Goldilocks’ Comments and Global Economic News Sunday 3-3-2024
Good Evening
“India’s forex reserves experienced a notable increase, rising by $2.975 billion to reach $619.072 billion for the week ending February 23, as reported by the Reserve Bank of India (RBI). This surge follows a previous week where reserves had slightly decreased by $1.132 billion.
Major Components
1. Foreign Currency Assets:
Increased by $2.405 billion to $548.188 billion.
Foreign currency assets encompass various currencies such as the euro, pound, and yen, reflecting their valuation against the US dollar.
2. Gold Reserves:
Rose by $472 million to $47.848 billion during the week.
3. Special Drawing Rights (SDRs):
Witnessed an uptick of $89 million to $18.197 billion.
4. Reserve Position with the IMF:
Expanded by $9 million to $4.839 billion.”
There would be absolutely no reason for India to be increasing their revenue like this unless it had something to do with the UPI or Unified Payments Interface.
The UPI powers several bank accounts in one application. This can happen with any bank globally that wants to participate in their payment transaction system through trade and more.
It is an instant payment service that operates 24/7 and 365 days a year. Their foreign currency, special drawing rights, and gold reserves continue to grow.
This enables them to service the needs of foreign currency exchanges in trade from around the world near and far. They can even enable people to do these transactions over a mobile phone application.
It’s been a while back, but Iraq was one of the countries along with Vietnam and Indonesia that piloted this new International Payment System. Current Affairs
© Goldilocks
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The IMF is recognizing Iraq to be a financially inclusive banking system. This means they have become an open banking system allowing free trade agreements to be made with them near and far.
The CBI article that goes with this writing indicates that the IMF has recognized Iraq to be a compliant, safe, and trustworthy institution for trade. It is well and it’s way to digitizing products for trade beyond the oil sector and on the local level.
These new monetary mechanisms will shield them from money laundering that has plagued them for so many years, and it will enable them to move forward with the full confidence of a Global Economy.
© Goldilocks
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Iraqi Customs launches automation system at Umm Qasr Port – Shafaq News
👆Watch the Water!
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“An ACH transfer is completed through a clearing house — a network of financial institutions — and is used most often for processing direct deposits or payments.
A wire transfer is typically used for high-value transactions and is completed through a bank, which makes it faster, but it does have a fee.”
We are currently transitioning from Clearing House Transactions to Wire Transfer Services that can be done through a bank. Wire transfer services will make this new digital payment system much faster. In fact, the transfer of payments will be done in seconds.
As Protocol 20 expands and integrates Quantum Technologies from around the world, this shift into digital processing of money transfers will significantly increase the demand for the new digital economy. These new demands will bring in new values across the board and from country to country.
Money velocity will enhance faster trades that will allow the movement of products around the world to operate seamlessly and efficiently. Faster movement of products will create more profits and increase more opportunities for companies producing their items for sale across many sectors of the market and on an even playing field no matter their size. Tipalti
© Goldilocks
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Hong Kong Sees Surge in Crypto Exchange License Applications as Regulatory Landscape Evolves | The Currency Analytics
👆 Goldilocks pointed to this article
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Crypto Council comments on Hong Kong’s stablecoin regulation | CryptoPolitan
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Special Drawing Rights
Pacific Exchange Rate Service: Current Exchange Rates; Database
https://fx.sauder.ubc.ca/SDR.php
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UPI: Unified Payments Interface – Instant Mobile Payments | NPCI
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Bloomberg — Eurex Clearing AG plans to start clearing repo trades for hedge funds directly by the middle of the year, a key step toward improving liquidity in a market that has been constrained over the years by tighter financial regulation.
The firm, one of the leading global clearinghouses, aims to have hedge funds up and running on their platform “by the summer,” executive board member Matthias Graulich said on the sidelines of the Derivatives Forum in Frankfurt on Thursday.
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Prominent figures in the XRP community have argued that the XRP tokens locked in escrow by Ripple have a fundamental role in turning the asset into a global reserve currency. | The Crypto Basic
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Blockchain is one step away from mainstream adoption – Blockworks
