Canada slowly going cashless

Canada slowly going cashless

Economy
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…
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Banks of Saudi Arabia makes $9.27 billion profit in first five months of 2024

Banks of Saudi Arabia makes $9.27 billion profit in first five months of 2024

Economy
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.…
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Inflation is now stabilizing but Europe Central bank is in no hurry to make rate cuts

Inflation is now stabilizing but Europe Central bank is in no hurry to make rate cuts

Economy
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…
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Banking crises in United States continues

Banking crises in United States continues

Economy
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…
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BRICS Alternative to SWIFT Payment System

BRICS Alternative to SWIFT Payment System

Economy
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…
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The influence of new BRICS digital currency on global events

The influence of new BRICS digital currency on global events

Economy
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…
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Serbia is slowly going cashless

Serbia is slowly going cashless

Economy
Few days ago Serbs are witness an interesting marketing campaign about „take the bill and win “on radio and tv. This is a computer scan reward campaign promoting cashless payment. The reporter said that the chances of getting the main prize are higher if users buy goods and pay for them without cash. Way stop there as many newspaper write („let's abolish the dinar and switch to the euro“ - B92 news) and („proposal of the economist - are you in favor „let us abolish the dinar“, the facebook campaign of Nova.rs) who actually divided the opinions of those for and against. But many haven't noticed that there is a new Easter egg who promote cashless payment and global central bank digital currency who is about to change entire industry…
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Australian citizens struggle to withdraw cash from ATM

Australian citizens struggle to withdraw cash from ATM

Economy
Australian's protest the mass closure of bank branches and bring attention to the country's move to go away from cash. Commercial banks in Australia have shuttered more than 1500 branches from 2018 to 2023 at the same time banks removed more than 2500 ATM across Australia Because of the user concern the biggest four banks say that they have no plans to fully abandon money. But bank branches and ATMs keep disappearing as announced Bankwest will close all its branches in Western Australia by the end of year. As the current situation began to cause discomfort for many Australian citizens, many protested against the country's decisions to be cashless society. Masses of people were seen queuing up outside ATMs to withdraw cash. People are starting to understand the changes that…
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China buys gold supply pushing price of gold up

China buys gold supply pushing price of gold up

Economy
Few days ago, China bought gold supply pushing the prices of gold up. Gold prices rose above 2,400 USD per ounce on Friday 12.04.2024. The price of gold may get a final boost as the tensions in Middle East rises. The gold price was a close prediction of Goldman Sachs who said in their report that expectation for this quarter of year gold price will go above 2,300 USD per ounce. Investigation the changes Goldman Sachs hiked its year-end gold price forecast to expect the gold price to rise above 2,700 USD to end of the year. Not only gold price rose above we saw platinum who trade for 1,000 USD per ounce and hit his highest level in last 5 months. Price of silver fell but only for 1%…
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Advantages and disadvantages of central bank digital currency

Advantages and disadvantages of central bank digital currency

Economy
A large number of CBDC supporters are gradually implementing the digital currency, the reason being the fast transfer of money as well as cheaper transaction costs. In addition to the benefits that this technology offers, the majority of users of banking services are not interested or distrustful of the digital currency that is slowly being formed without the consent of the population in the states. Most central banks are working on a study to justify digital money and its services. Here are some advantages and disadvantages of CBDC. Advantages of CBDC: Speed ​​of transactions, Reduction of transaction costs, Fast international transactions (current transactions only work with certain currencies), Stimulating economic development, Quick way of tax collection, Better control of monetary policy, Integration with new technologies and devices, Reduction of illegal…
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