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Russia announced on September the first to start its cryptocurrency cross-border exchange. As said the use of digital tokens will help the economy especially Russian companies to easy transaction outside country, because of the difficulties who are set by international sanction. Because of the international sanction and Western restriction Russia was forced to develop its own system and to create new BRICS block challenging the West. Western countries despite the effort to help Ukraine to rage war against Russia and create sanction against Russia have backfired in many ways. Russia will utilize its National Payment Card System (NPCS) to carry on the exchange of rubles into cryptocurrencies for international transactions. All trial transaction will be under the supervision of the Central Bank of Russia. About National Payment Card System (NPCS)…

There are many indicators that already show how the US dollar is losing his position and power in the world. The number one reserve currency is backed by debt. BRICS nations started to developed their own currency and many investors and government are turning back to gold and silver backed up currency. For now, the US government is trying to stop and get rid of the US dollar and get their new digital form of US dollar who by the state will be more secure, stable, reliable, efficient and backed by gold. For now, the US dollar has many targets on its back. One of them is China as a major devaluation of US dollar because of its exporter that hurt the US. Dollar lower position as the world principle…

To support monetary policy decision making, South African Reserve Bank has constructed a new inflation measure to monitor underlying prices. In order to distinguish short-term inflationary pressures from those that are more persistent, this measure is unique and will provide policymakers with a better insight into inflationary fluctuations with headline and core inflation. Authors said "Expanding the set of measures to assess underlying price pressures increases the robustness and confidence in correctly determining persistent inflation dynamics given the uncertainty surrounding any such measure". It is crucial for the formulation of monetary policy. As we know, super-core inflation consists of an increase in the basic prices of goods caused by the general economic conditions of production, which shows sensitivity to the business cycle, authors including Samantha de Kock, MG Ferreira and…

Kazakhstan central bank has announced to pay her first project regarding railway construction whose goner connect China and Kazakhstan with CBDC. Launching his first pilot project to use central bank digital currency (CBDC) Kazakhstan has allocated funds and started the second phase of introduction of the (CBDC). The National Bank of Kazakhstan (NBK) statement that it will ensure transparency, efficiency of (CBDC). In the first stage of Kazakhstan CBDC, a wide range of function has been implemented such as launching and testing cross-border payments with use of SWIFT system. The infrastructure of Kazakhstan CBDC has been integrated with Binance Smart Chain (BSC) network. The CBDC was used to pay for building and connecting double-track railway between Moyynty in central Kazakhstan and Dostyk on the Chinese border across from Xinjiang. The…

On May 24, 2022. Bank of Canada announced the exploration and research of issuing digital form of Canadian dollar; Canada has made a first step of going cashless. “Bank of Canada, in an era of rapid digitalization, we need to do the necessary work to be ready if Canadians’ payment preferences or needs change. As commerce becomes ever more digital, Canadians should continue to have all the benefits of money issued by the central bank.” We are witnessing a global change who is following the legislation of cashless society. As the percentage of cash, transaction slowly loses his strength and more and more transaction goes digital the process of going cashless is an easy step for Central bank of Canada. As announced Central bank of Canada is approaching their goal…

Banks in Saudi Arabia report a significant increase in profits. The robust performance of Saudi banks and the significant increase of profit are made from high-interest-rate, which has boosted bank profitability. We are witnessing de-dollarization and forming new BRICS block who has influenced the increase in interest rates. Saudi Arabia are now full member of BRICS block who dumps U.S. dollars and started to trade in local currency. One of the factor who had triggered such rapid economic growth is high price of oil. Saudi Arabia moderate inflation has given the final boost to the profits of banking sector. Saudi Central Bank (SAMA) released data compering last year profits with 2024 and the results show the significant increase in profits reaching ($1.96 billion) in May, the highest in 14 months.…

Christine Lagarde, President of the ECB, at the opening of the ECB Forum on Central Banking in Sintra, Portugal, announced that inflation is stabilizing and that next goal of ECB is to get it down to 2%. Over the past few years many challenges have emerged with uncertain situation who threatened the EU economy. Fighting against inflation was the primary goal and ECB has managed to low down rates but carefully and in no hurry to make drastic rate cuts. In October 2022, inflation has gone up 10.6% In September 2023, inflation has fallen more than half, 5.2% In June 2024, inflation fall on, 2.6% After almost a year, we saw inflation got back to 2.6% which led to first rate cuts. The decision to slowly low down inflation rates…

As many have witnessed a start of U.S. banking crises on march 2023 where Silver Gate and Silicon Valley bank closed its doors for regular customers who had millions of dollars in deposit. What for most of them look like a loss of their entire savings there was a miracle couple day later where U.S. Treasury announced that our people do not need to worry about we will cover there loses for them. The FDIC ensures all deposits up to 200.000 $. Are there some new regulation that people should know about it? As we witness a complete bailout for everyone who had deposits in thus banks its strange to see that government stand behind and covered all thus losses. Couple day later after start of banking crises crypto based…

Before we start analyzing specific systems like SWIFT and the newly announced BRICS replacement, we will briefly explain what SWIFT is and how it works. SWIFT or Society for Worldwide Interbank Financial Telecommunication is a cooperative established who started 1973 in Belgium. SWIFT provides banks and financial institution opportunities to send messages true international network. This international network serves for fast payments and money transfer.This network allows businesses to send and receive electronic payment worldwide. More than 40 million messages are send daily using SWIFT services with information such as money transfer instruction.Each financial organization has a unique code from 8 - 11 characters, also known as bank identification code or BIC. BIC also uses a term as SWIFT code. Lest see how the code is assigned and used by…

Since the beginning of the formation of the BRICS block, which is constantly developing and expanding, the countries of Asia are becoming a UNION like Europe and the USA with the aim of forming a new economic order that threatens primarily the USA and Europe. The recent events following the war between Russia and Ukraine is one of the reasons why many financial institutions in Europe and America are worried about future economic development. An additional blow to the banking sector in the USA and Europe is the formation of a new BRICS digital currency that threatens the Dollar and the Euro as one of the more reliable currencies in the future, because every banknote is covered in gold. Difficulties for the Dollar and the Euro represent new investments in…