Analysts predict that the Bank of Canada will maintain its current interest rates on Wednesday due to cooling inflation and stress in the global banking system, despite the acceleration of growth in the first quarter. Last month, Governor Tiff Macklem announced that the Bank of Canada would pause its tightening campaign, leaving the benchmark rate…
In a more significant than expected action intended to combat inflation throughout the Eurozone, the European Central Bank (ECB) announced a hike in interest rates for the first time in more than ten years. The increase will become effective on July 27. Ironically, Mario Draghi resigned from his position as prime minister of Italy on…
On June 14, the European Union cut off Russia’s largest bank(Sberbank), Credit Bank of Moscow, and Russian Agricultural Bank from the SWIFT banking system as part of the sixth set of sanctions against Russia over its aggression against Ukraine. This move by the EU is an attempt to isolate Russia further financially and put pressure…