The USD index has risen by 5% so far this year. Comparing banks' net foreign currency position with the over/(under) valuation of currencies against their REER fair values allows us to identify banks offering the best hedging potential. Looking at th...

The Pfizer announcement on 5 November that its its anti-Covid "Paxlovid" pill cuts hospitalisation risk by 89% if taken within 3 days of the symptoms should provide another boost to the prospects for tourism recovery in emerging markets. This follows...

Both Nigeria and El Salvador have cited lowering the cost of remittances as a key motivation. The President indicated that eNaira and physical Naira would always be exchangeable on a 1:1 basis. Moreover, our own detailed study of the global remittanc...

For ease of reference, we present the results of our analysis at the country level in this report. Greek banks' bottom-line is most sensitive to higher margins; their current margins and profitability remain depressed. But since profit is smaller tha...

Covid vaccination or high levels of prior infection are finally driving a re-opening of the tourism sector, both in source markets – witness the recent loosening of restrictions in the US and UK – and destination markets – consider the acceleration o...