Many countries have been negatively impacted by the Russian-Ukraine conflict.
Since April, Singapore has substantially eased inbound travel rules for fully vaccinated travellers.
I was recently reminded about how different our individual baskets will look compared to each other at our EMEA team summit, where we each submitted a photo of the inside of our fridge for others to guess who it belonged to.
In late February 2022, Russia invaded Ukraine by means of airstrikes and infantry. This major conflict has driven several countries’ currencies to depreciate as political stability decreased in the area.
Many of January’s exchange rate fluctuations result from interest rate changes during the latter half of 2021.
Inflation remains to be the consistent driver of exchange rates this month along with a few new factors.
Many countries that were maintaining steady interest rates have decided to increase them due to rising consumer prices.
This month’s changes resulted from specific economic niches ranging from rising prices in raw resources, political instability, and an increase in tourism. COVID-19 continues to impact the economic future of certain nations as travelling restrictions are set between countries.
