With the US increasingly willing to use the dollar, and SWIFT, as a strategic weapon against the country’s sovereign enemies (as Iran learned every 5 or so years), Russia and India are preparing to bypass US sanctions on Moscow by using the rupee and the ruble in bilateral trade involving military deals, the Economic Times reported.
Some $2 billion in weapons deals between India and Russia have been hit as a result of the recent US sanctions, as payments get stuck. The countries are seeking to bypass such monetary bottlenecks this by switching to settlements in domestic currencies and ditching the greenback. Continue reading
Japanese savers faced the shock of negative interest rates on their bank balances on Friday, as the Bank of Japan’s monetary policy committee took the unprecedented move to get the nation spending.
Five of the nine members of the BOJ Policy Board were in favor of the rate of minus 0.1 percent. The news followed a two-day meeting by the board. Continue reading
Other industry groups such as miners may join process of setting crucial benchmark following allegations that process is open to rigging
Banks could lose sole responsibility for setting the gold price benchmark under new rules proposed by the industry.
Other parties such as miners and refiners may enter the London gold fix, which has been controlled by banks for almost a century but has come under scrutiny following allegations that the system is open to manipulation.