by Jibran Munaf | September 22, 2024 | Banking, Finance
With South Africa’s central bank cutting its main interest rate for the first time in over four years, Investec, a prominent South African bank, expects credit impairments to decrease over the next year. This optimistic outlook was shared by Group CEO Fani Titi,...
by Jennifer George | September 19, 2024 | Banking, Economy, News, Regulations
On Wednesday, the US Federal Reserve lowered its benchmark interest rate by half a percentage point, aggressively initiating a policy shift to bolster the US labor market. The Fed slashed rates by 50 basis points from the current 23-year high of between 5.25% and...
by Jennifer George | September 18, 2024 | Banking, News, Social Media, Technology
The UK’s Starling Bank has issued a warning that “millions” of people could fall prey to scams utilizing artificial intelligence to mimic their voices. Starling Bank, an online-only lender, revealed that fraudsters can use AI to clone a...
by Jennifer George | September 18, 2024 | Central Banks, News
The US Federal Reserve and Central Bank of the UAE (CBUAE) are expected to cut the cost of borrowing this week. The fall in interest rates will now make personal, auto, and mortgage loans more attractive to UAE residents. Given that the dirham is pegged to the dollar,...
by Jennifer George | September 17, 2024 | Banking, Central Banks, News
The UAE’s banking sector hits a record-high stockpile of liquid assets by the end of Q2 2024. The latest report by the Central Bank of the UAE (CBUAE) revealed that the UAE has accumulated more than AED800 billion in liquid assets. The value of liquid assets...
by Jibran Munaf | September 14, 2024 | Banking
The UAE’s banking sector recorded an 8.1% rise in net international reserves during the first half of 2024, according to the latest statistical bulletin from the Central Bank of the UAE. Reserves increased by AED 92.3 billion, reaching AED 1.238 trillion by the end of...
