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BRICS Nations to Expand Use of National Currencies Through New Financial Platform

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Russian presidential aide Yury Ushakov announced new BRICS initiatives to increase the use of national currencies in trade, backed by financial infrastructure developments like a BRICS-wide platform and special clearing systems. This move aims to simplify transactions between member nations and reduce trade costs. Meanwhile, Russian Deputy Foreign Minister Sergey Ryabkov highlighted ongoing Western efforts … Read more

Russian Banks Set for Record Profits This Year, Central Bank, Rating Agency Say

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Bank of Russia raised its forecast for the profits of Russian banks in 2023, expecting results that may break the 2021 record. This year’s high numbers are coming after 2022 became the worst annual period in seven years for the sanctioned Russian banking sector in terms of financial outcome. Banks in Russian Federation Headed for … Read more

China’s Inflation Rate Drops to Lowest in 18 Months

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The annual inflation rate in China has unexpectedly slowed down in March to its lowest level in a year and a half, the latest statistical data indicates. On a monthly basis, consumer prices decreased for a second consecutive month, despite estimates suggesting they will remain unchanged. Post Zero-Covid Policy Inflation in China Eases Further China’s … Read more

Digital Euro Should Be Attractive But Not ‘Too Successful,’ ECB’s Panetta Says

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The digital euro should be an attractive means of payment but its design should prevent it from becoming so successful as a store of value that it threatens banks and private money, according to Fabio Panetta, a high-ranking executive at the European Central Bank. Panetta stressed that both this paradox as well as the need … Read more

Reserve Bank of New Zealand Seeks Public Opinion on Central Bank Digital Currency

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The central bank of New Zealand has lined up among monetary authorities exploring the question of issuing their own digital currencies. The financial regulator is now seeking feedback from the public about the need for a digital form of the national fiat while also promising to preserve cash. New Zealand Central Bank Considers Risks and … Read more

Deutsche Bank Reports €5.3 Billion in Net Loss for 2019 as It Counts the Cost of Restructuring

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A year of reorganization has left its mark on Germany’s leading financial institution. Deutsche Bank revealed this week it suffered significant losses in the last quarter and all of 2019. The banking giant claims that the damage is “entirely driven by transformation-related effects” such as compensation for sacked employees and devalued assets. Also read: US … Read more

European Banks Struggle With Low Interest Rates and Strict Regulations

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Banks in Europe have been in a difficult spot lately. A new report reveals that financial institutions across the region faced serious difficulties in the 2018 financial year, and despite all the cost cutting that followed, haven’t managed to compensate the revenue decline in 2019. Historically low interest rates, new regulatory hurdles and competition from … Read more

Tax Form to Report Revenues From Cryptocurrency Trading Issued in Poland

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Authorities in Poland have clarified the taxation of revenues received from cryptocurrency exchange transactions. The Ministry of Finance has recently published a 2019 tax form that has a dedicated section where taxpayers are expected to declare separately proceeds from crypto trading. Also read: Mario Draghi Leaves European Central Bank Without Ever Raising Interest Rates Polish … Read more

Developing an ICO Project in Russia Can Cost as Little as $1,500

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The average cost to develop an ICO project in Russia is hovering around $18,000 USD but the price can go down to as little as $1,500, according to a study that explores the market for such services. The hourly rate for a blockchain developer is averaging a little over $44, the authors found after surveying … Read more