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The Taliban have yet to decide on the currency for trade

PESHAWAR: Afghan traders are finding it difficult to continue trading due to the lack of foreign currency, as the international community withheld the assets of the Da Afghanistan bank after the Taliban took Kabul on August 15.

On the other hand, the Taliban have yet to decide which currency should be used for trading, which has created new problems for traders. The dollar exchange rate in Afghanistan has fluctuated.

The Pakistani government has announced that it will trade with Afghanistan in Pakistani rupees, while the Taliban said in a statement on their social media that all major and minor trade transactions in Afghanistan will be done in Afghan currency.

Afghan traders rejected Pakistan’s decision to conduct business transactions in Pakistani currency.

The article continues after this announcement

The Afghan Taliban have said that the country’s identity is more important and that no decision will be made that undermines the interests of the Afghan nation.

However, no new mechanism has been formulated for trade and other business activities. In addition, Afghanistan and Pakistan have yet to announce an official policy of mutual trade and transit between the two countries.

According to sources, after the Taliban took control of the banking system in Afghanistan, it is difficult for traders to exchange dollars because the current banking system is closed.

Finance Minister Shaukat Tarin told the Standing Committee that it had been decided to conduct trade between Pakistan and Afghanistan in Pakistani rupees.

Tarin told the Standing Committee on Finance that there is a shortage of dollars in Afghanistan after the international community seized its assets. But the

Pakistan has also called on the world to unfreeze Afghanistan’s accounts as this may trigger a humanitarian crisis.


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Currency

Are vaccines the new age global currency in 2021

Researchers around the world have been working at an unprecedented rate to advance more than 100 vaccine candidates after the depth and scale of the COVID-19 pandemic was finally revealed. However, most of the infrastructure and funds necessary for the research, production and distribution of effective vaccine candidates have been collected haphazardly rather than through national and international emergency preparedness frameworks. Delays in detecting and responding to the COVID-19 threat, especially in India, have resulted in deaths and a devastated economy. It is difficult to understand why a well-designed and well-implemented vaccine procurement strategy is ignored, or why a public good has been turned into a commercial commodity. Obviously, the ideals of the government’s free market philosophy seem to be more important to them than saving lives and getting India out of the dire situation it is in now. Nothing else explains why a product so vital to the health security of the country has different prices. diets.

Indian vaccines: explained

Covishield vaccinations account for 90% of all vaccines given in India so far. The Serum Institute of India (SII), which manufactures the Covishield vaccine, has fixed costs for private hospitals at Rs 600 per dose and state governments at Rs 400 per dose. In private vaccination centers, the final cost of the vaccine may be more than Rs 600 per dose, as they will have to factor in their own costs of administering the vaccine. It now produces 60 million doses each month, but with financial support from the Indian government and GAVI (https://www.gavi.org) , they want to increase that to 100 million doses from July 2021. The capacity of Bharat Biotech, which makes the Covaxin vaccine, is now 10 million and will be increased. Bilateral deals appear to have been made with other companies with the help of Rs 1,500 crore from the Indian government to boost supplies to 700 million doses by July. As a result of these public statements, India is expected to receive the necessary doses by July, excluding the entry of additional vaccines like Sputnik and Pfizer, the supply and price of which remain unknown.

Vaccines: the currency of the new world

This begs the question of what Finance Minister Nirmala Sitharaman meant when she said in her budget speech on February 1: “I have provided 35,000 crore for the covid-19 vaccine in 2021-2022. “. If additional funds are needed, I will give them. In addition, the central government has allocated 3,000 crore to the Serum Institute and 1,567 crore to Bharat Biotech, for the supply of vaccines until July. After allowing for a reasonable margin, the cost of purchasing vaccines at Rs 150 per dose by the central government as the sole purchaser for government needs amounts to over Rs 19,500 crore. divided, the price advantage obtained by buying in bulk disappears. Under the current vaccination strategy, the central government would pay Rs 7,500 crore and states would spend Rs 34,400 crore, with an average vaccine cost of Rs 430 per dose – a total of Rs 42,000 crore. Given the state of the economy, which is dependent on loans, it is puzzling and confusing why the Center is unwilling to use its market power and continue to fragment markets, which would only bleed states further. and disproportionately favor vaccine manufacturing companies. The producer makes a huge profit at Rs 200 each dose, and it would be the most expensive vaccine purchased by governments through the Universal Vaccination Program. Even so, in the 2021-22 budget, this would imply an investment of Rs 26,000 crore against an allocation of Rs 35,000 crore for the purchase of vaccines.

Black markets are getting stronger

It is clearly a market dominated by suppliers. While the Serum Institute has set the private sector price for vaccinations at Rs. 600 per dose, the final price in a private vaccination center will be higher. In addition, due to limited availability, there is a risk that a black market will emerge for these vaccinations, as has been the case for oxygen cylinders and drugs used in the treatment of Covid. Take the example of hand sanitizers to try to better understand this problem. Hand sanitizers had disappeared from the market and were being sold in black when covid began to spread early last year. The reason was that demand greatly exceeded supply. Despite this, many companies entered the market after witnessing the high price of disinfectants, and the supply problem was quickly overcome and the prices became affordable. So the free market worked, and it worked brilliantly. However, in the case of vaccinations, new entrepreneurs cannot simply enter the market and start producing the vaccine, ensuring that the price of the vaccine does not skyrocket in the months to come. This does not mean that the private sector should be excluded from the immunization process. They should be for the simple reason that the population should be vaccinated as soon as possible. In view of this, a real rival, namely the government, is needed to ensure that the costs of vaccination in the private market do not skyrocket. This could have been accomplished by ensuring that the covid-19 vaccine is always available for free at government vaccination clinics. This would have ensured that private actors set fair prices for their vaccinations and do not make excessive profits. The likelihood of the latter occurring has increased dramatically. In 2019-2020, India’s gross domestic product (GDP) was $ 203.5 trillion. That figure is expected to drop to $ 195.9 trillion next year, a reduction of $ 7.6 trillion. This estimate was made before the onset of the second wave of covid. As a result, GDP for 2020-2021 could be less than $ 7.6 trillion, implying a larger drop. The cost of the spread of covid and the failure of society as a whole to develop collective immunity, forcing governments to enforce closures and curfews, has led to a decline in economic activity. As a result, it makes sense for the government to provide free immunizations, at least in government-run immunization clinics. Since India’s economy declined in 2020-21, it is unlikely to contract in 2021-22. However, if India’s growth rate falls below the current forecast of 10-12%, we would expect a few trillions more in economic damage. In this situation, if the central government spends the 35,000 crore it has set aside on vaccinations (or even more if necessary), the whole economy will benefit greatly.

And after?

To be fair, most countries have struggled to roll out vaccines, even rich countries that have tried to trap far more than their needed percentages of global supplies. Overall, the distribution of vaccines in the United States matches that of the rest of the world: uneven, unfair and inept. This strategy will extend the existing epidemic and raise doubts about humanity’s ability to work together to address the much larger problems that lie ahead. The virus, on the other hand, has no limits and is not afraid. Even if public policy leaves sections of vulnerable demographic groups to destroy, it will rebound. It is a policy that should be revised as soon as possible.


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Jamaica to deploy digital currency – NationNews Barbados – nationnews.com

Posted on

The Bank of Jamaica (GP)

KINGSTON – The Bank of Jamaica (BOJ) reports that the pilot implementation of a local central bank digital currency (CBDC), which began in June, is on schedule.

This includes the minting of Jamaica’s first batch of CBDCs on August 9, totaling J $ 230 million, which will be issued to depository institutions and authorized payment service providers.

Speaking at the BOJ’s quarterly digital briefing on Friday, Deputy Governor Natalie Haynes said that a financial institution, the National Commercial Bank (NCB), has been engaged as the initial wallet (account) provider as part of the pilot project, which ends in December,

She told reporters that the CBDC will be issued to NCB in September, when they are expected to start rolling out to customers.

“They target, first, what they call friends and family, which would be staff and their families, then they will go to other BCN account holders, before moving on to other non-account holders. BCN “, explained the deputy governor.

Haynes said it was expected that details of CBDC client involvement would be released in October

Meanwhile, Gov. Richard Byles and Haynes said there had been positive comments so far about the introduction of the CBDC.

Byles said there was some degree of skepticism until a year ago, but stakeholders were now more positively oriented towards the implementation of the CBDC.

Meanwhile, the deputy governor said that depending on the level of interest in the CBDC, “it is up to the BOJ and others [prospective] portfolio providers to leverage it and intensify communication in order to [that] we have the full acceptability of the product.

CBDC is a digital form of currency issued by the central bank and therefore is legal tender which can be exchanged dollar for dollar with physical money.

Households and businesses will be able to use the CBDC to, among other things, make payments, as is now the case with cash.

The CBDC is backed by the central bank and issued to authorized financial institutions, including depository institutions on a wholesale basis, as is currently the case with physical currency.

The expected benefits of the CBDC for Jamaican citizens, businesses and government include increased financial inclusion, as it will provide another, easier to access means for efficient and secure payments.

For depository institutions and the BOJ itself, the CBDC offers an opportunity to improve cash management processes and costs. (CMC)


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Pakistani rupee to remain stable, traders say

A trader counts Pakistani rupees next to a stack of US dollars. Photo: File
  • The local unit was stable for three trading sessions this week, according to traders.
  • The rupee is expected to trade between 164.10 and 164.40 per dollar.
  • Analysts say the rupee has been polarized with developments pulling it back and forth.

KARACHI: The Pakistani rupee is expected to remain stable against the US dollar next week in the market, as demand and supply of the US dollar will almost match, sources said.

According to a report published in The news, the local unit remained stable over the three trading sessions this week.

“We expect the rupee to remain stable in the coming days with remittance and export flows balancing out with demand from importers,” said a forex trader at a commercial bank.

“There are about $ 2.8 billion in entries from the International Monetary Fund on Monday due to its new global allocation of Special Drawing Rights, this would help increase foreign exchange reserves and support the rupee,” he said. -he adds.

The rupee is expected to trade between 164.10 and 164.40 per dollar, he said. Analysts said the rupee was polarized with developments pulling it back and forth.

On the positive side, in addition to expected IMF inflows, most commodity prices fell in the outgoing week, with oil prices declining by around 6% on average and the current account deficit showing an improvement in the past. ‘month over month, reaching $ 773 million in July, up from $ 1.6 billion the month before.

In addition, the real effective exchange rate (REER) was slightly better in July than in the previous month. The REER depreciated to 99.4 in July from 99.8 in June.

“On the negative side, analysts are anticipating a Fed rate hike. A rise in US interest rates will reverse flows to US markets, thereby weakening almost all currencies, including emerging markets. Last week we saw the dollar index hit a nine-and-a-half-month high, ”a Tresmark analyst said in a client note on Saturday.

Second, logistical problems in the commercial sector may disrupt shipments. And finally, the uncertainty surrounding the Afghan will have a negative impact on the rupee, he said.

As for Afghanistan, the low level of foreign exchange reserves and the need for commodities will lead to active cross-border smuggling of commodities as well as hard currencies, he added.

“At the moment the factors are higher for a weaker rupee, but a recent depreciation of 7.50% in the past 3 months can be seen as sufficient by the market.”

Taliban control over Afghanistan could have serious implications for Pakistan on the geopolitical and security front; the direct economic impact appears to be insignificant; however, the deterioration of ties with the United States may affect the IMF’s program, analysts say.

The Pakistani 10-year US dollar bond saw its yield rise 25 basis points on Monday as investors shed debt.


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Currency Converter Application Market Quality and Quantity Analysis | SmartWho, XE, ExtraAndroary

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• Middle East and Africa currency conversion application industry: Saudi Arabia, United Arab Emirates, Turkey, Egypt and South Africa.

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Market segment by type, the product can be divided into {linebreak} – Android systems {linebreak} – IOS systems {linebreak} – Other {linebreak} {linebreak} Market segment by application, divided into {linebreak} – Commercial users { linebreak} – Private users

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Chapter 2: Currency Conversion Applications Market competition by players / suppliers 2013 and 2018
• Cost structure of manufacturing currency conversion applications
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Chapter 3: Currency Converter Applications Sales (volume) and revenue (value) by region (2013-2021)
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Chapter 4, 5 and 6: Global Currency Converter Application Market by Type, Application and Player / Vendor Profiles (2013-2021)
• Currency Converter Applications Market Share by Type and Application
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Find more research reports on Currency converter application industry. By JC Market Research.

Thank you for reading this article; you can also get a section by chapter or a report version by region, such as North America, Europe or Asia.

About the Author:

The global market intelligence and research consultancy JCMR is uniquely positioned to not only identify growth opportunities, but also empower and inspire you to create visionary growth strategies for the future, through our extraordinary depth and breadth of thought leadership, research, tools, events and experience. that help you make your goals a reality. Our understanding of the interplay between industry convergence, megatrends, technologies and market trends provides our clients with new business models and opportunities for expansion. We are focused on identifying ‘accurate forecasts’ in each industry we cover so that our clients can take advantage of early market entrants and meet their ‘goals and objectives’.

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