Symbolic imageIMF and World Bank meet in Bangkok as Iran-war energy shock weighs on growth
The IMF and World Bank annual meetings opened in Bangkok on Monday, dominated by the energy shock from the war with Iran. Oil rose again and India's central bank moved to defend the rupee.
Finance officials and central bankers are meeting outside Washington for the first time in three years, with the US-Israeli war with Iran, now in its eighth month, setting the agenda. World Bank President Ajay Banga told Reuters that growth held up better than feared after Iran closed the Strait of Hormuz, but soaring diesel prices, fertilizer costs and a looming "super" El Niño now hit at once. The Bank is not revising its forecasts for now. IMF Managing Director Kristalina Georgieva warned "Winter is coming", and the Fund signals little change to its 3% global growth forecast for 2026. US Treasury Secretary Scott Bessent is absent and sends two senior officials, a US official said.
Oil and diesel supply
Nikkei Asia reports record prices for physical Brent. Industry executives say accessible stocks are running low after more than 1 billion barrels were released since the war began on 28 February. Trump announced a Russia deal on Friday for more diesel with a temporary sanctions waiver, which Zelenskiy criticised. Bloomberg headlines say oil rose on Monday after attacks on a Saudi airport and tankers.
Rupee defence
India's central bank opened a dollar window for state-run oil firms, and the FT says the rupee is near record lows. Bloomberg reports it strengthened offshore afterwards.