Washington: Although the US dollar is currently at its peak, it will lose its status as a global reserve currency soon, warned Lawrence MacDonald, a former senior official at Lehman Brothers. MacDonald also cautioned that the globally used SWIFT payment system is being used as a weapon to end the dominance of the US dollar. […]
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Tehran: US sanctions have made it difficult for Iran to trade in dollars. In such a situation, Iran has started using cryptocurrency for its imports. Alireza Peyman-Pak, Deputy Minister of Industry, Minerals and Trade of Iran, informed that Iran had ordered imports worth $10 million through cryptocurrency. This decision of Iran is being claimed to […]
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New Delhi: Cryptocurrency poses a threat to the country’s economy. Reserve Bank has openly stated its concerns regarding this. Union Finance Minister Nirmala Sitharaman said that citing the threats posed to the economic and financial stability, the Reserve Bank has demanded a ban on Cryptocurrency. The Finance Minister gave this striking information in the written […]
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New Delhi: Prime Minister Narendra Modi appealed to set focus on making Indian banks and currency a vital part of the international trade and supply chain. He also asked the financial institutions to encourage those doing exemplary on the economic and business level. The Prime Minister conveyed this message at an event jointly organized by […]
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Washington: If the Chinese government intends to make its currency Yuan the global reserves currency, they have to implement more reforms. The International Monetary Fund (IMF) advised that China will have to lift restrictions on the capital marketplace and decide to make the currency fully convertible. Gita Gopinath, the Chief Economist at the IMF, gave […]
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Moscow: Nikolai Patrushev, secretary of the Russian National Security Council, attracted the world’s attention by announcing that the Russian currency Rouble, will soon be linked to gold and other essential commodities. Patrushev said that Russian experts are working on the plan. The Russian Central Bank currently has a reserve gold stock of 2,000 tonnes. Russia […]
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Tel Aviv: Until 2021, the Israeli foreign reserves had only USD, Euro and GBP. But in the current fiscal the Israeli central bank has reduced the dependence on USD and Euro and has decided to include Chinese Yuan, Canadian (CAD) and Australian (AUD) Dollars and Japanese Yen in the foreign reserves. The central bank has […]
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Washington: India’s Finance Minister Nirmala Sitharaman, during her visit to the US, held talks with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF). The IMF chief has praised the performance of the Indian economy even during the turmoil and uncertainty due to the Coronavirus pandemic and the recent Russia-Ukraine war. Finance Minister Nirmala […]
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Moscow: – The West has announced harsh sanctions against Russia after the Russian invasion of Ukraine. The sanctions triggered a massive decline in the value of the Russian currency Ruble. The western leadership even patted their backs for this. But this effort of the western countries to target the Russian economy has been busted and […]
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Washington: – United Nations, jointly with a private company, has released a report that exposed that North Korean nuclear and missile programs are being funded from earnings generated from cyberattacks and cryptocurrency. The United Nations report indicates that hackers from North Korea are stealing military secrets through cyberattacks and selling them. A study published by […]
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