Latest Reserve assets News

Poverty and inflation: Egypt's economy hit by global turmoil

Sep. 25, 2022 03:29 AM EDT

DUBAI, United Arab Emirates (AP) — Stores are selling winter clothes from last season in the middle of summer. Repair shops lack spare parts for appliances. There's a waiting list to buy a new car. Egypt, a country of more than 103 million people, is running low on foreign...

Inflation, unrest challenge Bangladesh's 'miracle economy'

Sep. 23, 2022 01:55 AM EDT

DHAKA, Bangladesh (AP) — Standing in line to try to buy food, Rekha Begum is distraught. Like many others in Bangladesh, she is struggling to find affordable daily essentials like rice, lentils and onions. “I went to two other places, but they told me they don’t have supplies....

IMF criticizes Lebanese government over slow reforms

Sep. 21, 2022 13:08 PM EDT

BEIRUT (AP) — The International Monetary Fund on Wednesday said the Lebanese government's slowness to implement desperately-needed reforms was exacerbating the country's economic meltdown, even as officials met to discuss an urgent and long-delayed bailout. The IMF statement...

Lebanon: Central Bank lifts all expensive fuel subsidies

Sep. 12, 2022 21:38 PM EDT

BEIRUT (AP) — Lebanon's central bank lifted its remaining subsidies on fuel on Monday, gas station owners said, ending a year-long process of scaling back on the expensive program. The Central Bank over a year ago announced it would gradually lift fuel subsidies, to slow down the...

Bangladesh cuts school, office hours to save electricity

Aug. 23, 2022 10:21 AM EDT

DHAKA, Bangladesh (AP) — Schools in Bangladesh will close an additional day each week and government offices and banks will shorten their work days by an hour to reduce electricity usage amid concerns over rising fuel prices and the impact of the Ukraine war. The reduced hours take...

Argentina's latest economy minister warns he is no magician

Aug. 03, 2022 21:24 PM EDT

BUENOS AIRES, Argentina (AP) — Argentina’s third economy minister in a month was sworn in Wednesday, and as his first order of business Sergio Massa sought to bring down sky-high expectations for his tackling of the country's economic troubles. He made clear he would not announce...

Venezuela's Guaidó wins UK court ruling in battle over gold

Jul. 29, 2022 13:20 PM EDT

LONDON (AP) — Venezuelan opposition leader Juan Guaidó won a U.K. court ruling Friday that takes him a step closer to victory in his battle with President Nicolás Maduro over a cache of gold bullion held in the Bank of England. A judge at the High Court in London ruled that...

Developing nations seek to overcome energy, currency crises

Jul. 26, 2022 09:05 AM EDT

DHAKA, Bangladesh (AP) — Business leaders and officials from eight developing nations meeting in Bangladesh on Tuesday said more cooperation was needed among them to overcome dwindling foreign currency reserves, a growing energy crisis and supply chain disruptions. Representatives...

EXPLAINER: What's happened and what's next in Sri Lanka

Jul. 13, 2022 01:50 AM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka's president, who had announced he would resign Wednesday, has fled the country after months of turmoil culminated in protesters converging on the presidential palace. Here's what’s happening in Sri Lanka: — The country is hurtling toward...

EXPLAINER: Why Sri Lanka's economy collapsed and what's next

Jul. 09, 2022 20:36 PM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka’s prime minister said late last month that the island nation’s debt-laden economy had “collapsed” as it runs out of money to pay for food and fuel. Short of cash to pay for imports of such necessities and already defaulting on its debt, it is seeking...