Thu, 29 Jul 2021

SEOUL -- South Korea's top central banker said Thursday that an orderly normalization of monetary policy will be needed within this year, indicating a rate hike later this year.

Bank of Korea Governor Lee Ju-yeol told reporters that there will be a need to normalize the monetary policy in an orderly manner "within this year."

Lee said earlier this month that the central bank will be required to normalize the accommodative monetary policy at an appropriate time in an orderly manner, heralding a tightened monetary stance. (South Korea-Bank of Korea-Rate Hike)

- - - -

RABAT -- The European Investment Bank (EIB) has granted Morocco 37.5 million euros (45 million U.S. dollars) to help the North African country improve its drinking water supply, official RIM radio reported Wednesday.

The loan agreement was signed earlier in the day in Casablanca, the economic hub of Morocco, by Director General of Morocco's National Office for Electricity and Drinking Water Abderrahim El Hafidi and EIB's representative in Morocco Anna Barone. (Morocco-EIB-Grant)

- - - -

BRUSSELS -- The European Commission on Wednesday approved Belgium's 5.9-billion-euro (7 billion U.S. dollars) plan to recover from the COVID-19 pandemic and to boost green transition.

"An ambitious plan focused on a transition towards a more sustainable, more digital and more united society," Thomas Dermine, Belgium's secretary of state for recovery and strategic investments, commented on Twitter. "The symbol of a successful collaboration between the different entities of the country that I have had the privilege of leading." (European Commission-Belgium-Recovery)

- - - -

NEW DELHI -- Global credit rating agency Moody's on Wednesday cut down India's growth forecast for 2021 to 9.6 percent from the earlier projection of 13.9 percent, after the second COVID-19 wave battered the country's economy in April-May this year.

In one of its latest reports, it said that faster vaccination would be paramount in restricting economic losses to the April-June quarter. (India-Moody's-Growth Forecast)

More South Korea News

Access More

Sign up for South Korea News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!