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150(EUR) euro(EUR) to philippine peso(PHP)

150(EUR) euro(EUR) to philippine peso(PHP) currency rates today

This is the page of euro (EUR) to philippine peso (PHP) conversion, below you can find the latest exchange rate between them and is updated every 1 minutes. It shows the exchange rate of the two currencies conversion. It also shows the history chart of this currency pairs, by choosing the time period you can get more detailed information. Would you like to invert the currencies pairs? Please visit philippine peso(PHP) to euro(EUR).

Exchange rates updated: feb 02,2021 10:29 UTC

Full history please visit EUR/PHP history

date	euro	philippine peso
tuesday 02/02/2021	150 EUR =	8702.18225 PHP
monday 01/02/2021	150 EUR =	8695.29802 PHP
sunday 31/01/2021	150 EUR =	8738.67266 PHP
saturday 30/01/2021	150 EUR =	8749.19437 PHP
friday 29/01/2021	150 EUR =	8751.1455 PHP
thursday 28/01/2021	150 EUR =	8742.89455 PHP
wednesday 27/01/2021	150 EUR =	8723.60517 PHP
tuesday 26/01/2021	150 EUR =	8772.3106 PHP
monday 25/01/2021	150 EUR =	8753.78993 PHP
sunday 24/01/2021	150 EUR =	8773.70442 PHP

Euro(EUR) To Philippine Peso(PHP) 10 day history

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Trade major US tech stocks this earnings season

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Forex glossary

The price at which the market is prepared to sell a product. Prices are quoted two-way as bid/ask. The ask price is also known as the offer.

In FX trading, the ask represents the price at which a trader can buy the base currency, shown to the left in a currency pair. For example, in the quote USD/CHF 1.4527/32, the base currency is USD, and the ask price is 1.4532, meaning you can buy one US dollar for 1.4532 swiss francs.

In CFD trading, the ask also represents the price at which a trader can buy the product. For example, in the quote for UK OIL 111.13/111.16, the product quoted is UK OIL and the ask price is £111.16 for one unit of the underlying market.*

At best an instruction given to a dealer to buy or sell at the best rate that can be obtained at a specific time. At or better an instruction given to a dealer to buy or sell at a specific price or better. AUS 200 A term for the australian securities exchange (ASX 200), which is an index of the top 200 companies (by market capitalization) listed on the australian stock exchange. Aussie refers to the AUD/USD (australian dollar/U.S. Dollar) pair. Also "oz" or "ozzie".

A type of chart which consists of four significant points: the high and the low prices, which form the vertical bar; the opening price, which is marked with a horizontal line to the left of the bar; and the closing price, which is marked with a horizontal line to the right of the bar.

Barrier level A certain price of great importance included in the structure of a barrier option. If a barrier level price is reached, the terms of a specific barrier option call for a series of events to occur. Barrier option any number of different option structures (such as knock-in, knock-out, no touch, double-no-touch-DNT) that attaches great importance to a specific price trading. In a no-touch barrier, a large defined payout is awarded to the buyer of the option by the seller if the strike price is not 'touched' before expiry. This creates an incentive for the option seller to drive prices through the strike level and creates an incentive for the option buyer to defend the strike level. Base currency the first currency in a currency pair. It shows how much the base currency is worth as measured against the second currency. For example, if the USD/CHF (U.S. Dollar/swiss franc) rate equals 1.6215, then one USD is worth CHF 1.6215. In the forex market, the US dollar is normally considered the base currency for quotes, meaning that quotes are expressed as a unit of $1 USD per the other currency quoted in the pair. The primary exceptions to this rule are the british pound, the euro and the australian dollar. Base rate the lending rate of the central bank of a given country. Basing A chart pattern used in technical analysis that shows when demand and supply of a product are almost equal. It results in a narrow trading range and the merging of support and resistance levels. Basis point A unit of measurement used to describe the minimum change in the price of a product. Bearish/bear market negative for price direction; favoring a declining market. For example, "we are bearish EUR/USD" means that we think the euro will weaken against the dollar. Bears traders who expect prices to decline and may be holding short positions. Bid/ask spread the difference between the bid and the ask (offer) price. Bid price the price at which the market is prepared to buy a product. Prices are quoted two-way as bid/ask. In FX trading, the bid represents the price at which a trader can sell the base currency, shown to the left in a currency pair. For example, in the quote USD/CHF 1.4527/32, the base currency is USD, and the bid price is 1.4527, meaning you can sell one US dollar for 1.4527 swiss francs. In CFD trading, the bid also represents the price at which a trader can sell the product. For example, in the quote for UK OIL 111.13/111.16, the bid price is £111.13 for one unit of the underlying market.* big figure refers to the first three digits of a currency quote, such as 117 USD/JPY or 1.26 in EUR/USD. If the price moves by 1.5 big figures, it has moved 150 pips. BIS the bank for international settlements located in basel, switzerland, is the central bank for central banks. The BIS frequently acts as the market intermediary between national central banks and the market. The BIS has become increasingly active as central banks have increased their currency reserve management. When the BIS is reported to be buying or selling at a level, it is usually for a central bank and thus the amounts can be large. The BIS is used to avoid markets mistaking buying or selling interest for official government intervention. Black box the term used for systematic, model-based or technical traders. Blow off the upside equivalent of capitulation. When shorts throw in the towel and cover any remaining short positions. BOC bank of canada, the central bank of canada. BOE bank of england, the central bank of the UK. BOJ bank of japan, the central bank of japan. Bollinger bands A tool used by technical analysts. A band plotted two standard deviations on either side of a simple moving average, which often indicates support and resistance levels. Bond A name for debt which is issued for a specified period of time. Book in a professional trading environment, a book is the summary of a trader's or desk's total positions. British retail consortium (BRC) shop price index A british measure of the rate of inflation at various surveyed retailers. This index only looks at price changes in goods purchased in retail outlets. Broker an individual or firm that acts as an intermediary, bringing buyers and sellers together for a fee or commission. In contrast, a dealer commits capital and takes one side of a position, hoping to earn a spread (profit) by closing out the position in a subsequent trade with another party. Buck market slang for one million units of a dollar-based currency pair, or for the US dollar in general. Bullish/bull market favoring a strengthening market and rising prices. For example, "we are bullish EUR/USD” means that we think the euro will strengthen against the dollar. Bulls traders who expect prices to rise and who may be holding long positions. Bundesbank germany's central bank. Buy taking a long position on a product. Buy dips looking to buy 20-30-pip/point pullbacks in the course of an intra-day trend.

One of approximately five times during the forex trading day when a large amount of currency must be bought or sold to fill a commercial customer’s orders. Typically these times are associated with market volatility. The regular fixes are as follows (all times NY):

10:00am - WMHCO (world market house company)

11:00am - WMHCO (world market house company) - more important

Flat or flat reading economic data readings matching the previous period's levels that are unchanged. Flat/square dealer jargon used to describe a position that has been completely reversed, e.G. You bought $500,000 and then sold $500,000, thereby creating a neutral (flat) position. Follow-through fresh buying or selling interest after a directional break of a particular price level. The lack of follow-through usually indicates a directional move will not be sustained and may reverse. FOMC federal open market committee, the policy-setting committee of the US federal reserve. FOMC minutes written record of FOMC policy-setting meetings are released three weeks following a meeting. The minutes provide more insight into the FOMC's deliberations and can generate significant market reactions. Foreign exchange/forex/FX the simultaneous buying of one currency and selling of another. The global market for such transactions is referred to as the forex or FX market. Forward the pre-specified exchange rate for a foreign exchange contract settling at some agreed future date, based on the interest rate differential between the two currencies involved. Forward points the pips added to or subtracted from the current exchange rate in order to calculate a forward price. FRA40 A name for the index of the top 40 companies (by market capitalization) listed on the french stock exchange. FRA40 is also known as CAC40. FTSE 100 the name of the UK 100 index. Fundamental analysis the assessment of all information available on a tradable product to determine its future outlook and therefore predict where the price is heading. Often non-measurable and subjective assessments, as well as quantifiable measurements, are made in fundamental analysis. Funds refers to hedge fund types active in the market. Also used as another term for the USD/CAD (U.S. Dollar/canadian dollar) pair. Future an agreement between two parties to execute a transaction at a specified time in the future when the price is agreed in the present. Futures contract an obligation to exchange a good or instrument at a set price and specified quantity grade at a future date. The primary difference between a future and a forward is that futures are typically traded over an exchange (exchange- traded contacts - ETC), versus forwards, which are considered over the counter (OTC) contracts. An OTC is any contract NOT traded on an exchange.

Illiquid little volume being traded in the market; a lack of liquidity often creates choppy market conditions.

IMM international monetary market, the chicago-based currency futures market, that is part of the chicago mercantile exchange. IMM futures A traditional futures contract based on major currencies against the US dollar. IMM futures are traded on the floor of the chicago mercantile exchange. IMM session 8:00am - 3:00pm new york. INDU abbreviation for the dow jones industrial average. Industrial production measures the total value of output produced by manufacturers, mines and utilities. This data tends to react quickly to the expansions and contractions of the business cycle and can act as a leading indicator of employment and personal income data. Inflation an economic condition whereby prices for consumer goods rise, eroding purchasing power. Initial margin requirement the initial deposit of collateral required to enter into a position. Interbank rates the foreign exchange rates which large international banks quote to each other. Interest adjustments in cash to reflect the effect of owing or receiving the notional amount of equity of a CFD position. Intervention action by a central bank to affect the value of its currency by entering the market. Concerted intervention refers to action by a number of central banks to control exchange rates. Introducing broker A person or corporate entity which introduces accounts to a broker in return for a fee. INX symbol for S&P 500 index. IPO A private company’s initial offer of stock to the public. Short for initial public offering. ISM manufacturing index an index that assesses the state of the US manufacturing sector by surveying executives on expectations for future production, new orders, inventories, employment and deliveries. Values over 50 generally indicate an expansion, while values below 50 indicate contraction. ISM non-manufacturing an index that surveys service sector firms for their outlook, representing the other 80% of the US economy not covered by the ISM manufacturing report. Values over 50 generally indicate an expansion, while values below 50 indicate contraction.

In CFD trading, the ask represents the price a trader can buy the product. For example, in the quote for UK OIL 111.13/111.16, the product quoted is UK OIL and the ask price is £111.16 for one unit of the underlying market.*

Offered if a market is said to be trading offered, it means a pair is attracting heavy selling interest, or offers. Offsetting transaction A trade that cancels or offsets some or all of the market risk of an open position. On top attempting to sell at the current market order price. One cancels the other order (OCO) A designation for two orders whereby if one part of the two orders is executed, then the other is automatically cancelled. One touch an option that pays a fixed amount to the holder if the market touches the predetermined barrier level. Open order an order that will be executed when a market moves to its designated price. Normally associated with good 'til cancelled orders. Open position an active trade with corresponding unrealized P&L, which has not been offset by an equal and opposite deal. Option A derivative which gives the right, but not the obligation, to buy or sell a product at a specific price before a specified date. Order an instruction to execute a trade. Order book A system used to show market depth of traders willing to buy and sell at prices beyond the best available. Over the counter (OTC) used to describe any transaction that is not conducted via an exchange. Overnight position A trade that remains open until the next business day.

A rollover is the simultaneous closing of an open position for today's value date and the opening of the same position for the next day's value date at a price reflecting the interest rate differential between the two currencies.

In the spot forex market, trades must be settled in two business days. For example, if a trader sells 100,000 euros on tuesday, then the trader must deliver 100,000 euros on thursday, unless the position is rolled over. As a service to customers, all open forex positions at the end of the day (5:00 PM new york time) are automatically rolled over to the next settlement date. The rollover adjustment is simply the accounting of the cost-of-carry on a day-to-day basis. Learn more about FOREX.Com's rollover policy

Round trip A trade that has been opened and subsequently closed by an equal and opposite deal. Running profit/loss an indicator of the status of your open positions; that is, unrealized money that you would gain or lose should you close all your open positions at that point in time. RUT symbol for russell 2000 index.

The time remaining until a contract expires.

Tokyo session 09:00 – 18:00 (tokyo). Tomorrow next (tom/next) simultaneous buying and selling of a currency for delivery the following day. T/P stands for “take profit.” refers to limit orders that look to sell above the level that was bought, or buy back below the level that was sold. Trade balance measures the difference in value between imported and exported goods and services. Nations with trade surpluses (exports greater than imports), such as japan, tend to see their currencies appreciate, while countries with trade deficits (imports greater than exports), such as the US, tend to see their currencies weaken. Trade size the number of units of product in a contract or lot. Trading bid A pair is acting strong and/or moving higher; bids keep entering the market and pushing prices up. Trading halt A postponement to trading that is not a suspension from trading. Trading heavy A market that feels like it wants to move lower, usually associated with an offered market that will not rally despite buying attempts. Trading offered A pair is acting weak and/or moving lower, and offers to sell keep coming into the market. Trading range the range between the highest and lowest price of a stock usually expressed with reference to a period of time. For example: 52-week trading range. Trailing stop A trailing stop allows a trade to continue to gain in value when the market price moves in a favorable direction, but automatically closes the trade if the market price suddenly moves in an unfavorable direction by a specified distance. Placing contingent orders may not necessarily limit your losses. Transaction cost the cost of buying or selling a financial product. Transaction date the date on which a trade occurs. Trend price movement that produces a net change in value. An uptrend is identified by higher highs and higher lows. A downtrend is identified by lower highs and lower lows. Turnover the total money value or volume of all executed transactions in a given time period. Two-way price when both a bid and offer rate is quoted for a forex transaction. TYO10 symbol for CBOE 10-year treasury yield index.

S&P 600 index

S&P smallcap 600 ($IQY)

The information below reflects the ETF components for S&P smallcap 600 SPDR (SLY).

Percentage of S&P 600 stocks above moving average

Summary of S&P 600 stocks with new highs and lows

(599 total components)	5-day	1-month	3-month	6-month	52-week	year-to-date
today's new highs (% of total)	41 (7%)	28 (5%)	25 (4%)	20 (3%)	12 (2%)	28 (5%)
today's new lows (% of total)	213 (36%)	87 (15%)	4 (1%)	1 (0%)	0 (0%)	87 (15%)
difference	-172	-59	21	19	12	-59

S&P 600 components

Stocks: 15 20 minute delay (cboe BZX is real-time), ET. Volume reflects consolidated markets. Futures and forex: 10 or 15 minute delay, CT. Market data powered by barchart solutions. Fundamental data provided by zacks and morningstar.

This page provides details for the index you are viewing. At the top, you'll find a histogram containing today's high and low price. The histogram shows where the open and last price fall within that range. Below is a histogram showing the 52-week high and low. A chart also shows you today's activity.

Available only with a premier membership, you can base a stock screener off the symbols currently on the page. This lets you add additional filters to further narrow down the list of candidates.

Click "screen" on the page and the stock screener opens, pulling in the symbols from the components page.

Add additional criteria in the screener, such as "20-day moving average is greater than the last price", or "trendspotter opinion is buy".

View the results and save them to a watchlist, or save the screener to run again at a later date.

Running a saved screener at a later date will always present a new list of results. Your saved screener will always start with the most current set of symbols found on the components page before applying your custom filters and displaying new results.

Percentage of stocks above moving average

For the major indices on the site, this widget shows the percentage of stocks contained in the index that are above their 20-day, 50-day, 100-day, 150-day, and 200-day moving averages.

In theory, the direction of the moving average (higher, lower or flat) indicates the trend of the market. Its slope indicates the strength of the trend. Longer averages are used to identify longer-term trends. Shorter averages are used to identify shorter-term trends. Many trading systems utilize moving averages as independent variables and market analysts frequently use moving averages to confirm technical breakouts.

When prices are rising they are usually above the average. This is to be expected since the average includes data from the previous, lower priced days. As long as prices remain above the average there is strength in the market.

Components table

The components table shows you the stocks that comprise the index.

Barchart data table

Data tables on barchart follow a familiar format to view and access extensive information for the symbols in the table.

Pages are initially sorted in a specific order (depending on the data presented). You can re-sort the page by clicking on any of the column headings in the table.

Views

Most data tables contain multiple standard "views", and each view contains "links" to each symbol's quote overview, chart, barchart opinion, and technical analysis page. A view simply presents the same symbols with different columns. Site members can also display the data using any custom view. (simply create a free account, log in, then create and save custom views to be used on any data table.) standard views on the index page include:

Main view

Technical view: symbol, name, last price, today's opinion, 20-day relative strength, 20-day historic volatility, 20-day average volume, 52-week high and 52-week low.

Performance view: symbol, name, last price, weighted alpha, YTD percent change, 1-month, 3-month and 1-year percent change.

Data table expand

Unique to barchart.Com, data tables contain an "expand" option. Click the "+" icon in the first column (on the left) to "expand" the table for the selected symbol. Scroll through widgets of the different content available for the symbol. Click on any of the widgets to go to the full page.

Horizontal scroll on wide tables

Especially when using a custom view, you may find that the number of columns chosen exceeds the available space to show all the data. In this case, the table must be horizontally scrolled (left to right) to view all of the information. To do this, you can either scroll to the bottom of the table and use the table's scrollbar, or you can scroll the table using your browser's built-in scroll:

Left-click with your mouse anywhere on the table.

Use your keyboard's left and right arrows to scroll the table.

Repeat this anywhere as you move through the table to enable horizontal scrolling.

Flipcharts

Also unique to barchart, this feature allows you to scroll through all the symbols on the table in a chart view. Flipcharts are a free tool available to site members.

Download

This tool will download a .Csv file (compatible with many spreadsheet programs) for the view being displayed. Download is also a free tool available to site members.

Banks sceptical of households paying debts during covid-19 year

An outlook by local banks suggests that their loan books quality could deteriorate in 2020 and the covid-19 pandemic was expected to be the main excuse. According to household indebtedness survey report 2020 which was recently released by bank of botswana, 50 percent of banks expected a high default rate.

More than half the banks expected a gloomy 2020, 33.3 percent and 16.7 percent anticipate the non-payment rate to be moderate and low, respectively. “banks which indicated that the default rate is likely to be high in 2020 attributed that to the expected impact of covid-19 on jobs, thus impairing the ability of households to service their debt,” said the household indebtedness survey report 2020.

In the past years lenders indicated that they managed to put non-payment rate at bay during 2018 and 2019. In 2019, on average, 58.3 percent of banks experienced a moderate default rate and 41.7 percent a low default rate. Bob said this survey measures the level of household indebtedness in botswana, using data collected from commercial banks, statutory banks, micro-lenders, hire purchase stores, and savings and credit cooperative societies (SACCOS).

Data was collected by the use of an online questionnaire and from statutory returns of commercial and statutory banks, according to the central bank. Either, all lenders expect demand for credit not to be forthcoming and hire purchase stores anticipate it to be generally low in 2020.

The central bank in its survey said on average 25 percent of both banks and micro-lenders expected demand for credit to be high in 2020 on the backdrop of the increase in government employee salaries and the reduction in the bank rate.

Government employees borrow more money compared to their counterparts from the private sector, in 2019 they took a larger share of 54.8 percent while those from the private sector were at 43.2 percent. According to household indebtedness survey report, 50 percent of micro-lenders, 42 percent of banks, 27 percent of SACCOS and 25 percent of hire purchase stores expected demand for credit to be moderate in 2020.

The survey further says the banks explained that their moderate outlook for demand for credit is informed mainly by their intention to grow the loan book, particularly secured lending.
But micro-lenders indicated that they expect most of their customers to continue with their “normal’’ borrowing habits as most of them are employed by government (government workers have not lost their jobs even during COVID-19 pandemic), states the report.

“other factors mentioned by micro-lenders that influenced their moderate outlook for demand for credit include delays in the salary increment for government employees; reduction of incomes due to COVID-19, the possibility of job losses due to COVID-19; and lockdowns (as well as restrictions of movements) which resulted in closure of some businesses,” says the household indebtedness survey report 2020.

As at the end of december 2019, total household debt amounted to P50.7 billion, comprising of bank loans (88.6 percent), micro-lenders loans (9.4 percent), hire purchase credit (1.3 percent) and SACCOS loans (0.6 percent). As a percent of GDP, total household debt was 25.8 percent in the same period.

According to the household survey of 2020, most of the lending to households by banks is in the form of unsecured personal loans which stood at 63 percent of the total bank credit in december 2019, up from 58 percent in 2018. The second largest debt category is for residential property at 31 percent, which declined from 34 percent in 2018, followed by motor vehicle loans at 5 percent and credit cards at 2 percent, said the report.

Women credit fearing

Since 2018, two years to the end of the household debt survey of 2020, men tend to borrow more than females and the middle-aged population (30 to 49 years old) tends to take on more debt than other segments of the population.

According to the central bank survey, when looking at the demographics section, household earning income is between P3 000 and P20 000 per month actively participate in credit markets compared to those who earn income outside this range.

According to the director of the macroeconomic policy, forecasting and research department at the african development bank, hanan morsy, when contributing to an article for international monetary fund (IMF) last year, “women are self-selecting out of the african credit market.”

Morsy said women’s access to finance is disproportionately low. She further said despite substantial overall progress — in 2017, the world bank reported, 1.2 billion more people had bank accounts than in 2011 — there is still a 9 percent gap between women’s and men’s access.

In sub-saharan africa, only 37 percent of women have a bank account, compared to 48 percent of men, a gap that has only widened over the past several years, morsy said. In botswana context, females have been low in borrowing when compared to men since 2017, but the rate has been improving since the three years before 2020. In 2017 females were 43 percent, in 2018 it went down by 42 percent and in 45.4 percent in the last year under review being 2019.

“fresh evidence drawn from the credit markets of 47 african countries suggests that women entrepreneurs in africa, in general, and in north africa, in particular, are more likely to self-select out of the credit market because of low perceived creditworthiness.

These women did not apply for loans or lines of credit because they were discouraged by their own perception that their applications would be denied. Our study finds that women managers of micro and small firms are more likely than men to self-select out of the credit market,” said morsy.

Business

The bulb world plans to create 100 more jobs in 2021

Botswana‘s economy is receiving some of the heaviest blows in history. The COVID-19 pandemic has not only soiled 2020 growth trajectories but reversed all progress made over the years in some developing industries, landing the entire economy on unprecedented decline across all sectors. The likes of which this country has never seen before.

As if that was not enough, the year 2021 is also looking blurry. As countries move around the clock to secure vaccine for their people, the contagious plague is on the other hand intensifying; deaths rates are rising across the world, putting a strain on global health systems and further fueling the economic mess.

Locally, job loss dark angels are hovering over some of this country’s largest and anchor industries, with some companies already sharpening their retrenchment axes, only waiting for state of public emergency to be lifted before they send hundreds home.

Currently SOE regulations prohibit retrenchments, but thousands of workers across botswana companies are on unpaid leave, some on salary cuts while some are swimming in confusion and uncertainty, not sure whether their next salary will be paid.

Amid all the shrinking job market, bulb world-a locally conceived manufacturing company established in 2017 is becoming a beacon of hope and light in these dark days of uncertainty and unemployment crises. The company intends to add 100 more jobs to its workforce this year alone. The bulb world is an LED lights manufacturing company with a factory in selibe phikwe, head office in gaborone and distribution centers in all regions countrywide.

The company‘s founder and chief executive officer, ketshephaone jacob told businesspost that the goal is to expand the company‘s regional network, intensify its relationship with small medium enterprises for distribution and broader market reach.

“our intention is to broaden our footprints and cover each and every single corner of this country and beyond , during the year 2021 we will be opening up distribution channels and regional outlets in other parts of the country and hiring young people to push the product,” he said.

However jacob said that will only happen if the bulb world gets the right support from all segments of the market, retail consumers, government departments, parastatals, institutions and private sector companies.

“for us to expand our business and create the much needed jobs batswana need to make us their lighting brand of choice ,government has to make a deliberate decision to be only supplied by our brands for all schools , hospitals and government infrastructure lighting needs,” said jacob.

According to the youthful entrepreneur the bulb world will this year expand its manufacturing plant in phikwe, and increase production output in response to market demand. “as the market opens up we will be increasing our sales team, we will also be bringing in merchandisers, plotting them in all the retailers that stock our products, so that they take care of the bulb world brand, and ensure our customers have the products at all times,” said jacob.

Currently the bulb world employees a total of 65 young batswana, at its factory in selibe phikwe, head office in gaborone office, and area managers across the county. The company is also expanding to south africa where it will operate a production factory in mogwasa , north west province south africa. The north west development corporation has allocated the bulb world a 1128sq meter factory in the special economic zone of bojanala managed by the corporation.

Under the special economic zones, the bulb world will enjoy incentives such as CIT tax rate of 15 % lower than the normal, allowances on buildings and improvements, wage incentive, special customs and VAT incentive, capital allowance, research & development allowance amongst others.

Late last year the bulb world announced that it has secured shelve space in shoprite, africa’s largest retailer. The company said last year that having its products on shoprite shelves presents a good opportunity to expand its market reach across the continent. Shoprite is the largest retailer and fast moving consumer good (FMCG) grocer in africa with 2,843 supermarkets in 15 countries serving 35 million customers across africa and the indian ocean islands.

Business

The fourth wave of debt made more dangerous by COVID-19

The COVID-19 pandemic has triggered a massive increase in global debt levels, including in emerging market and developing economies (emdes). Among these economies, government debt is expected to increase by 9 percentage points of GDP in 2020- its largest increase since the late 1980s when emdes saw a series of debt crises.

According to a new world bank group flagship report, private sector debt is also expected to rise sharply as firms deal with the fallout of the global recession. The rapid increase in debt that started in 2010 before the pandemic, was a major cause of concern, as similar previous waves of debt have ended with widespread financial crises, such as the latin american debt crises in the 1980s, and the east asia financial crisis in the late 1990s.

Previous crises had frequently been triggered by exogenous shocks that resulted in a sharp increase in investor risk aversion and sudden stops of capital flows. Global growth slowdowns were often catalysts for crises, this is according to the WB report.

The pandemic, the report says, has made the fourth wave of debt even more dangerous by increasing its risky features. The sheer magnitude and speed of the debt buildup heightens the risk that not all of it will be used for productive purposes.

For now, unprecedented monetary policy accommodation has calmed financial markets, reduced borrowing costs, and supported credit extension. However, the report indicates, amid the economic disruption caused by the pandemic, historically low global interest rates may conceal solvency problems that will surface in the next episode of financial stress or capital outflows.

In addition, recent policy moves may erode some of the improvements that have occurred in emes in monetary, financial and fiscal policy frameworks, central bank credibility, and fiscal sustainability.

As a result of sharp output collapses combined with unprecedented policy stimulus, debt-to-GDP ratios are set to rapidly reach new highs. Global government debt is expected to reach 99 percent of GDP for the first time on record in 2020. Among emdes, total debt had already risen by about 7 percentage points of GDP each year prior to the crisis, in 2020, government debt alone is expected to rise by 9 percentage points of GDP, while corporate indebtedness is also likely to sharply increase.

At the onset of the pandemic, financial markets came under considerable strain, with sharply rising sovereign bond spreads for highly indebted emdes, a historic flight to safety, and record capital outflows from emdes. Financial conditions have since eased due to unprecedented central bank easing in major advanced economies. The report further indicates that major advanced economy central banks launched or expanded asset purchase programs, and several EMDE central banks have joined them. Real policy rates are negative in advanced economies, as in the first wave of debt.

With the onset of the COVID-19, several new developments have spurred financial market activity in the midst of a collapse in output: the reach of central banks into new financial market segments has broadened; governments have heavily encouraged credit extension; and regulators and supervisors have eased restrictions.

Quantitative easing by EMDE central banks has eased borrowing conditions in financial market segments that would otherwise only be indirectly affected by monetary policy rate cuts. This has ensured continued access to finance in the midst of the recession but this may crowd out private sector investors if sustained over a prolonged period in illiquid EMDE financial markets.

It was further shared in the report that government support packages have encouraged continued credit extensions to corporates. About 40 percent of the fiscal support from governments in emdes constitutes liquidity support measures such as loans, equity injections and guarantees. World bank says some governments have also encouraged banks to make use of available capital and liquidity buffers to support lending.

While these are necessary to avoid widespread bankruptcies, they may support nonviable “zombie” firms. These contingent liabilities, the world bank reports, could eventually migrate onto government balance sheets, either in a financial crisis, or, indirectly, in a period of sustained low growth.

Rising debt is less of a concern if it is used to finance growth-enhancing investments, particularly if they boost exports. During the first three waves of debt, borrowing was often used to finance productive investments. However, there are also many examples where debt was employed for less productive uses, including favoring domestic industries, or financing construction and property booms that did not raise productivity.

World bank indicated that a surge in debt without an increase in growth-enhancing investments projects is one of the factors that led to debt crises. The pandemic has necessitated large-scale borrowing to finance many critical fiscal support measures. However, the scale and speed at which these measures were introduced creates considerable potential for diversion and misuse of funds.

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