Tag: Currency

A Penny for Your Thoughts Could Be a Lot Harder to Find

WASHINGTON — Randy Graham, the chief executive of the First National Bank of Tennessee, was surprised to learn in mid-June that the Federal Reserve would not be filling his entire order of pennies, nickels, dimes and quarters. The reason: The nation’s coin supply was coming up short. In the latest indication of how the coronavirus […]

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Lebanon’s Currency Plunges, and Protesters Surge Into Streets

BEIRUT, Lebanon — A new wave of anti-government protests erupted across Lebanon on Thursday with people blocking roads, burning tires and chanting against the political elite amid a deepening economic crisis. The protests, in a number of cities and in multiple parts of the capital, Beirut, did not appear to be coordinated, but broke out […]

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Poor Countries Face a Debt Crisis ‘Unlike Anything We Have Seen’

From Angola to Jamaica to Ecuador to Zambia, the world’s poor countries have had their finances shredded by the global pandemic. The president of Tanzania has called on “our rich brothers” to cancel his country’s debt. Belarus veered toward a default when a promised $600 million loan from Russia fell through. Russia couldn’t spare the […]

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Lebanon’s Economic Crisis Explodes, Threatening Decades of Prosperity

BEIRUT, Lebanon — Flawed policies and sudden shocks have thrust Lebanon into its worst economic crisis in decades, with its currency collapsing, businesses shutting, prices for basic goods skyrocketing and the threat of hunger looming for its poorest people. “They come to sell because they need to eat,” said Ali Sabra, a gold merchant in […]

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With Inflation Ravaging Currency, Iran Is Changing Names and Numbers

For many years, Iran’s government debated changing the national currency, the rial, by basically slashing four zeros off its face value — an acknowledgment of how American sanctions and economic mismanagement have contributed to inflation in the country. On Monday, the Iranian Parliament essentially took that step, authorizing the replacement of the rial with another […]

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Facebook-Backed Libra Cryptocurrency Project Is Scaled Back

OAKLAND, Calif. — When Facebook unveiled its Libra cryptocurrency project last June, the social networking company described it as a futuristic global money that could serve as the foundation for a new kind of financial system. But on Thursday, Facebook and its partners rolled out a less ambitious design for Libra after the effort encountered […]

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It’s the End of the World Economy as We Know It

ImageA container ship in Qingdao, China. One way the coronavirus may change the world economy is in making countries re-examine their reliance on far-flung supply chains.Credit…CHINATOPIX, via Associated Press When big convulsive economic events happen, the implications tend to take years to play out, and spiral in unpredictable directions. Who would have thought that a […]

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Economic Crisis Prompts a Showdown, and a Shutdown, in Suriname

PARAMARIBO, Suriname — Suriname ground to a halt on Wednesday as its banks, shops and factories shuttered in a showdown between its beleaguered private sector and its authoritarian government over how to respond to a deepening economic crisis. The closures brought a new and unpredictable tension to the streets of Paramaribo, the capital of this […]

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In World’s Most Vulnerable Countries, Coronavirus Pandemic Rivals the 2008 Crisis

In New Delhi, a fruit vendor whose sales have dropped by half now dilutes the milk she serves to her five children. In central Turkey, a company that runs hot air balloon rides for tourists has banished its 49 employees to indefinite leave while cutting their wages by half. In Manila, a bartender for an […]

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In World’s Most Vulnerable Countries, the Pandemic Rivals the 2008 Crisis

In New Delhi, a fruit vendor whose sales have dropped by half now dilutes the milk she serves to her five children. In central Turkey, a company that runs hot air balloon rides for tourists has banished its 49 employees to indefinite leave while cutting their wages by half. In Manila, a bartender for an […]

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How Trump’s Attacks on the Fed Have Made Its Job Harder

WASHINGTON — President Trump has spent two years publicly attacking the Federal Reserve and undercutting its chair, Jerome H. Powell. That animosity is making it difficult for Washington to project a united front as it stares down the most significant economic threat since the Great Recession. The Fed has moved at breakneck speed to try […]

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Surging Dollar Reflects the Standout U.S. Economy

The dollar climbed to its highest level in years this week, a reflection of the standout status of the American economy against a global backdrop clouded by the coronavirus. Pessimistic economic updates from Japan, Britain and Germany have only added to the uncertainty created by the coronavirus, which all but idled China’s economy for weeks. […]

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Iran’s Economy Is Bleak. Its Stock Market Is Soaring.

LONDON — He looked past Iran’s cratering economy, ignored the unraveling nuclear deal and tuned out the bellicose threats of war from President Trump. Maciej Wojtal was focused on a mundane yet crucial question: Where were Iran’s people going to buy their chocolate biscuits? Iranians were being forced to economize, trading lunch at kebab restaurants […]

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