Business News of Wednesday, 13 July 2022Source: www.ghanaweb.comEuro and US Dollar now reach equal valueGhana cedi struggles against major trading currenciesRussia-Ukraine tensions stoke inflation pressures, energy demandThe exchange rate between the Euro and United States Dollar has reached parity – meaning the two major currencies now have the same worth. The development would make it the first in 20 years for such an occurrence. On Tuesday, July 12, the euro hit $1, which represented a decline of about 12 percent since the start of this year. Recent economic developments on the globe have sparked fears of a recession associated with supply chain disruptions, high inflationary pressures, energy supply uncertainty and tensions between Russia and Ukraine. Meanwhile, the European Central Bank announced that it will hike interest rates this month [July] for the first time since 2011 in a move to stem inflation, as the current eurozone inflation rate is pegged at 8.6 percent.

Source: GhanaWeb July 13, 2022 13:58 UTC