Mexico's central bank raises key interest rate for 11th straight time

STORY: Mexico's central bank raises key interest rate for 11th straight time DATELINE: Sept. 30, 2022 LENGTH: 00:01:31 LOCATION: Mexico City CATEGORY: ECONOMY SHOTLIST: 1. various of the central Bank of Mexico 2. various of Mexican commercial banks STORYLINE: The central Bank of Mexico (Banxico) decided on Thursday to raise the key benchmark interest rate for the eleventh straight time, amid fears of further effects from increasing inflation and uncertainty about the local economy. In a statement, the bank detailed that Banxico's five board members unanimously agreed to increase the target for the overnight interbank interest rate by 75 basis points to 9.25 percent. According to Banxico representatives, the balance of risks regarding the course of inflation "continues a considerable upward bias." The bank projected that inflation will close the year at 8.6 percent, higher than the 8.1 percent estimated in August and well above the official target of 3 percent; for 2023, it projected an inflatio

Türkiye's trade deficit climbs by 147 pct y-o-y in July

STORY: Türkiye's trade deficit climbs by 147 pct y-o-y in July DATELINE: Aug. 30, 2022 LENGTH: 00:01:14 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of shipping trade in Türkiye 2. various of people at cashpoint 3. various of people shopping STORYLINE: Türkiye's foreign trade deficit surged by 147 percent year-on-year to 10.69 billion U.S. dollars in July, driven by high energy prices and soaring imports, according to figures released by the country's statistical authorities on Monday. The country's imports rose by 41.4 percent to 29.24 billion dollars, while exports increased by 13.4 percent to 18.55 billion dollars, the Turkish Statistical Institute said. Last year, the Turkish government announced an economic model that pursues a current account surplus through higher exports and low interest rates, despite increasing inflation and a depreciation in the local currency. However, the country's foreign trade deficit is widening amid a rise in commodity prices globally, and increasing inflatio