The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
Citigroup Inc., the only major US bank with a significant presence in Lebanon, has relocated some of its staff to Turkey as the conflict between Hezbollah and Israel intensifies. The move comes in response to escalating military clashes, including Israeli air strikes in Beirut, where Citigroup’s office is located.
While Citigroup continues to service its clients in Lebanon, over 20 employees remain in the country. The bank, which prides itself on maintaining operations in volatile markets, took precautionary measures to ensure the safety of its staff, according to sources familiar with the matter.
"The safety and well-being of our people remains our top priority," a Citigroup spokesperson said in an email, adding that the company is closely monitoring the situation and has resources in place to support its employees and their families.
Citigroup has a long history in Lebanon, dating back to the 1950s, although it temporarily withdrew in 1987 due to the civil war. The bank provides a range of corporate and investment-banking services in the country, including trade, lending, and hedging products.
Amid the ongoing violence, Lebanon’s financial sector has also been under scrutiny. The country was recently placed on the global financial watchdog's "gray list" due to its failure to address illicit financial flows, further undermining confidence in its troubled financial system.
Other major US banks like JPMorgan Chase & Co. maintain smaller operations in Lebanon, with its Beirut office serving mainly as a liaison with teams abroad.
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