Yesterday, the Belarusian ruble rebounded slightly in international currency markets for the first time since the Russian ruble plummeted in value in December. The gain follows emergency steps taken earlier this month by Belarus’ central bank to devalue the ruble by 7 percent, increase the main refinancing rate and add a new export tax on potash, all in an attempt to manage the fallout from Russia’s sudden economic crisis. This in turn followed a move in late December to replace Belarus’ prime minister and the head of the central bank in order to aggressively respond to the currency drop. The [...]
Earlier this month, Israel approved a plan to strengthen trade ties and boost security cooperation with Japan. In an email interview, Ben-Ami Shillony, a professor emeritus in East Asian studies at the Hebrew University of Jerusalem, discussed Israel-Japan relations. WPR: How extensive are Israel-Japan relations, and what are the main areas of cooperation? Ben-Ami Shillony: Israel and Japan are two highly industrialized democracies, complementing each other in many ways. Despite its small territory and population, Israel is today one of the leading high-tech and startup nations in the world. Japan, the third-largest economy in the world but grappling with an [...]
Earlier this month Venezuela and Ecuador received major boosts from China, which has redoubled its stake in the two Latin American economies most vulnerable to plunging oil prices. Following recent visits to China by financial chiefs from both countries, Venezuelan President Nicolas Maduro and his Ecuadorian counterpart, Rafael Correa, each traveled to Beijing in early January, where China held its first annual ministerial meeting with the Community of Latin America and Caribbean States (CELAC). Correa returned from the visit with approximately $5.3 billion in new financing from the Export-Import Bank of China; Maduro announced that Venezuela would receive an additional [...]
