Tunisia's central bank keeps key interest rate unchanged at 7.5%
TUNIS, May 30 (Reuters) - Tunisia's central bank has kept its benchmark interest rate unchanged at 7.5%, an official at the bank told Reuters on Friday.
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The Independent
4 hours ago
- The Independent
UK latest country to back Morocco's plan in disputed Western Sahara
The United Kingdom on Sunday became the latest country to back Morocco's position on the disputed Western Sahara, calling its plan to keep the territory under Moroccan control 'the most credible, viable and pragmatic' way to resolve the decades-long conflict. At a joint press conference in Morocco's capital, British Foreign Minister David Lammy said the United Kingdom was changing its position to support Morocco's plan to offer the area limited autonomy under Moroccan sovereignty. He and Moroccan Foreign Minister Nasser Bourita lauded the two countries' ties on security and trade, noting Morocco's role as co-host of the 2030 FIFA World Cup. "The time for a resolution and to move this issue forward is long-overdue, and would strengthen the stability of North Africa," Lammy said. He also reiterated support for the United Nations-led process and called on Morocco to 'expand on details of what autonomy within the Moroccan State could entail for the region.' Western Sahara is a strip of coastal desert rich in phosphates and fish that the United Nations has considered a 'non-self-governing territory' throughout almost 50 years of dispute. It's claimed by both Morocco and Polisario, a pro-independence group that operates out of refugee camps in southwestern Algeria. The shift fulfills one of Morocco's primary foreign policy objectives and makes the United Kingdom the third permanent member of the United Nations Security Council to back its position, following France and the United States. Since 1991, the United Nations has administered a peacekeeping mission designed to hold a referendum to determine the status of the disputed territory, all of which is under Morocco's control except for a small sliver near the Algerian border. After years of conflict, the area has recently emerged as a hotspot for investment, drawing European and American firms interested in fishing, agriculture and infrastructure projects that would allow for the transmission of wind and solar power. As negotiations have stalled, Morocco has invested heavily in the region and sought support from trade partners. Polisario has taken its fight to international courts, arguing that Morocco does not have the right to trade resources belonging to the Sahrawi people while the conflict remains unresolved. The countries exchange billions of dollars worth of cars, fruits and vegetables. The two are partnering on XLinks, a renewable energy storage and transmission project whose backers hope will power millions of British homes. The British shift angered Algeria, Morocco's regional rival, which in a statement on Sunday blasted Morocco's plan as 'empty of content and incapable of contributing to a serious and credible settlement of the conflict.' Polisario Front representatives didn't respond to questions about the United Kingdom's stance.
Reuters
10 hours ago
- Reuters
US debt is 'sound', no concerns about US dollar's reserve role, Taiwan's central bank says
TAIPEI, June 1 (Reuters) - Taiwan's central bank said on Sunday that U.S. government debt is "sound" and still favoured by investors, and there are no worries about the U.S. dollar's position as the leading international reserve currency. U.S. President Donald Trump's tariff announcement on April 2, which led to a market rout, including in U.S. Treasuries, has cast doubt over the dollar's safe-haven status. Trump's has made complaints about a strong dollar which have also triggered speculation that Washington wants an adjustment lower in the U.S. currency. Taiwan's $582.8 billion in foreign exchange reserves are more than 80% made up of U.S. Treasury bonds, according to the island's central bank. The central bank, responding to what it said were market concerns about U.S. bonds and the U.S. dollar, said on its website there was no cause for alarm. "There are still no concerns about the U.S. dollar's position as the leading international reserve currency," it said. "U.S. public debt is stable and has good liquidity, and its function as a store of value is still favoured by investors." The central bank also called on the media and market commentators not to speculate about the foreign exchange rate, given the Taiwan dollar's surge since last month against the U.S. currency on speculation Washington had asked Taipei to let it strengthen as part of tariff talks. The central bank has repeatedly denied that the United States has made that request. In its Sunday statement, the central bank said its inspection teams had found that some foreign investors, whom it did not name, had transferred large sums into Taiwan dollar deposit accounts ostensibly to invest in Taiwan stocks. But no such investments took place, it said, adding foreign investors must use remitted funds to invest in domestic securities if that is what they have declared the money for "and not use the funds to speculate on the Taiwan dollar's exchange rate".
Reuters
11 hours ago
- Reuters
Slovak central bank chief Kazimir should not get another term, prime minister says
June 1 (Reuters) - Slovak central bank governor and European Central Bank policymaker Peter Kazimir is not the right candidate to get another six-year term and the country's main ruling party will not back him, Prime Minister Robert Fico said. Kazimir was finance minister for Fico's SMER-SSD party in 2012-2019 but was close to Peter Pellegrini, who led a group that split away to form a new party called Hlas-SD in 2020. The two parties came together to form a government in 2023, but Fico has been at odds with Kazimir due to the party split. Kazimir, who's term as central bank governor expired on Sunday, was sentenced on Thursday to a 200,000 euro ($226,940) fine for bribery. The central bank chief, who has denied wrongdoing, has rejected the verdict and said he would appeal to a higher court. Fico, speaking at a news conference on Sunday, said he had labelled Kazimir as a "political traitor" because of his disloyalty to the SMER-SSD party not because of his conviction in the bribery case. Fico said he respected the right of coalition partner Hlas-SD to nominate the governor, under their coalition agreements. "I think that we have the right as a party (SMER-SSD) that will be important in the vote, to say if this person suits it or not," Fico said. "And we have a number of principal reasons that make us say that Peter Kazimir is not the right candidate for NBS governor. Hlas-SD must come up with someone else," he said. Slovak central bank chiefs are nominated by the government, approved by parliament and appointed by the president. Fico has criticised the judge over the Kazimir bribery ruling. The court has declined to comment. Under Slovak law, Kazimir can remain a governor unless there is a final conviction of a crime. He also stays in his post past the end of his term until a new governor is appointed. Kazimir has not said publicly if he was seeking a second term. ($1 = 0.8813 euros)
