A showpiece island.

"The biggest challenge facing central bankers now is bringing inflation down, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said." ET. "First Deputy Managing Director Gita Gopinath, speaking at the same conference, said the strengthening dollar, now at its highest level in more than 20 year, and concerns about financial fragility also posed big challenges in the current environment, and there was no scope for missteps." "The US dollar is strengthening because the Fed adopted a hawkish monetary policy stance in response to skyrocketing inflation. It has lifted the federal funds rate from near zero at the beginning of 2022 to a range of 3.75% to 4% at the November FOMC meeting." Forbes. In the US, consumer price inflation eased to 7.7% in October compared to 8.2% in September. NBC. In contrast, "The Central Bank of the Republic of Turkey lowered the benchmark rate by 1 percentage point, to 12 percent." Outlook. "Turkey has followed President Recep Tayyip Erdogan's unorthodox belief that high interest rates cause high inflation, cutting borrowing costs despite consumer prices rising by 80.21 percent in August from a year earlier." The Turkish lira has fallen from 1.7488 against the US dollar in February 2013, Exchange Rates, to 18.55 to $1 this morning, xe.com. Naturally, Turkey's inflation rate rose to 85.51% in October. Trading Economics. Inflation rate in the UK was 10.1% in October. "Britain's economy shrank in the third quarter," as "Output contracted 0.2 percent in the July-September period," and "The Bank of England last week said the UK economy was set to also contract in the current final quarter, meaning the economy was in a recession." ET. "The BoE also warned that Britain's economy could remain in recession until the middle of 2024." "Many countries are likely to enter a recession in the last three months of 2022, Paolo Gentiloni, the EU's commissioner for the economy said." ET. "Indeed, Gentiloni said he would expect the EU would end 2022 with better-than-expected 3.3% growth, although that total is likely to significantly weaken next year, to just 0.3%." "European countries are facing strikes and protests due to high energy prices and mounting costs of living." Reuters. "Workers in Greece and Belgium walked off the job this week as protests have unfolded all across Europe pushing back against soaring cost of living prices driven by inflation." Fox. "A slew of lacklustre indicators for October show strict and enduring Covid curbs as well as a global slowdown are dragging on China's economy, analysts told AFP, with prospects looking increasingly grim for 2023." ET. "In an ocean of high turbulence and uncertainty, (the) Indian economy is an island of macroeconomic and financial stability," Reserve Bank of India Governor Shaktikanta Das said." Because "We didn't pick up (foreign exchange) reserves just to keep it as a showpiece in the Reserve Bank of India." ET. Reserves dropped by $1.087 billion to $529.994 billion in the week ended 4 November. All central banks should learn from the RBI. How to be a showpiece island.