All posts tagged: currency

Japan warns of action over rapid currency moves

Japan warns of action over rapid currency moves

[ad_1] TOKYO :Japan may have to take action against any disorderly, speculative-driven foreign exchange moves, the government’s top currency diplomat Masato Kanda said on Tuesday, reinforcing Tokyo’s readiness to intervene again to support a fragile yen. In a sign of authorities’ alarm over recent yen falls, Bank of Japan Governor Kazuo Ueda said currency moves were among topics he discussed in a meeting with Prime Minister Fumio Kishida on Tuesday. Kanda, Japan’s vice minister of finance for international affairs who also oversees the country’s currency policy, said the government did not need to intervene if exchange rates move steadily reflecting fundamentals. “However, when there are excessive fluctuations or disorderly movements due to speculation, the market is not functioning and the government may have to take appropriate action. We will continue to take the same firm approach as we have in the past,” said Kanda. Ueda also said the central bank will guide monetary policy with a close eye on how the yen’s falls could affect inflation, suggesting the currency’s moves could affect the pace and …

How burglars made the coveted Birkin bag into criminal currency

How burglars made the coveted Birkin bag into criminal currency

[ad_1] The dark-green handbag was not her only Birkin, but it was the only one she left behind when she went to Europe. So it was there last year when two burglars jumped a retaining wall at her Pacific Palisades mansion and smashed through a sliding door on the pool deck. They were in and out in 15 minutes, a security camera showed, moving with speed and strategy. They raced past computers and televisions to get to her walk-in closet. On a shelf alongside dozens of other luxury handbags she had been collecting since her teens sat the Birkin. “I had only worn it once, on my birthday,” said the woman, who spoke on the condition of anonymity for fear of inviting another burglary. The thieves took the Birkin, most of the other bags, and, revealingly, receipts from a drawer in her home office that established the authenticity of many of the purses. “They were,” she said of the thieves, “like trained assassins.” She thought the Birkin was gone forever. But months later, she was …

ECB’s Lagarde digs in as US pushes Europe on using Russian assets for Ukraine aid – POLITICO

ECB’s Lagarde digs in as US pushes Europe on using Russian assets for Ukraine aid – POLITICO

[ad_1] Her comments are the latest illustration of the deep disagreement throughout the West over whether and how to use the Russian money that is currently frozen in European accounts. G7 finance ministers met on Wednesday to discuss a menu of options, with a view to letting G7 leaders take a final decision when they meet in June. The options included seizing Russia’s sovereign assets outright as well as structuring a loan backed by windfall profits from the assets. Deputy National Security Advisor Daleep Singh had spoken last week of the need to “explore every possible avenue to maximize the value of the immobilized reserves for Ukraine.” Using a euphemism of her own, Lagarde said that “precipitating the availability” of the Russian funds “because financing is not available elsewhere…opens a whole series of questions that have to do with respect of the international legal order,” raising questions of financial stability and joint legal liability. Lagarde’s comments hint at fears that international investors could shun the euro and the euro area if governments respond to Vladimir …

Lebanon Says Israeli Agents Likely Killed Hezbollah-Linked Currency Exchanger Near Beirut

Lebanon Says Israeli Agents Likely Killed Hezbollah-Linked Currency Exchanger Near Beirut

[ad_1] BEIT MERI, Lebanon (AP) — Lebanon’s interior minister alleged Wednesday that the mysterious abduction and killing of a Hezbollah-linked Lebanese currency exchanger in a villa on the edge of a quiet mountain resort town earlier this month was likely the work of Israeli operatives. The killing of Mohammad Srour, 57, who was sanctioned by the U.S., was like something out of an international spy thriller. Pistols equipped with silencers and gloves were found in a bucket of water and chemicals at the scene, apparently intended to remove fingerprints and other evidence, Interior Minister Bassam Mawlawi said in an interview with The Associated Press. Thousand of dollars in cash were left scattered around Srour’s body, as if to dispel any speculation that robbery was the motive. “Lebanese security agencies have suspicion or accusations that Mossad was behind this operation,” Mawlawi said, referring to the Israeli spy agency. “The way the crime was carried out led to this suspicion.” He provided no specific evidence for his allegations. Mawlawi said the investigation is still ongoing and once …

RBNZ Explores Introduction of Central Bank Digital Currency

RBNZ Explores Introduction of Central Bank Digital Currency

[ad_1] The Reserve Bank of New Zealand (RBNZ) has announced that it is exploring the introduction of a central bank digital currency (CBDC), often referred to as “digital cash.” This move comes as the RBNZ aims to address the challenges posed by innovations in money and payments to New Zealand’s monetary sovereignty. According to Ian Woolford, the RBNZ’s director of money and cash, the digital cash would coexist with physical cash options and would not require a commercial bank account for usage. Instead, users would only need a digital wallet, payment card, or mobile app. Woolford claimed that the digital cash would enhance privacy, security, and trust for users, and noted that the central bank “will not control or see how you spend your money.” Woolford also explained that it would work offline: It would also work via Bluetooth, so you could make payments without connecting to internet. This would be useful in an emergency, or when the power is out. The RBNZ has launched a consultation period, which will last until July 26, 2024, …

Russian central bank lends more Chinese yuan under currency swap operations

Russian central bank lends more Chinese yuan under currency swap operations

[ad_1] MOSCOW : Russia’s central bank said it had provided banks with 2.5 billion Chinese yuan ($346.25 million) for the equivalent 31.8 billion roubles on Friday under currency swap transactions. The bank said last week it was adjusting currency swap operation rates for sales of yuan from March 25. It said it was also increasing the maximum daily volume of currency swap operations to 20 billion yuan from 10 billion yuan, on the first two and last two trading days of each month, to curb excessive volatility. The banks’ maximum demand for yuan swaps was recorded on February 29, when the entire 10 billion yuan limit was used. The central bank launched swap transactions for yuan and roubles in January 2023. The total amount of currency swap operations last year was 59.7 billion Chinese yuan, a bank report said. The bank also said its liquid reserve assets were sufficient to maintain financial stability and perform necessary operations. Opportunities for further diversification of reserve assets into currencies and financial instruments of “unfriendly” countries are limited by …

US sanctions Russian entities for digital currency sanctions evasion

US sanctions Russian entities for digital currency sanctions evasion

[ad_1] Experts say an increased reliance on cryptocurrency would be an inevitable avenue for Russia to try to prop up its financial transactions, but Treasury officials have rejected the claim that cryptocurrency could be a major driver of sanctions evasion. “Russia is increasingly turning to alternative payment mechanisms to circumvent US sanctions and continue to fund its war against Ukraine,” Treasury Under Secretary Brian E. Nelson. “As the Kremlin seeks to leverage entities in the financial technology space, Treasury will continue to expose and disrupt the companies that seek to help sanctioned Russian financial institutions reconnect to the global financial system.” State Department spokesman Matthew Miller said Monday’s action “reaffirms the G7 commitment to curtail Russia’s use of the international financial system to further its war against Ukraine. It also reflects our continued efforts to target companies servicing Russia’s core financial infrastructure.” [ad_2] Source link

Digital Currency And Gold As Speculative Warnings

Digital Currency And Gold As Speculative Warnings

[ad_1] Authored by Lance Roberts via RealInvestmentAdvice.com, Over the last few years, digital currencies and gold have become decent barometers of speculative investor appetite. Such isn’t surprising given the evolution of the market into a “casino” following the pandemic, where retail traders have increased their speculative appetites. “Such is unsurprising, given that retail investors often fall victim to the psychological behavior of the “fear of missing out.” The chart below shows the “dumb money index” versus the S&P 500. Once again, retail investors are very long equities relative to the institutional players ascribed to being the “smart money.”” “The difference between “smart” and “dumb money” investors shows that, more often than not, the “dumb money” invests near market tops and sells near market bottoms.” That enthusiasm has increased sharply since last November as stocks surged in hopes that the Federal Reserve would cut interest rates. As noted by Sentiment Trader: “Over the past 18 weeks, the straight-up rally has moved us to an interesting juncture in the Sentiment Cycle. For the past few weeks, the S&P 500 has demonstrated a high positive correlation to the ‘Enthusiasm’ part of the cycle and …

Jeremy Hunt’s scorched earth budget – POLITICO

Jeremy Hunt’s scorched earth budget – POLITICO

[ad_1] Laura Trott, Hunt’s deputy at the U.K. Treasury, has dismissed allegations of foul play as “an excuse to try and wriggle out of Labour’s disastrous £28 billion of unfunded spending.” But in truth Treasury ministers have always looked for ways to hobble their successors — especially in the run-up to an election.  George Osborne, the former chancellor, described this tendency (on his Political Currency podcast) as “classic politics” — to “shut down” an opponent’s ideas either by “stealing half of them, or doing something that makes them no longer effective.” Chancellor Reginald Maudling on August 27, 1963 | Harry Benson/Daily Express/Hulton Archive/Getty Images Cert`ainly the practice is nothing new. Glen O’Hara, professor of modern history at Oxford Brookes University, points to the gaping trade deficit left for Labour in 1964, when outgoing Tory Chancellor Reginald Maudling infamously left a note for his successor reading: “Good luck, old cock … sorry to leave it in such a mess.”  Conservative Chancellor Norman Lamont’s pre-election budget in 1992 introduced a lower rate of income tax which Labour …

Binance to stop currency services in Nigeria amid legal dispute

Binance to stop currency services in Nigeria amid legal dispute

[ad_1] Binance has reportedly announced that it will discontinue all currency services in Nigeria amidst an ongoing legal dispute. According to an update on its website quoted by CNBC, the U.S. cryptocurrency firm said on March 5 that the platform will suspend Naira (NGN) withdrawals after March 8. Any leftover NGN in user accounts will be automatically exchanged for Tether, a stablecoin cryptocurrency that is tied to the U.S. dollar. Binance will also immediately cease NGN deposits, as transactions of this nature will no longer be accepted after 2:00 pm UTC on Friday. The company will also eliminate all trading pairs that include the NGN on March 7. In addition, Binance Pay, the platform’s payment service, will discontinue supporting the NGN as a payment option on March 6. Nigeria ranks among the largest cryptocurrency markets globally. However, the country’s authorities have sought nearly $10 billion in damages from Binance, alleging that the company engaged in currency speculation and rate-fixing to manipulate foreign exchange rates. Following these accusations, two senior executives from the firm were detained …