Monthly Archives: August 2022

How Nigerians Get Along With Commercial Banks In The New Dollar Racket Via Preferential Trade Agreements

Nigerians Have a New Way to Trade Forex and Earn Millions of Dollars, Legit.ng Survey Says The new scheme that has seen Nigerians rush to open dollar or home accounts involves people getting dollars through commercial banks Nigerians living abroad use the scheme to obtain PTAs under the guise of …

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Commercial banks woo moneybags with high deposit rates

Months after politicians were accused of hoarding US dollars ahead of Nigeria’s primary elections and causing the naira to depreciate, new facts have emerged that commercial banks are courting high net worth individuals and asset managers. funds with juicy interest rates in order to attract their naira deposits. Experts say …

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Growth and Jobs | Digital currency to promote financial inclusion and equity – JN exec | New

INTRODUCING Central Bank Digital Currency (CBDC), JAM-DEX, into the financial ecosystem will enable more Jamaicans to access financial services, according to Ricardo Dystant, Head of Digital Transformation and Special Projects at JN Bank. As a result, Dystant said JN Bank will launch its own digital wallet very soon. A phased …

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How CBN saved commercial banks and the electricity sector from collapse

Following the takeover of five Electricity Distribution Companies (DisCos) by banks, stakeholders supported the Central Bank of Nigeria (CBN) support for the move. This was even as they said the move would ensure the shares were successfully transferred to new investors, as it remained room for maneuver for the country’s …

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Instant Foreign Currency Settlement via RTGS from September 4

Commercial banks will conduct foreign currency transactions in the country through the central bank’s Real-Time Gross Settlement (RTGS) system from September 4 – a move that will ease the transaction process and minimize costs. The Foreign Reserve and Cash Management Department of Bangladesh Bank issued a circular in this regard …

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Acting CBE Governor starts term with reassuring message: Egypt’s banking system is used to overcoming challenges

Egypt’s external debt recorded $157.8 billion in March 2022, up about $19.9 billion from June 2021. Despite the 22-year increase in net loan and facility disbursements, $2 billion, the depreciation of the other currencies comprising the foreign debt exchange rate vis-à-vis the US dollar resulted in a $2.3 billion decline …

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Banking system credit growth is on track, but how long will the good times last?

By Jaspreet Singh Arora Amid all the din of rising costs of living and a possible global economic downturn, news of a pick-up in non-food credit growth is often ignored. After lackluster mid-single-digit growth over a two-year period, growth in non-food credit accelerated. Data collected by the RBI from 33 …

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How to change your currency in Dubai? Check the necessary documents and other details

Planning to visit Dubai for vacation or business trip? With the resumption of commercial flights to and from the United Arab Emirates, several tourists from India and other countries are heading to the Gulf nation. It is quite obvious that a trip abroad involves good planning more than the possession …

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“The riskiest loans are outside the banking system.” Regulators fear hedge funds could trigger next financial crisis – Financial Services

August 26, 2022 Morrison & Foerster LLP To print this article, all you need to do is be registered or log in to Mondaq.com. Kelley Howes spoke to MarketWatch about the potential risk of accumulation in hard-to-see parts of the US financial system after regulators imposed new rules …

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Scheduled commercial bank credit growth accelerated further to 14.2% in June: RBI

Mumbai, August 25 Credit growth (year-on-year) from regular commercial banks (SCBs) accelerated further to 14.2% in June, from 6% a year ago and 10.8% a quarter ago, according to the Reserve Bank of India. However, overall deposit growth (year-on-year) has remained between 9.5 and 10.2 percent over the past five …

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Opinion: The Fed and other central banks claim digital currency is more efficient, but what really scares them is crypto.

Abandoning traditional caution, the US Federal Reserve and other countries’ central banks are likely to introduce CBDCs (central bank digital currencies) in the near future. Backed by the Bank for International Settlements, 105 countries representing over 95% of global GDP, including the United States, European Union and China, are actively …

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The Determinants of Excess Reserves in the PNG Banking System

This presentation examines why profit-maximizing commercial banks in PNG require excess unremunerated reserves. An autoregressive distributed lag model is used to estimate the determinants of excess reserves using time series data for the period January 2002 to December 2017. The model includes precautionary and inadvertent factors that affect banks’ excess …

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The Ministry of Finance sets objectives for the banking system | Company

Illustration photo (Source: baochinhphu.vn) Hanoi (VNS/VNA) – The Ministry of Finance (MoF) has published targets for bank restructuring in order to strengthen the strength of The Vietnamese financial sector. The Ministry of Finance will coordinate with other ministries to establish regulations on capital increases for state-owned credit institutions, especially the …

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The Ministry of Finance sets objectives for the banking system

VIETNAM, August 23 – HÀ NỘI — The Ministry of Finance (MoF) has set bank restructuring targets in an effort to strengthen the soundness of Việt Nam’s financial industry. The Ministry of Finance will coordinate with other ministries to establish regulations on capital increases of public credit institutions, in particular …

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Naira closes at 685 naira/$1 amid pressure from foreign airlines on the currency

Nigeria’s currency, the Naira, has come under enormous pressure from foreign airlines’ demand for Nigerians to buy plane tickets in dollars. Ripples Nigeria previously reported how companies like British Airways and Turkish Airlines have already sent emails to their customers saying they will no longer issue tickets to passengers in …

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Commercial banks and integrated finance: engine of growth or existential threat? It’s all about timing & More Latest News Here

Commercial banking is evolving. Yet not all bankers recognize the changes to come. In-app payments are a tremendous opportunity to unlock new revenue growth for banks that embrace this technology – and can also prove to be an existential threat via the continued erosion of direct payment volumes. Going forward, …

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Commercial banks and integrated finance: engine of growth or existential threat? It’s a matter of timing

Commercial banking is evolving. Yet not all bankers recognize the changes to come. In-app payments are a tremendous opportunity to unlock new revenue growth for banks that embrace this technology – and can also prove to be an existential threat via the continued erosion of direct payment volumes. Going forward, …

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Today in History: Solving High Lending Rates Offered by Banks

President of Ghana, Nana Addo Dankwa Akufo-Addo On August 22, 2021, President Nana Addo Dankwa Akufo-Addo pleaded with the central bank to address the country’s high commercial bank lending rates. Closing the gap between the BoG’s policy rate and commercial bank lending rates, President Akufo-Addo said, will bolster the rapid …

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Iran says money creation by banks weakened in April-July

Iran’s central bank says its policies led to a reduction in money creation by banks from April to July. The Central Bank of Iran (CBI) claims that the stricter policies adopted by the bank have led to a weakening of the money creation process in the country. The head of …

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The Islamic Bank of Al-Ataa chooses the central banking system of ICS Banks

Al-Ataa Islamic Bank for Investment and Finance, a new bank in Iraq, has selected the ICS Banks Islamic platform from leading banking technology provider ICS Financial Systems (ICSFS). Wael Malawi, ICSFS (left) and Kadhom Khalaf Al-Shamary, Al-Ataa Islamic Bank (right). Image source: ICSFS Al-Ataa Islamic Bank will provide Sharia-compliant products …

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Familiar Themes in DFS’s First Enforcement Action Against a Virtual Currency Company – FinTech

To print this article, all you need to do is be registered or log in to Mondaq.com. On August 2, 2022, the New York State Department of Financial Services (DFS) announced a consent order with Robinhood Crypto (RHC), the virtual currency trading platform of mobile trading application provider Robinhood Markets …

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BOQ and Virgin Money use Temenos’ central banking system in the cloud

Bank of Queensland (BOQ) has launched a new cloud-based core banking system, powered by banking technology provider Temenos, for its retail operations under the BOQ and Virgin Money brands. Temenos wins new core banking technology live sites in Australia Work has now begun on migrating BOQ’s ME Bank (Members Equity …

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Lithuanian OKEO calls on Mambu for a multi-currency payment offer

OKEO, a digital payment service provider for European businesses and entrepreneurs, has gone live on Mambu’s cloud banking platform. OKEO goes live on Mambu technology Mambu says its platform will help OKEO offer multi-currency payments at rates “up to five times better” than traditional institutions with delivery times ranging from …

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Crypto News Digest by U.Today

Valeria Blokhina U.Today’s news digest helps you stay tuned with the latest happenings in the crypto world Check out the top four news stories from the past day brought to you by U.Today. The new Shiba Inu game is already a success in Vietnam In a recent tweet, Shiba Inu …

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Benefits of online payday loans -Paydaychampion

A payday loan is a short-term cash advance offered online or over the phone. They are designed to provide quick access to emergency funds. These loans are popular because they offer fast approval and easy repayment terms. Things to consider before obtaining a payday loan Payday loans are a great …

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OFAC Sanctions Second Virtual Currency Mixer – Export Controls and Trade and Investment Sanctions

August 16, 2022 Winston & Strawn LLP To print this article, all you need to do is be registered or log in to Mondaq.com. On August 8, 2022, the US Treasury Department’s Office of Foreign Assets Control (OFAC) announced its second designation of a virtual currency mixer – …

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Why is the Reserve Bank of Australia exploring digital currency options? | Australian economy

Last week, the Reserve Bank of Australia announced a year-long research project with the Digital Finance Cooperative Research Center to explore “use cases” for a central bank digital currency (CBDC). Here’s what happens. What is a CBDC and how is it different from cryptocurrency? Banknotes are a physical form of …

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[email protected]: India’s banking system has moved to digital payments

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UAE banking system can withstand adverse scenarios (Central Bank)

UAE banks have sufficient capital and liquidity reserves to withstand severe adverse scenarios, the country’s central bank said in a report. However, the main risks to the banking system stem from the potential for further deterioration in asset quality post-pandemic and insufficient changes in banks’ business models given digital transformation, …

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Naira investments suffer from inflation and currency risks

Naira-denominated investments are facing the double whammy of rising inflation and foreign exchange (FX) pressures, but some investors are still optimistic, according to analysts in the financial services industry. Investments consist of federal government bonds, stocks, commercial papers, Nigerian treasury bills, and mutual funds, among others. Last week, the Nigerian …

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Currency Counting Machine Market Trends 2022 and Key Players Analysis 2028 – Glory, Giesecke & Devrient, LAUREL, Baijia Baiter – Instant Interview

Far reaching Global Currency Counting Machine Market survey with exact projections and expectations, as well as comprehensive exploration answers for key dynamics, are given by MarketsandResearch.biz considered. It also memorizes separate parts for provincial surveys to provide an overview of business sectors with a future guarantee, as well as annual …

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Commercial banks in Nigeria groan about Forex scarcity as diaspora remittances hit $60.2 billion in three years

Nigerian banks have been hit by currency shortages as the CBN strives to stabilize the naira Visits to most of the commercial banks in Lagos reveal that the banks are running out of $100 notes and are offering their customers $20 notes instead. It comes as report shows Nigerians abroad …

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Commercial banks in Ethiopia have performed well

Governor of the National Bank of Ethiopia, however, warns of impending strong competition from expatriate banks Yinager Dessie, Governor of the National Bank of Ethiopia (Photo: EBC) bokena The National Bank of Ethiopia said on Tuesday that Ethiopian commercial banks had shown better performance over the past four years despite …

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Nonprofit ‘tired of the race around’ local commercial banks

By YOURI KEMP Tribune Business Journalist [email protected] The Central Bank governor said there is a “minimum standard” for financial institutions to issue bank accounts for non-profit organizations. Raquel Thurston, program manager for Abaco Strong, told Tribune Business that she was “tired of chasing” her non-profit organization receiving commercial banks in …

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Consumer loans from Saudi commercial banks in June rise 13% to $118.9 billion

CAIRO: Consumer lending by Saudi commercial banks rose 13% to SR445.8 billion ($118.9 billion) on June 30, 2022, from SR394.2 billion on the same day on last year, the Central Bank of Saudi Arabia, also known as SAMA, revealed. . This growth, however, pales in comparison to the 17.4% growth …

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Hong Kong central bank pours cash to stabilize pegged currency, higher mortgage rates ensue

On Aug. 5, Hong Kong’s central bank bought the largest amount of its currency in one day since May 12 — HK$14.161 billion (about $1.80 billion) — to keep it from weakening. further and break its peg to the US dollar. On July 28, after the US Federal Reserve announced …

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Bank of Thailand plans pilot test of retail central bank digital currency by year-end

BANGKOK (Bloomberg): The Bank of Thailand plans to move its development of a retail central bank digital currency into a pilot phase by the end of the year as the country assesses how the technology would work in its financial system. The BOT has no plans to issue a retail …

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Paying a heavy price for central bank money creation

Much of the damage to bond and stock prices that we expected this year has been done. Markets are quickly adjusting to a new world of higher inflation in most advanced countries. They get used to the need to raise interest rates to fight price increases by slowing economies. The …

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Cuba implements the first stage of the foreign exchange market and announces that the banking system will buy foreign currencies – Escambray

Deputy Prime Minister and Minister of Economy and Planning, Alejandro Fernandez, and President of the Central Bank of Cuba, Martha Sabina Wilson Gonzalez, participated in the radio and television program Mesa Redonda on Wednesday to make account of the implementation of the first stage of the future foreign exchange market …

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Jamaican currency changes over the years

Like all nations, Jamaica has seen its fair share of change and success in its 60 years as an independent country. One of the most intriguing changes is that of currency. If one were to take a sample of the notes or coins used over the six decades, it would …

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Saudi commercial banks’ June deposits rose 8.7%, their highest level in 16 months

Focus on India – Trade with Russia and Sri Lanka expected to reach $9 billion; Bajaj Finance will issue 3-year bonds RIYADH: India expects two-way trade worth up to $9 billion with Russia and Sri Lanka in the next two months after allowing international trade in rupees, Indian secretary has …

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