Crown Agents Bank

En Crown Agents Bank estamos muy orgullosos, y entusiasmados de colaborar con Central Banking como patrocinadores de sus reuniones de otoño, que se llevarán a cabo del 13 al 14 de noviembre en la Ciudad de México. Este importante evento, reunirá a los principales banqueros centrales para discutir cómo están “liderando en tiempos de incertidumbre". En Crown Agents Bank, entendemos los desafíos que enfrentan los bancos centrales en lo que respecta a las operaciones de cambios de moneda y de pagos transfronterizos, así como la relevancia de la gestión de sus reservas internacionales. Las soluciones de Crown Agents Bank están diseñadas a medida para abordar y proponer alternativas a estos puntos críticos. Para obtener más información, comuníquese con nuestro representante Mauricio Munguía, VP - Banquero Regional para Latinoamérica y explore nuestras soluciones de tesorería y banca transaccional.

We are excited to partner with Central Banking as a sponsor at their Autumn Meetings, taking place from 13-14th November in Mexico City. The event will bring together senior central bankers to discuss how they are ‘leading through uncertainty’. We understand the challenges that central banks face when it comes to FX and cross-border payment transactions and managing their international reserves. Crown Agents Bank's solutions are tailor made to address these pain points. To learn more, connect with Mauricio Munguía, our Coverage banker for LATAM, and explore our treasury and banking solutions. #CBMAutumn2024

Morning Minute 08/11: Fed cuts rate following election Headlines: ◼️ The Federal Reserve (Fed) cut rates by 25 basis points yesterday in a unanimous decision to move the rate to a range of 4.5%-4.75% | The decision comes only a day after the election of Donald Trump to the presidency, though Chairman Jerome Powell said this would make no immediate impact on near-term monetary policy. ◼️ The Bank of England (BoE) cut rates yesterday by 25 basis points from 5% to 4.75%, as expected, with only one of the members dissenting. The BoE monetary policy committee said that it expected inflation to rise next year alongside growth, following the Chancellor’s budget. ◼️ Ireland’s Prime Minister, Simon Harris, is expected to ask the president, Michael Higgins, to dissolve the Irish parliament, the Dáil, later today to call a snap election, capitalising on favourable poll numbers. Emerging Markets: ◼️ Annual inflation in Mexico increased by more than expected during October, official data from INEGI released yesterday showed | Annual inflation came in at 4.76% against the expectation of a 4.72% reading from economists and 4.58% seen in September. ◼️ Turkey’s central bank will maintain its tight monetary policy to bring inflation down, according to Governor Fatih Karahan, as inflation forecasts were raised for this year and next to 44% and 21% respectively. ◼️ The Reserve Bank of Malawi has kept its main lending rate unchanged at 26%, noting that "while inflation is expected to ease in 2025, there are still risks that could disrupt the outlook". Upcoming elections 10/11: Mauritius, General 14/11: Sri Lanka, Parliamentary    -------------------------------------------------   Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication

Morning Minute 07/11: Donald Trump wins US presidential election Headlines: ◼️ Donald Trump retook the White House following Tuesday’s presidential election, becoming only the second president to serve non-consecutive terms | Trump won both the popular vote and key swing states of Georgia, North Carolina, Pennsylvania, Wisconsin and Michigan. ◼️ The German ruling coalition collapsed yesterday after Chancellor Olaf Scholz sacked his finance minister, paving the way for an election. ◼️ The Bank of England (BoE) is expected to cut rates by 25 basis points from 5% to 4.75% later today, in what would be only the second cut since 2020 | The budget released by the chancellor last week is expected to raise inflationary pressures, so markets will be watching for BoE commentary on future moves. Emerging Markets: ◼️ Further protests are expected in Mozambique with the opposition planning to occupy the capital to protest what they claim were rigged presidential elections last month. ◼️ Inflation in Ghana increased to a four-month high last month, hitting 22.1% from 21.5% in September | The increase in the rate of inflation is expected to reduce the chances of an interest rate cut later this month when it meets on 25th November. ◼️ The Brazilian central bank raised interest rates by 50 basis points to 11.25%, citing uncertainty around the US economy in terms of clouding its outlook. Upcoming elections 10/11: Mauritius, General 14/11: Sri Lanka, Parliamentary    -------------------------------------------------   Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication

We're attending Feleban, the Latin American Federation of Banks conference, on the 9th-12th of November in Paraguay! Visit us at booth S-19 in the main lobby to meet the team, Duarte Pedreira, Mauricio Munguía, Gagan Sareen and Erin Zavalkoff, who will provide insights on how we can help your business move money where it's needed into hard-to-reach markets. Feel free to comment below to arrange a meeting! Bankers Meetings | #CrownAgentsBank

Morning Minute 06/11: US equity futures and US dollar rise as Trump declares election victory Headlines: ◼️ Republican presidential nominee Donald Trump is nearing victory in the US presidential election after being projected as the winner of key swing states who are yet to announce their results. ◼️ European equities have rallied at the open, following US equity futures higher as markets price a resounding Donald Trump victory in the US presidential election. ◼️ Unemployment in New Zealand rose to a near four-year high during the third quarter of 2024, data released this morning showed. Emerging Markets: ◼️ Annual headline inflation in Thailand rose in October, as confirmed by the Commerce Ministry this morning. ◼️ Madagascar’s central bank left interest rates unchanged at its meeting held yesterday. Officials kept the key rate steady at 11.5%, while stating that the move to hold was made to give them time to assess the effect of the 50-basis point increase seen in August. ◼️ The service sector purchasing managers index in India rose over October, data released this morning confirmed. 10/11: Mauritius, General 14/11: Sri Lanka, Parliamentary    -------------------------------------------------   Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication

Morning Minute 05/11: World looks to USA ahead of deadlocked election Headlines: ▪️ Americans will go to the polls today to vote in a presidential election that remains too close to call | Both candidates, Kamala Harris and Donald Trump, predicted they would secure the presidency as they campaigned in battleground states yesterday. ▪️ British consumer spending grew only modestly last month as uncertainty in the run-up to finance minister Rachel Reeves' Oct. 30 budget and rising energy bills deterred shoppers. ▪️ The Reserve Bank of Australia (RBA) held interest rates today, whilst cautioning that policy would remain restrictive for some time as it fights to get inflation under control. Emerging Markets: ▪️ Indonesia's gross domestic product (GDP) increased 4.95% in the third quarter from a year earlier, its slowest pace in a year, as household consumption showed softer growth. ▪️ Annual inflation in the Philippines sped up to 2.3% in October, from 1.9% the month before, as food and transport costs accelerated. ▪️ Protestors in a border town in Mozambique seized control of a number of trucks and used them to blockade a key metals-export route from neighbouring South Africa yesterday. Upcoming elections 05/11: USA, Presidential  10/11: Mauritius, General 14/11: Sri Lanka, Parliamentary    -------------------------------------------------   Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication

Morning Minute 04/11: Latest polls signal tight finish in US presidential election Headlines: A slew of polls released over the weekend showed Vice President Kamala Harris and former President Donald Trump remain neck-and-neck ahead of tomorrow’s presidential election, with voters narrowly split both nationally and across the handful of pivotal swing states that will ultimately decide who will take office. Kemi Badenoch was confirmed as winner of the Conservative Party’s leadership contest over the weekend, promising to return the party to its founding principles. Oil advanced after OPEC+ agreed to delay a planned December oil output increase by a further month, as weak demand notably from China and rising supply outside the group maintain downward pressure on the oil market. Emerging Markets: Moldova’s pro-Western incumbent Maia Sandu has claimed victory in yesterday’s closely-fought presidential election, defeating Alexandr Stoianoglo, after allegations of Russian interference. The IMF is scheduled to begin its review of Egypt’s loan programme tomorrow, according to PM Mostafa Madbouly, while credit rating agency Fitch Ratings raising the country’s rating by one notch to ‘B’. Turkish inflation remained higher than expected in October, dipping only to 48.58% annually and to 2.88% month-on-month, according to the latest official data.   -------------------------------------------------   Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication

Morning Minute 01/11: Canada growth likely to miss target Headlines: Canada's economy is likely to miss the Bank of Canada's (BoC) revised third-quarter forecast after a slew of temporary factors stalled gross domestic product growth in August. Swiss inflation fell to its lowest level in more than three years in October, government data showed on Friday, pointing towards more interest rate cuts by the Swiss National Bank this year and into 2025. Japan's factory activity shrank at the fastest pace in three months in October as weak domestic and overseas demand hurts sales and output. Emerging Markets: The Botswanan president conceded defeat after results came in showing that the Botswana Democratic Party, which has ruled the country for 58 years, won just 3 seats in the 61 seat parliament. Indonesia's October headline and core inflation rates came in slightly above expectations, official data showed on Friday, but they remain relatively low, with headline inflation at 1.71%, the lowest in three years and at the lower end of the central banks 1.5%-3.5% target range. Kenya's new Deputy President Kithure Kindiki was sworn in on Friday after a court lifted orders barring his inauguration following weeks of legal challenges by his predecessor. Upcoming elections 03/11: Moldova, Presidential 05/11: USA, Presidential ------------------------------------------------- Information contained in this publication is compiled from industry sources which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication

Morning Minute: 31/10 Public spending and tax rises in UK budget Headlines: ◾ Rachel Reeves unveiled £40 billion of tax rises in the Labour party’s first budget in over a decade and ramped up public spending as the party pledges to rebuild the UK following 14 years of Conservative rule. ◾ The US economy grew steadily in the third quarter, increasing by 2.8%, as consumer spending hit its fastest pace since the first quarter of 2023, at a rate of 3.7% | Consumption is being pushed along by a strong labour market and a rise in household net worth. ◾ The Bank of Japan (BoJ) held interest rates at 0.25% at the first meeting post an inconclusive general election, which is expected to complicate the normalisation of interest rates. Emerging Markets: ◾ Georgia’s Prosecution Service opened a probe into fraud allegations in the country’s parliamentary elections and said it plans to question President Salome Zourabichvili about her claims that the results were rigged. ◾ Kenya’s annual inflation rate fell to the lowest level since at least 2010 after fuel, food and utility price growth eased. ◾ Mexico's lower house of Congress approved a measure on Wednesday that makes changes to the constitution "unchallengeable" as ruling party Morena and allies push through a swath of constitutional reforms, including a controversial judicial overhaul. Upcoming elections 03/11: Moldova, Presidential 05/11: USA, Presidential  ------------------------------------------------- Information contained in this publication is compiled from industry sources, which we consider to be accurate and reliable at the time of publication. The information provided does not constitute advice and it should not be relied on as such. Crown Agents Bank Ltd accept no liability for the impact of any decisions made based on the information provided in this publication