Gold standard

Bulgaria celebrates 144 years since the creation of the Bulgarian lev. June and July are significant months in the country's monetary and financial history, marking the inception of several key institutions still influential today.

The war between Israel and Hamas could trigger price shocks for raw materials such as oil and agriculture products if the conflict escalates across the Middle East, the World Bank warned in a report yesterday.

Oil has already risen six percent since the latest round of fighting, sparked when Hamas militants from Gaza stormed southern Israel.

European Union officials discussed diversifying oil stocks and creating a buffer for diesel and gasoil during an emergency meeting of the bloc's oil coordination group, one told Reuters.

Friday's meeting was called by the EU commissioner for energy Kadri Simson to assess potential supply risks in case the Israel-Hamas conflict triggers a broader regional one.

Greece's current account deficit recorded an increase of 120.7 million euros year‑on‑year and stood at €1.8 billion in April, but fell €3 billion to stand at €5.6 billion in the January-April period, the Bank of Greece said on Tuesday.

Greece's current account deficit recorded an increase of 120.7 million euros year‑on‑year and stood at 1.8 billion in April but fell by 3.0 billion euros to stand at 5.6 billion in the January-April period, the Bank of Greece said on Tuesday.

An unprecedented 58 billion Turkish Liras ($3bn) was invested in gold in the first quarter of 2023 in Türkiye, according to the World Gold Council (WGC).

Bar and coin investment in Türkiye reached phenomenal levels in the first quarter, breaching 50 tons for the first time on record, said the council's latest edition of the Gold Demand Trends report.

Turkey reached a new record by producing 42 tons of gold last year, Energy and Natural Resources Minister Fatih Dönmez said on Jan. 7. 

"Thus, we achieved a contribution of $2.4 billion to our economy," he said in a meeting with the representatives of the Gold Miners Association.

This record supersedes the record hit in 2019, when 38 tons of gold was produced.

Today, the European Union countries are deciding who will be Christine Lagarde's European successor candidate as the next managing director of the International Monetary Fund.

In January of this year, the world oil market was in rough balance. The annual growth of world oil demand was essentially equal to the growth of world oil supply. Today, world oil supply exceeds demand by about one million barrels per day (about 1 percent of the world oil market). The accumulated imbalance during 2018 has grown world oil stocks and has now led to a sharp decline in prices.

Performer Pavlina Styl and her quartet of talented musicians will take their audience at the Athenaeum's Cellar venue back to the cabarets of Belle Epoque Paris and Berlin during the interwar years on Thursday, December 20. Admission costs 10 euros and doors open at 9.30 p.m.

Athenaeum, 3 Adrianou, Thiseio, tel 210.321.0239