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Nigerian Currency Falls by More Than 30% After Central Bank Announced New Forex Market Rules
18.6.2023
The Nigerian currency’s official exchange rate versus the greenback recently plunged to NGN634 per dollar from just under NGN470 per dollar. The central bank’s decision to allow the naira to “float” came a few weeks after Nigerian president Bola Ahmed Tinubu pledged to end...
Russia to Trial Digital Asset Settlements in Foreign Trade
17.6.2023
Bank of Russia plans to pilot cross-border payments using digital assets and central bank digital currencies, according to a deputy governor. The top executive believes these alternative instruments could increase efficiency in foreign trade while such settlements will not be permitted inside...
Egypt Applies for BRICS Membership, Seeks Trade in National Currencies
16.6.2023
Egypt has filed an application to join the BRICS bloc, Russia’s ambassador to the Arab nation confirmed. The government in Cairo is interested in using alternative currencies in foreign trade, either national fiats or a new common currency, the diplomat unveiled. Egypt Takes Step to Join BRICS...
‘De-Dollarization Emerging’ but Greenback Will Retain Its Dominance — JP Morgan Strategists
8.6.2023
Two JP Morgan strategists have said the U.S. dollar will retain its dominant position even as it is being challenged by alternative currencies such as the Chinese yuan. According to a report, the yuan currently accounts for just 7% of global foreign exchange trade volumes while the greenback...
Russia’s Rosbank Launches Crypto Payments Solution for Cross-Border Settlements
5.6.2023
Rosbank has become the first large Russian bank to offer clients an option to use cryptocurrencies in international settlements. The solution, provided in tandem with a Russian fintech, is mostly intended to meet the needs of businesses working with foreign partners. Russian Companies to Be Able...
BRICS Nations to Encourage Use of Local Currencies in Trade
3.6.2023
Countries in the BRICS bloc intend to encourage the use of local currencies in cross-border trade, their foreign ministers revealed. The top diplomats, who met in South Africa, also emphasized the importance of financial inclusion, welcoming new technologies that support it. BRICS to Stimulate...
Tanzanian Central Bank Says Forex Restrictions Intended to ‘Safeguard the Stability of the Financial System’
3.6.2023
The Tanzanian central bank said on May 31 that foreign currency dealers are required to trade all transactions that exceed $1,000,000 within “interbank foreign exchange market prevailing quoted prices.” According to the Bank of Tanzania, the latest directives are intended...
Indian and Russian Foreign Ministers Discuss Cooperation in BRICS, G20, SCO
2.6.2023
Indian external affairs minister and Russian foreign minister have held a meeting to discuss cooperation within the BRICS, the Group of Twenty (G20), and the Shanghai Cooperation Organization (SCO). The two countries have been shifting to settlements in national currencies, reducing their...
Russian Businesses Ask Putin to Help Legalize Crypto
1.6.2023
A body representing the interests of Russian businesses has called on president Putin to help with crypto legalization. Their proposals, including on the use of cryptocurrencies in foreign trade settlements, have been included in a report to Russia’s head of state. Companies Urge President Putin...
Russians Warned Against Saving in Crypto Amid Declining Savings in Foreign Fiat
1.6.2023
A government official in Moscow has advised Russians to avoid cryptocurrencies now when interest in foreign fiat currencies is declining in the country. The high-risk assets are not suitable for the savings of most people and make sense only for investments by rich people, his comments suggest....
BRICS Bank to Offer More Loans in Local Currencies — President Calls for ‘Diversified Global Currency System’
31.5.2023
The New Development Bank (NDB), aka the BRICS bank, is seeking to offer more loans in local currencies to reduce dependence on the U.S. dollar and avoid foreign exchange risk. “We need to create a diversified global currency system,” NDB’s president stressed, adding: “In the future, it...
Russia Actively Shifting to Settlements in National Currencies, US Dollar Share Declining, Says Foreign Minister
31.5.2023
Russia is actively shifting to settlements in national currencies with its partners, Foreign Minister Sergey Lavrov has affirmed. He expects the transition away from the U.S. dollar to only gain momentum. “This is true not only for Africa, but also for Latin America, our Asian friends, as well...
Bali Government Cracks Down on Crypto Payments by Foreign Tourists
30.5.2023
The government of Bali, Indonesia, is cracking down on the use of cryptocurrency as a means of payment by foreign tourists. “Strict actions range from deportation, administrative sanctions, criminal penalties, closure of business premises, and other tough sanctions,” said the governor...
Bali Tightens Regulations: Stricter Measures Implemented to Restrict Foreign Tourists from Using Cryptocurrency as Payment
29.5.2023
The popular Indonesian tourist island Bali will tighten rules around payments to make it harder for foreign tourists to pay with crypto.
Speaking at a press conference on Sunday, Bali Governor Wayan Koster indicated that the tighter rules on payments are part of a wider crackdown on what he called...
Putin Wants Limit on Currency Purchases for Russians Dealing With Foreigners
24.5.2023
Russian citizens and firms doing business abroad may soon be restricted in the amount of foreign currency they are allowed to acquire, on order from Vladimir Putin. Russia’s head of state now wants his government to cap such purchases on the domestic forex market. President Putin Orders Russian...
Russia ‘Actively’ Working on SWIFT Alternatives, Foreign Ministry Official Says
22.5.2023
The Russian Federation is collaborating with partners to link payment systems alternative to the interbank messaging system SWIFT, a representative of the country’s Ministry of Foreign Affairs announced. The work is part of the de-dollarization of the economy, the official indicated. Russia Seeking...
De-dollarization Has Already Started, Says Russia’s Foreign Minister Lavrov
21.5.2023
The process of de-dollarization has practically started, according to Russian Minister of Foreign Affairs Sergey Lavrov. Moscow’s top diplomat is convinced that Russia’s position on the matter is shared by many other countries while the West is undermining the role of the U.S. currency. Russia’s...
BRICS Nations Discuss Expansion Plan as Membership Interest Grows
17.5.2023
The BRICS countries are developing guidelines in response to increasing demand from countries seeking to join, according to South Africa’s Foreign Affairs Minister Naledi Pandor. “BRICS is attracting a lot of interest from a number of countries, and our sherpas are working on...
Bangladesh and India to Trade in National Currencies Due to US Dollar Liquidity Issues
16.5.2023
Bangladesh and India have decided to conduct trade settlements in their own currencies, bypassing the dominance of the U.S. dollar. According to sources from the Bangladesh Bank, the decision was made due to the issues of liquidity in foreign currency that Bangladesh faces, which are disrupting...
China, France to Deepen Ties Following Meeting of French President Macron and Chinese Leader Xi Jinping
15.5.2023
Chinese and French foreign ministers have expressed readiness to strengthen cooperation and pursue a “close and enduring comprehensive strategic partnership,” according to China’s Ministry of Foreign Affairs. This followed a “successful” meeting between French...