Soaring inflation is prompting the bank to raise interest rates from current historic lows. The move could put a brake on rising prices but might also dampen growth.

During a visit to Turkey, German Foreign Minister Annalena Baerbock spoke out on several thorny issues, including the country's Aegean islands dispute with Greece and Ankara's planned offensive in northern Syria.

The Bank of England has warned that Britain is facing a recession as it hiked its benchmark interest rate by 0.5%.

Nigeria has successfully secured the support from the World Bank with a commitment to help the country phase out petrol subsidies and meet up with its Energy Transition plan. This follows meetings between Nigeria’s Vice President and World Bank Group President David Malpass. Other meetings are currently underway with U.S. officials and development partners.

Israeli authorities are pushing to impose new restrictions on foreigners who wish to visit or live in the West Bank. Human rights groups say the measures will have serious consequences for thousands of people who are married to or in relationships with Palestinians. The regulations, which were due to come into effect this week, have now been amended and their implementation delayed until October after being challenged in the courts.

Five banks were stormed by desperate depositors in Lebanon Friday making it seven heists this week alone. Those "liberating" their money have been greeted as heroes. Banks are now regrouping.

Sweden's Riksbank has kicked off what's expected to be a series of interest rate hikes around the world, as central banks struggle to curb inflation. The 100 basis point hike is Sweden's biggest in three decades, in response to a cost-of-living crisis that's affecting households and businesses.

Many central banks around the world are following the lead of the US Federal Reserve and raising their benchmark interest rates in order to rein in inflation. The Bank of Japan, however, is marching to the beat of its own drum. At a policy meeting this Thursday, the bank maintained its ultra-loose monetary policy in a bid to spur more internal demand. Meanwhile, the yen and many other currencies continue to fall against the dollar.

The Bank of England has warned that the UK economy may already be in recession, as it hikes interest rates for the seventh time to combat the spiralling pace of price rises. Inflation is still hovering nearly 40-year highs at just under 10 percent.

The Bank of England has launched a £65 billion emergency bond-buying programme, in an effort to calm the markets and avert a financial crisis. The "unprecedented" support comes amid mounting criticism of the government's plan to slash taxes.

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It is unlikely the world can meet the goal of ending extreme poverty by 2030, a World Bank report found. Experts have said COVID-19 ended years of progress while war and higher prices are now making things worse.