RIYADH, Saudi Arabia, Oct. 12, 2020 /PRNewswire/ — The fourth G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting will be held virtually on October 14 under the Saudi G20 Presidency to discuss the global economic development and support a swift and sustained global economic recovery. FMCBGs will also discuss updates to the G20 Action Plan – Supporting the Global Economy through the COVID-19 Pandemic (the G20 Action Plan) – in addition to the progress made on the G20 Debt Service Suspension Initiative and its proposed extension into 2021.

After the conclusion of the meeting, a virtual press conference will be conducted at 6:15 PM Riyadh time (UTC+3) by the Saudi Finance Minister Mr. Mohammed Al Jadaan, and the Saudi Arabian Monetary Authority Governor Dr. Ahmed Al Kholifey.

The media is invited to submit questions for the virtual press conference online via the official form at https://bit.ly/3lAkiOJ or by emailing [email protected] directly.

All questions from the media will be submitted to the press conference moderator. Every attempt will be made to answer as many questions as possible during the allocated timeframe.

The press conference will be live-streamed on Twitter at https://twitter.com/g20org as well as the IMF/WB Annual Meetings Official Website at https://meetings.imf.org/en/2020/Annual.



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SOURCE Saudi G20 Presidency

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(Bloomberg) —

a group of people on a sidewalk: Pedestrians walk past stacked chairs outside a closed cafe in Plaza del Angel in Madrid, Spain, on Thursday, Oct. 8, 2020. France, Spain and the Czech Republic posted record increases in coronavirus cases, underscoring growing alarm in Europe as it struggles to control the pandemic.

© Bloomberg
Pedestrians walk past stacked chairs outside a closed cafe in Plaza del Angel in Madrid, Spain, on Thursday, Oct. 8, 2020. France, Spain and the Czech Republic posted record increases in coronavirus cases, underscoring growing alarm in Europe as it struggles to control the pandemic.

The European Central Bank isn’t happy with the inflation outlook and will decide “meeting by meeting” whether more monetary stimulus will be needed, chief economist Philip Lane said in an interview with the Wall Street Journal.


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Lane pointed to data arriving over the coming weeks that will help policy makers make their decision, dodging a question on whether updated forecasts in December might be a trigger.

“I wouldn’t focus on any one meeting,” Lane said. “It’s not the case that we only look at the formal projection rounds.”

Economists widely expect the ECB to expand its 1.35 trillion-euro ($1.6 trillion) emergency asset-purchase program by the end of the year. Policy makers have publicly disagreed over whether more support is needed, with Executive Board member Fabio Panetta arguing the risk of doing too much is smaller than being “too shy” and Bundesbank President Jens Weidmann warning against presuming the central bank would act.

The euro-area inflation rate has been negative since August, and the ECB currently predicts the measure to climb to 1.3% in 2022, far below its just-under-2% goal.

“The current inflation level remains far away from our goal,” Lane told the WSJ. “We don’t think that is a satisfactory inflation outlook.”

Governing Council members from Italy and Slovakia reiterated his view.

Ignazio Visco said in a separate interview with Il Corriere della Sera that monetary policy “must be expansive and remain so for a long time.”

“Through our monetary policy we are able to intervene effectively to defeat

A man checks his phone outside the Reserve Bank of India (RBI) headquarters in Mumbai, India, April 5, 2018. REUTERS/Francis Mascarenhas/Files

MUMBAI (Reuters) – The Reserve Bank of India is widely expected to keep rates steady when its two-day monetary policy committee (MPC) meeting concludes on Friday.

The RBI said it will hold the MPC meeting from Oct. 7 to OCt. 9, having delayed it by a week in order to give the government time to appoint three new external members to the panel.

The government named its nominees late on Monday. Ashima Goyal is currently a member of Indian Prime Minister Narendra Modi’s economic advisory council, while Shashanka Bhide is a senior advisor at the National Council for Applied Economic Research – a New Delhi-based think – and Jayanth Varma is currently a finance and accounting professor at the Indian Institute of Management, Ahmedabad.

They will join three RBI members on the panel.

“We do not believe the new appointments dramatically change the near-term monetary policy outlook,” said Rahul Bajoria, economist with Barclays.

“Given our new inflation forecast trajectory, we believe that room to cut rates further will likely open up only in Q1 2021,” he added.

All 66 respondents in a Reuters poll conducted ahead of the originally scheduled MPC meeting said they expect the repo rate to remain unchanged at 4.0% and a large majority saw no cuts until the January-March quarter.

It has so far slashed rates by 115 basis points in response to the COVID-19 pandemic since late March.

The RBI however is expected for the first time since February provide guidance on how the economy is performing amid the coronavirus pandemic and give its outlook on inflation and growth.

Reporting by Swati Bhat; Editing by Simon Cameron-Moore

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