Monthly Archives: December 2021

Central Bank revises maximum interest rates on foreign currency deposits – Lanka Business Online

The Monetary Council issued an ordinance on the maximum interest rates payable for the currency deposit products of licensed commercial banks and the National Savings Bank. Maximum interest rate on FCY deposits The maximum interest rates that will be offered or paid by an approved commercial bank and the National …

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Net foreign assets of the banking system increase by EGP 23.923 billion in September 2021: CBE

The Central Bank of Egypt (CBE) said the net foreign assets of the local banking system increased by an equivalent of EGP 23.923 billion to around EGP 186.313 billion in September 2021 from around EGP 162.390 billion. EGP in August 2021. In its monthly report on Wednesday, the CBE explained …

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Is Dogecoin a Better Currency Than Bitcoin? The Future of Payments is Digital – Jason Butcher

The future of payments will be virtual, with transactions taking place almost exclusively with digital fiat currencies or with cryptocurrencies, said Jason Butcher, CEO of Payments in coins . “I think 100% [of our daily transactions] will be dealt with crypto or with digital currency. One form of digital transaction …

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Qatar – Banks remind customers to exchange old currency

(MENAFN- The peninsula) Sachin Kumar | By Sachin Kumar | The peninsula Doha: If you still have the old edition banknotes in your wallet or purse, you only have a few days left to redeem them. Banks in Qatar have reminded citizens and expatriates to exchange old banknotes as the …

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Scheduled commercial bank gross NPAs down to 6.9% in Q2 FY22: RBI

The Reserve Bank of India (RBI), in its “Trend and Progress of Banking in India 2020-21” report, stated that gross non-performing assets of commercial banks (SCBs) declined by 8.2% at end- March 2020 to 7.3% at the end of March 2021 and 6.9% at the end of September 2021. The …

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Banking Regulation in Indonesia: Shareholding, Capitalization and Management of Commercial Banks Based on OJK Regulation No. 12/POJK.03/2021 – Finance and Banking

Indonesia: Banking Regulation in Indonesia: Ownership, Capitalization and Management of Commercial Banks based on OJK Regulation No. 12/POJK.03/2021 December 28, 2021 Nusantara Legal Partnership The most popular: Article Indonesia, December 2021 To print this article, all you need to do is be registered or log in to Mondaq.com. The Indonesian …

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The current state of development of central bank digital currency (CBDC) around the world

In the first week of November 2021, the Bank of England and the UK Department of Finance announced their intention to conduct a “formal consultation” on the creation of a central bank digital currency or CBDC. If the consultation is successful, Britons can look forward to the creation of a …

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Banking System Loan Restructuring Reaches All-Time High | Stockwatch

Loan restructurings in the Cypriot banking system reached nearly € 2 billion in the first ten months of 2021, marking the highest figure according to Central Bank of Cyprus (CBC) files which began in late 2014 . According to CBC data, restructured loans at the end of October reached 1.98 …

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Pakistan’s foreign exchange reserves run out in IMF deadlock

Pakistan’s foreign exchange reserves exhaust IMF deadlock | Photo credit: iStock Images Pakistan’s foreign exchange reserves are running out after the persistent deadlock on the renewal of the IMF package. Pakistan’s total foreign exchange reserves amounted to USD 25.027 billion; foreign reserves held by the SBP stood at over $ …

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Pakistan’s foreign exchange reserves run out after IMF deadlock

Pakistan’s foreign exchange reserves are running out after the persistent deadlock on the renewal of the IMF package. Pakistan’s total foreign exchange reserves amounted to USD 25.027 billion; foreign reserves held by the SBP stood at over $ 18 billion and commercial banks at $ 6.45 billion, Geo News reported. …

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Pakistan relies on global commercial banks for dollar inflows

A representative imega ISLAMABAD: Amid the continued stalemate over the revival of the IMF program, Pakistan continues to rely heavily on international commercial banks to generate dollar inflows to avert the depletion of foreign exchange reserves. Islamabad secured $663.2 million in foreign loans from international commercial banks out of the …

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Pakistan Depends on Global Commercial Banks to Continue Dollar Inflows (Report)

A file photo of a man counting US dollar banknotes. Photo: AFP Out of $ 802.3 million in foreign loans raised in November 2021, Islamabad received $ 663.2 million from international commercial banks. Sources say Islamabad’s inability to complete 6th review under a $ 6 billion IMF program explains the …

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The new vegan crypto currency is listed on the cash

TEL AVIV, Israel – (COMMERCIAL THREAD) – SIPUP (OTCPINK: SPUP) today announced that its UK-based subsidiary, VeganNation Finance Services Ltd. (https://vegannation.io/), lists his digital coin on the Liquid exchange. Following the listing earlier this month on Bittrex, GRNC, one of the world’s premier vegan cryptocurrencies, is expected to launch on …

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Pound rallies late after Erdogan increases currency

LONDON: Goldman Sachs lowered its quarterly US growth forecast for 2022 to 2%, from 3% previously, after Sen. Joe Manchin withdrew his support for the $ 1.75 trillion domestic investment bill dollars from President Joe Biden. Also known as Biden’s Build Back Better political bill, it aims to expand childcare …

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Another banking scam hits Indian banking system as diamond company owned by Gujarati brothers defaults IDBI Bank with Rs. 6,710 crore, biggest since since Nirav Modi

In what looks like another massive banking scam, a diamond company owned by three Gujarati businessmen Kirtilal R. Sanghavi, Chandrakant R. Sanghavi and Rameshchandra R. Sanghavi allegedly defaulted on LIC-owned IDBI bank with a huge Rs. 6,710 crores. The latest default is described as the biggest since Gujarati businessmen Nirav …

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Analysis: Problem banks and governance in the banking system

This is part of a special series that offers a retrospective look at Bangladesh’s financial sector This article continues on the issue of governance of the banking system. The first article described how the banking system operates under the guidance and regulation of the Bangladesh Bank in the management of …

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Fitch Downgrades Sri Lanka’s Long-Term Foreign Currency IDR to CC

International rating agency Fitch demoted cash-strapped Sri Lanka a notch to “CC” on Saturday because of growing fears of a sovereign default on its $ 26 billion foreign debt. The downgrade came a day after Sri Lanka reported a 1.5% contraction in the third quarter of this year, as a …

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Short Position – PSPC Rules, Digital Currency, CPO Request

New SPACO rules It was known for a long time that the rules which allowed the listing of ad hoc acquisition companies or SAVS had certain weaknesses. Since SPACs or cash shells were first introduced to the Malaysian capital market in 2009, a rule required 75% of uninterested shareholders to …

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Digital Currency: Banks Raise Disintermediation Concerns Over RBI’s Digital Currency Plans

Mumbai: Government and Reserve Bank of India (RBI) conduct detailed analysis on the impact that a central bank digital currency (CBDC) would have on the Indian banking sector as a whole, and what reduced disintermediation would mean for commercial banks which have so far all the cards in hand as …

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Former generals and emissaries want the United States to rebuild the Afghan banking system

WASHINGTON: Twelve former US generals and ambassadors have urged the Biden administration to help rebuild a banking system in Afghanistan to avoid a total collapse of the Afghan state. “In addition to food and medicine, Afghanistan needs a stable medium of exchange and a functioning banking system to avoid widespread …

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Burmese government ousted from NUG proclaims Tether (USDT) as its official currency

A military coup has been at work in an attempt to overthrow Myanmar’s presidential government since February 2021, but elected officials are still working as a shadow government in an attempt to retain some semblance of power. The latest move by the elected National Unity Government (NUG) to boost support …

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Insurance Reforms Will Build Account Holders’ Confidence In Banking System, PM Modi Says

File photo of PM Narendra Modi | Twitter / @ ANI Text size: A- A + New Delhi: Prime Minister Narendra Modi said on Sunday that the government-initiated deposit insurance reforms will build account holder confidence in the banking system. In August, Parliament passed the Deposit Insurance and Credit Guarantee …

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A milestone in the Turkish banking system: draft regulation on the operating principles of digital banks and the bank as a service model – Finance and Banking

Introduction The Banking Regulation and Supervision Agency (“BRSA“) announced on August 19, 2021 the draft regulation which includes the operating principles and procedures that are planned to be put in place for (i) digital banks and (ii) banking as a service model (“Draft regulationThis project represents an important step in …

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Afghan central bank set to halt currency decline as crisis deepens

A bureau de change holds a stack of Afghan currency on a street in central Kabul, April 2, 2014. REUTERS / Tim Wimborne / File Photo Register now for FREE and unlimited access to reuters.com Register KABUL, December 14 (Reuters) – The Afghan central bank said on Tuesday it was …

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Court orders commercial banks to appear for judgment debt against Ekiti State Government

A Lagos Division of the Federal High Court has granted a “Nisi Order” to garnishment accounts belonging to the Ekiti State Government domiciled in several commercial banks in Nigeria. A Nisi Order is an order that directs a garnishee (primarily banks) to appear in court on a specific date and …

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UK banking system able to withstand contraction of more than a third of economy, BoE says

Monday December 13, 2021 5:23 pm The Bank said that even in a scenario where the UK economy contracts by more than a third and house prices plunge 33%, the banking sector’s core capital ratio, a measure of strength of a bank’s balance sheet, remains above regulatory requirements (photo by …

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The era of commercial banks is turning in – CBN

The Central Bank of Nigeria (CBN) on Monday reassured Nigerians and businesses that the era of commercial banks retreating into the country is over. Speaking during a one-day interactive briefing program with stakeholders from trade unions and civil society in Ilorin on the five-year policy direction of the CBN, the …

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Why cryptocurrency laws need to be carefully considered

The government’s decision to introduce a bill to ban all private cryptocurrencies in India was not entirely unexpected. The issue of cryptocurrency (or virtual currencies / VCs) was first raised when the case was brought to the Supreme Court in 2018. During lengthy debates, the three-judge panel overturned the RBI …

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ANALYSIS: Governance in the banking system

This is part of a series that offers a retrospective look at Bangladesh’s financial sector This article reviews the fundamental rules of governance of the banking system. Banks are busy making loans, collecting deposits and collecting loan repayments. We will use a very simple system to think about the financial …

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[Korea Contactless Technology] Development of an integrated foreign currency management system combined with an autonomous AI voice recognition robot

LOS ANGELES, CA, December 10, 2021 / 24-7PressRelease / – Contactless and social distancing are terms that have become very familiar in the wake of COVID-19. The latest technologies in areas close to our lives are also emerging in line with this trend. Artificial intelligence, big data, VR (virtual reality) …

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Bank charges: CBN responds to petition of Igbo traders against commercial banks and lists correct charges

Igbo traders in letter to the Central Bank of Nigeria sounded the alarm over excessive fees from commercial banks in Nigeria They argued that majority of charges, deductions were illegal and want CBN to force bank to shut down CBN responded by asking Igbo traders and Nigerians to resist unnecessary …

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China tightens controls to curb currency rise

BEIJING (AP) – China’s central bank is trying to curb the yuan’s rise after the currency hit a 2.5-year high against the dollar. Commercial banks were ordered Thursday to increase for the second time this year the amount of their foreign currency deposits held in reserve. This reduces the amount …

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OCC reports on the risks of the federal banking system – Finance and Banking

United States: OCC Reports on Federal Banking System Risks December 09, 2021 Cadwalader, Wickersham & Taft LLP To print this article, all you need to do is be registered or log in to Mondaq.com. In its semi-annual risk outlook, the OCC highlighted operational, credit compliance and strategic …

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Costa Rica: The involvement of special agents in the development banking system (SBD)

The Development Banking System (SBD) was created in 2008 by Law N ° 8634, reformed in 2014 by Law N ° 9274. As its name suggests, it is a system that brings together organizations of different natures, the aim of which is to finance and promote technically and economically feasible …

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Increase in liquidity through currency flows

Deposits have fallen sharply at the State Bank of Vietnam, but liquidity is still plentiful. This could be attributed to credit growth this year which picked up although still slow. illustration photo As of October 29, growth in new loans had reached 8.72%. Although this level is surprising compared to …

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Brankas Goes Into POC To Develop An Open Source Core Banking System For South East Asia, Starting With Singapore

SINGAPORE, December 8, 2021 / PRNewswire / – Brankas, South East Asia‘technology leader Open Finance, today announced that it has received the Monetary Authority of Singapore‘Financial Industry Technology and Innovation (FSTI) Proof of Concept Grant (POC) November 11, 2021. The MAS FSTI POC grant provides financial support for the experimentation, …

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Brankas Goes Into POC To Develop An Open Source Core Banking System For Southeast Asia, Starting With Singapore, Business News

SINGAPORE, December 8, 2021 / PRNewswire / – Brankas, South East Asia‘technology leader Open Finance, today announced that it has received the Monetary Authority of Singapore‘Financial Industry Technology and Innovation (FSTI) Proof of Concept Grant (POC) November 11, 2021. The MAS FSTI POC grant provides financial support for the experimentation, …

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Commercial fraud in commercial banks

Fraud can occur at many stages – from quotation, letter of credit advice, shipment, entry of goods into the importing country, to settlement of final payment. How do you or can you protect the interests of your banks? December 07, 2021, 10:15 a.m. Last modification: December 07, 2021, 10:40 a.m. …

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Investing activities taking place outside the banking system require stricter rules, says BIS

Investing activities that take place outside the banking system require a new set of broad-based global regulations to combat the inherent instability, the Bank for International Settlements said. Covering around half of all global financial assets after rapid expansion over the past decade, nonbank financial intermediaries such as asset managers, …

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Afghanistan dispatches: major Afghan bank goes bankrupt as banking system falters under Taliban – JURIST – News

Law students and lawyers in Afghanistan file reports with JURIST on the situation there after the Taliban took power. Here, a correspondent for JURIST staff in Kabul comments on reports of an impending bank failure which would be the first since the Taliban came to power in August. For reasons …

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Bank of England must beware of allure of digital currency

The author is the author of “Cryptocurrencies: money, trust and regulation” The Bank of England is still considering the introduction of a central bank digital currency (CBDC), a digital version of banknotes and coins, directly convertible into cash and deposits. The bank argues that this will increase financial inclusion. But …

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Rumor: What is a central bank digital currency (CBDC) and how does it work?

Digital currency, which was once reserved for the IT industry, is increasingly making its way into the realms of central banks. As part of the “e-krona” initiative, Swedish Bank Riks has revealed its intention to introduce a central bank digital currency. The Swedish currency is the crown. The significance of …

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The Turkish currency is collapsing. What is the impact ?

ANKARA – The besieged Turkish currency has plunged to historically low levels against the US dollar and the euro in recent months as President Recep Tayyip Erdogan continues a widely criticized effort to cut interest rates despite soaring consumer prices. Therefore, families struggle to buy food and other goods and …

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banking system: how to slice up and slice up banking licenses to create a safer banking system

If data is the new oil, digital platforms must be new oil platforms. So the news that NITI Aayog is pushing for digital banking licenses to establish new banks in the cloud, but within reach through personal electronic devices, is therefore not surprising. But the devil, as always, is in …

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Philip Morris (PM) Reduces View of 2021 Profits on Currency Impacts

Philip Morris International Inc. The PM, in his address to investors at the Morgan Stanley Virtual Global Consumer & Retail conference, indicated that recent currency volatility could adversely impact its earnings in 2021 and 2022. However, PM is seeing strong momentum in IQOS and expects sequential growth in IQOS users …

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Update on Brazil’s Open Banking System | Hogan Lovells

[co-author: Ana Laura Pongeluppi] Open Bank in Brazil, the system created by the Central Bank of Brazil for sharing data, information and financial services, is in its fourth phase. Open banking is a system created by the Central Bank of Brazil for the sharing of data, information and financial services …

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Central Bank of Nigeria expresses discontent Commercial banks ignore eNaira one month after launch Nigeria news

On Monday, October 25, 2021, President Muhammadu Buhari officially unveiled the Central Bank of Nigeria. Digital Currency (CBDC), known as eNaira Nigerian commercial banks were supposed to use codes to register their customers but CBN is not happy, little effort has been made CBN recently claimed 600,000 downloads in 160 …

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Turkey intervenes in foreign exchange markets in an attempt to stem the fall in the pound

Turkey has announced the return of a controversial policy of intervening in foreign exchange markets in an attempt to stabilize the fall of the pound, despite a previous pledge not to do so and limited foreign exchange reserves. The country’s central bank said on Wednesday that “unhealthy price formations” prompted …

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