Economy
British banks began to stop some mortgage deals because of pound falls against the dollar
![pound falls against dollar](https://letizo.com/wp-content/uploads/2022/09/British-banks-began-to-stop-some-mortgage-deals-because-of-pound-falls-against-the-dollar.jpeg)
Major banks in Britain have begun to temporarily stop offering mortgages to new customers because the pound falls against the dollar. It is reported by the BBC.
“The first reaction to the situation is Halifax, which announced that on Tuesday it will stop providing loans with a fixed rate, “- said the BBC.
Lending institutions Virgin Money and Skipton Building Society added that mortgage deals are not issued to new customers due to the turbulent market situation. Banks will raise interest rates to curb inflation, as the pound falls against every currency in the world.
On September 25, the Observer, citing a former independent member of the regulator’s monetary policy committee, Martin Will, reported that the Bank of England may call an emergency meeting of the Monetary Policy Committee, where it would raise the benchmark interest rate more aggressively.
The Bank of England had previously said that the U.K. economy was in recession. The kingdom’s economy declined by the same 0.1% in the second quarter. By recession we mean a decline in real GDP for two consecutive quarters.
Earlier, we reported that top international banks fear China’s military operation in Taiwan.
Economy
Russian central bank says it needs months to make sure CPI falling before rate cuts -RBC
![](https://letizo.com/wp-content/uploads/2023/12/russian-central-bank-says-it-needs-months-to-make-sure-cpifalling-before-rate-cuts-rbc_6589b7fabdb0c.jpeg)
![Russian central bank says it needs months to make sure CPI falling before rate cuts -RBC](https://i-invdn-com.investing.com/trkd-images/LYNXMPEJBN037_L.jpg)
© Reuters. Russian Central Bank Governor Elvira Nabiullina attends a news conference in Moscow, Russia June 14, 2019. REUTERS/Shamil Zhumatov/File Photo
MOSCOW (Reuters) – Russia’s central bank will need two to three months to make sure that inflation is steadily declining before taking any decision on interest rate cuts, the bank’s governor Elvira Nabiullina told RBC media on Sunday.
The central bank raised its key interest rate by 100 basis points to 16% earlier in December, hiking for the fifth consecutive meeting in response to stubborn inflation, and suggested that its tightening cycle was nearly over.
Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.
“We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.
Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.
“This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.
The bank will next convene to set its benchmark rate on Feb. 16.
The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle.
Economy
China identifies second set of projects in $140 billion spending plan
![](https://letizo.com/wp-content/uploads/2023/12/china-identifies-second-set-of-projects-in-140-billionspending-plan_658866868e953.jpeg)
![China identifies second set of projects in $140 billion spending plan](https://i-invdn-com.investing.com/trkd-images/LYNXMPEJBM01Q_L.jpg)
© Reuters. FILE PHOTO: Workers walk past an under-construction area with completed office towers in the background, in Shenzhen’s Qianhai new district, Guangdong province, China August 25, 2023. REUTERS/David Kirton/File Photo
SHANGHAI (Reuters) – China’s top planning body said on Saturday it had identified a second batch of public investment projects, including flood control and disaster relief programmes, under a bond issuance and investment plan announced in October to boost the economy.
With the latest tranche, China has now earmarked more than 800 billion yuan of its 1 trillion yuan ($140 billion) in additional government bond issuance in the fourth quarter, as it focuses on fiscal steps to shore up the flagging economy.
The National Development and Reform Commission (NDRC) said in a statement on Saturday it had identified 9,600 projects with planned investment of more than 560 billion yuan.
China’s economy, the world’s second largest, is struggling to regain its footing post-COVID-19 as policymakers grapple with tepid consumer demand, weak exports, falling foreign investment and a deepening real estate crisis.
The 1 trillion yuan in additional bond issuance will widen China’s 2023 budget deficit ratio to around 3.8 percent from 3 percent, the state-run Xinhua news agency has said.
“Construction of the projects will improve China’s flood control system, emergency response mechanism and disaster relief capabilities, and better protect people’s lives and property, so it is very significant,” the NDRC said.
The agency said it will coordinate with other government bodies to make sure that funds are allocated speedily for investment and that high standards of quality are maintained in project construction.
($1 = 7.1315 renminbi)
Economy
Russian central bank says it needs months to make sure CPI falling before rate cuts -RBC
![](https://letizo.com/wp-content/uploads/2023/12/russian-central-bank-says-it-needs-months-to-make-sure-cpifalling-before-rate-cuts-rbc_6588666c7d443.jpeg)
![Russian central bank says it needs months to make sure CPI falling before rate cuts -RBC](https://i-invdn-com.investing.com/trkd-images/LYNXMPEJBN037_L.jpg)
© Reuters. Russian Central Bank Governor Elvira Nabiullina attends a news conference in Moscow, Russia June 14, 2019. REUTERS/Shamil Zhumatov/File Photo
MOSCOW (Reuters) – Russia’s central bank will need two to three months to make sure that inflation is steadily declining before taking any decision on interest rate cuts, the bank’s governor Elvira Nabiullina told RBC media on Sunday.
The central bank raised its key interest rate by 100 basis points to 16% earlier in December, hiking for the fifth consecutive meeting in response to stubborn inflation, and suggested that its tightening cycle was nearly over.
Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.
“We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.
Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.
“This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.
The bank will next convene to set its benchmark rate on Feb. 16.
The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle.
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