Ezz_steel1
Arab Steel Summit
kuwait_steel1
imatal4
Ezz_Web_Banner_Side_280x200
qatar_steel2
Slide
Arab Steel Summit
Kallanish3_23_2
Arab Steel Summit

Emerging economies burn through $240 billion in reserves

Leading emerging countries have burned through $240 billion in foreign exchange reserves over the past two months, Bank of America said on Monday, as central banks look to prop up their currencies and economies in the face of COVID-19.

The drain was likely to continue albeit at a slower pace, Bank of America added in a note citing reserves data for 31 states.

China, Hong Kong, Saudi Arabia, Brazil and Turkey had all seen the biggest total drop in reserves, the bank said.

Turkey and Egypt had seen particularly large percentage declines, it added. Turkey and Romania also stood out as their official reserves did not fully cover short-term external debt over 12 months, the note said.

“The drain of [EM] reserves is likely to continue, though more slowly, during what looks to be a disappointing recovery in global and EM growth,” David Hauner at BofA wrote in the note.

“After an initial bounce in activity after the opening of lockdowns, several factors are likely to restrain the recovery: high debt, corporate defaults, inefficient labour markets, de-globalisation and China-U.S. tensions.”


 

Twitter
Facebook

Related News

Ezz-780-1
kuwit-steel3
mih-1
Arab Steel Summit

Latest News

الاتحاد العربي للحديد والصلب

لوريم ايبسوم هو نموذج افتراضي يوضع في التصاميم لتعرض على العميل ليتصور طريقه وضع النصوص بالتصاميم سواء كانت تصاميم مطبوعه لوريم ايبسوم ليتصور طريقه لوريم ايبسوم.

About AISU

Arab Iron and Steel Union was established in Algeria in 1972 as the first Arab Union of the Arab countries to be founded under the Council of Economic Unity umbrella in the League of Arab States.

It is the first Arab organization to specialize in the iron and steel field, and its tasks fall within making plans aimed mainly at developing and growing the iron and steel industry in the Arab world.

Arab Iron and Steel Union comprises a wide range of multi-activity companies related to the iron and steel industry from the Arab countries.

Information

92 Members

28 Board of Directors

17 Country

300.000 Employees

Subscribe Newsletter

Contact us

General Secretariat
Tel +21323304221 Fax +21323304254
Mail: relex@solbarab.org

Cairo Regional Office
Tel +20233356219 Fax +20233374790
Mail: aisucairo@solbarab.org