, discussions on removing restrictions could take place, though he advised against drastic measures.
Most economists anticipate a 25-bps interest rate cut in February 2025, with the probability now at 60%, down from 68% in October. Confidence has waned due to rising geopolitical uncertainties, high inflation, and stable growth, while the likelihood of a December cut has dropped to 0%.
US consumer spending remains robust, with living standards reaching new economic highs, while inflation is primarily influenced by supply issues rather than demand. In Europe, ECB President Lagarde's political remarks on trade relations with the US raise concerns about the central bank's neutrality, as inflation figures in Spain and Germany are expected to rise but remain near 2%.
Spanish inflation rose to 2.4% in November, the highest rate since August, driven by base effects. This increase follows a 1.8% rise in October and aligns with economists' median estimates, suggesting it won't hinder the European Central Bank's plans to lower interest rates.
Minister Goyal expressed optimism about India's relationship with the incoming Trump administration, despite Trump's previous claims of high tariffs imposed by India. He highlighted Prime Minister Modi's successful navigation of ties with three US administrations and looks forward to continued collaboration. Goyal emphasized the need to wait for the new government's official stance before making any assumptions.
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