RUSSIA LAUNCHES MASSIVE DRONE AND MISSILE BARRAGE ON UKRAINE, KILLING AT LEAST 18 CIVILIANS AND STRIKING KYIV AND MULTIPLE CITIES. (PHOTO).

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 Russia launches massive drone and missile barrage on Ukraine, killing at least 18 civilians and striking Kyiv and multiple cities  Russia carried out a large-scale overnight assault on Ukraine, launching hundreds of drones and dozens of missiles that killed at least 18 civilians and wounded more than 100 others across multiple cities, officials said Tuesday. The strikes hit Kyiv, Dnipro and other regions, with emergency crews working through destroyed residential buildings where some victims were trapped under rubble. In Dnipro, rescuers recovered the bodies of a 3-year-old child and a mother and her 8-year-old son, while officials reported 12 deaths in the city and six in Kyiv. The bombardment stretched from night into daylight, with explosions reported across wide areas of the country. Kyiv residents had been on alert for days after warnings of a major aerial attack, including advisories for foreign diplomats to leave the capital. Despite those warnings, most remained in pl...
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EGYPTIAN CENTRAL BANK GOVERNOR RESIGNS. (PHOTO).

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 Cairo August 17 2022: Egyptian central bank Governor Tarek Amer resigned, a shock decision one day before an interest-rate meeting and with pressure mounting on the currency.


Amer was appointed as an adviser to President Abdel-Fattah El-Sisi, the state-run Middle East News Agency reported Wednesday. No further details were given on his resignation, and it didn’t say who would be the next governor.


Derivatives traders added to bets for a weaker pound. In the non-deliverable forwards market, the three-month contract was around 21.1 per dollar Wednesday, compared with 20.4 on Tuesday. The spot rate slipped 0.1% to 19.16 against the dollar in the offshore market.

The departure adds more uncertainty for an economy that’s under pressure from the spillover effects of Russia’s invasion of Ukraine. Amer’s drama-filled tenure included a steep currency devaluation during his first four-year stint and another in March.


Under Amer, who started his new term in January 2020, Egypt became a prime destination for hot money by keeping its currency stable and boasting the world’s highest interest rates when adjusted for inflation. Soaring consumer prices in 2022 have eroded that advantage, although a slight majority of economists surveyed before the governor’s departure expect Egypt to hike rates for the third time this year at a meeting scheduled for Thursday.

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