The New Development Bank (NDB), established by the BRICS bloc of emerging economies, has issued its first bonds denominated in South African rand (ZAR). The auction, which was closed on Tuesday, is part of the bank’s efforts to increase both fundraising and lending in local currencies. Development Bank Founded by BRICS Debuts South African Rand […]
Category: Currency
‘Our Country Is Going to Hell’ — Trump Warns of US Losing Global Currency Dominance
The 45th president and previous White House occupant, Donald Trump cautions that America is in danger of losing its global influence. In an interview with Larry Kudlow, Trump stated while the U.S. retains significant power, its position is “waning” concerning its currency. The Diminishing Dollar? Trump Points to a Shift in Global Currency Dynamics Always […]
US Dollar to Remain Major Global Currency, South Africa’s BRICS Sherpa Says
BRICS plans to discuss trade in national currencies at its summit but de-dollarization is not on the agenda, South Africa’s BRICS Sherpa stated. The talks in Johannesburg next week will also focus on the expansion of the bloc of emerging economies and the diplomat doesn’t see this as a challenge to any other organization. De-Dollarization […]
Russia to Test Digital Ruble in 11 Cities, Moscow Subway
Russia’s capital Moscow and 10 other cities will host pilot tests for the digital ruble, Bank of Russia Deputy Governor Olga Skorobogatova announced. Over a dozen Russian banks are going to take part in the trials with real transactions and users scheduled to commence in mid-August. Russia Prepares to Pilot Operations With New Digital Ruble […]
Saudi Arabia Extends Oil Production Cuts, Further Irking US Officials
Saudi Arabia announced it will continue limiting oil production through September, extending output reductions that have drawn criticism from Washington. Riyadh Holds Firm on Oil Output Limits Saudi Arabia said Thursday it will keep oil production nearly one million barrels per day below its quota for another month, according to a statement from the Saudi […]
Japanese Yen Hits 20-Year Low Against US Dollar; BOJ Maintains Loose Policy Amid Inflation Pressures
In the last month, Japan’s official currency has dipped slightly more than 1% in comparison to the U.S. dollar. Then, on Tuesday, the Japanese yen plummeted to its weakest position against the greenback in over 20 years, a shift that came after the Bank of Japan opted to keep its extremely loose monetary policy unchanged, […]
Ukraine’s Gold and Currency Reserves Now Largest Ever, Says Central Bank
Chairman of Ukraine’s National Bank thanks Western partners for cash as reserves now the largest in history.
China Sells Dollars in Desperate Bid to Keep Yuan Afloat
The People’s Bank of China (PBOC), central bank for the Chinese Communist regime, on Tuesday pushed a massive sale of dollars by state banks in a desperate bid to prop up the cratering yuan.
Balaji Srinivasan Highlights De-Dollarization Past of Biden’s Top Economist
Former Chief Tech Officer at Coinbase, Balaji Srinivasan, took to Twitter to remind his followers about Jared Bernstein’s earlier stance on de-dollarization. The angel investor sees logic in views that the new White House top economist has now abandoned, on the U.S. dollar’s status as a global reserve currency . Not a Bitcoin Maximalist — […]
Turks Turn to Tether Amid Record Inflation, Limited Access to Dollar, Report Reveals
People in Turkey have been seeking refuge in stablecoins as their national fiat continues to depreciate against the greenback. The Turkish lira saw a record drop in its exchange rate with the U.S. dollar when the country’s central bank halted intervention after the recent presidential vote. Turkish Investors Seek Safe Haven in Stablecoin Tether Despite […]