September 13, 2023
Currency Pakistan

Pakistan to pay for Russian energy purchases in ‘currency of friendly countries’: Russian official

When they begin in late March, Pakistan will pay for its energy imports from Russia in “currency of friendly nations,” a senior Russian energy ministry official said on Friday, according to Reuters. The declaration was made during the ninth meeting of the Pakistan-Russia Intergovernmental Commission, which was co-chaired by Russian Energy Minister Nikolay Shulginov and […]

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Currency International

US arrests Hong Kong-Registered Digital Currency Exchange Bitzlato’s Cofounder Over Illicit Funds

The principal shareholder and co-founder of the Hong Kong-registered virtual currency exchange Bitzlato Ltd. was detained, according to US officials, on Wednesday for allegedly handling $700 million in illegal money. Russian native Anatoly Legkodymov, who resides in China, was detained on Tuesday in Miami on suspicion of running an unregistered money exchange company that “in […]

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Currency International

Saudi Arabia Open To Trading In Currencies Besides The US Dollar

The country’s finance minister said on Tuesday that Saudi Arabia may examine trading in currencies other than the US dollar, one of the strongest indications yet that the oil-rich kingdom is open to diversifying away from the currency. Whether it is in the US dollar, the euro, or the Saudi riyal, addressing how we pay […]

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Currency International

Indian Rupee, Worst Emerging Asia Currency Of 2022, May Fall Further

According to a leading private bank in the nation, the Indian rupee, becoming Asia’s poorest performer in 2022, is projected to continue losing money in the following fiscal year. The rupee would remain weak in the next fiscal year due to “a much higher current account deficit,” according to Neeraj Gambhir, group executive for treasury, […]

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Currency International

Egypt’s Pound Drops Significantly After Its Devaluation In October

The currency had its worst decline since the Central Bank of Egypt devalued the pound in late October in an attempt to seal the IMF agreement, falling 6% to 26.4 to the US dollar. Wednesday’s decline coincides with the blocking of billions of dollars’ worth of shipments at Egyptian ports due to local banks’ inability […]

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Currency International

Russian National Wealth Fund’s Currency Mix Is Changed

The National Wealth Fund (NWF) of Russia will continue to have a limited percentage of assets denominated in currencies from “unfriendly” nations, according to a statement released by the Russian Finance Ministry on Friday. According to the announcement, as part of the NWF’s newly authorised regulatory asset structure, the proportion of the Chinese yuan will […]

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Currency Pakistan

PKR Lost 22% During 2022

The rupee saw violent swings throughout the year, often hitting its record low against the US dollar, only to finish the year with a significant fall of 22%, marking the worst 12-month period since the global financial crisis of 2008. The rupee has fallen in 18 of the 22 years since the year 2000, with […]

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