Forum for Peace, Cooperation and Greater Economic Progress

According to the Akorda press office, President Kassym-Jomart Tokayev will present the Astana International Forum's (AIF) global vision during the plenary session on June 8.
Alongside the forum, Tokayev will hold many bilateral meetings.
The plenary session will be moderated by CNN news anchor Richard Quest, who said it is the centerpiece of this year's AIF.
'Hosted by the President of Kazakhstan, Kassym-Jomart Tokayev, the plenary session will focus on the state of the world today and the way forward toward peace, cooperation, and greater economic progress,' Quest said.

Asian Clearing Union to adopt SWIFT alternative

Within the coming weeks, ACU member states plan to introduce the Iranian-developed system.
During a recent summit in Iran, the members of the Asian Clearing Union (ACU) decided to compete with the SWIFT global payment network by launching a new cross-border financial messaging system in June.
ACU members include the central banks of Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka, Myanmar, and Iran.
According to reports, the new, unnamed method for banking communication among ACU members was designed by the Central Bank of Iran (CBI).
Along with the top representatives from the ACU member states, the conference also included the governor of the Russian central bank, representatives from Afghanistan, and Belarus.
Last week, applications for membership in the ACU were submitted by Belarus and Mauritius.
Mohammad Reza Farzin, the governor of the CBI, disclosed that the bloc would look to expand its membership and vary the payment methods it accepts in order to support a more comprehensive de-dollarization drive.

Speeding up the BRICS - SCO payment system

A new, "cutting-edge" payment system for the currencies of the Shanghai Cooperation Organization (SCO) and BRICS countries should be established as soon as possible, according to the chairman of Russia's National Economic Development Organization VEB.RF, Igor Shuvalov.
In his remarks at a Russian-Chinese Business Forum on Tuesday in Shanghai, Shuvalov emphasized the need for Russia and China to hasten the development of an effective payment system.
"We urge the government of the Russian Federation and our Chinese partners to act as actively as possible.
An independent and efficient infrastructure of payments is necessary not only for ensuring the "ruble/yuan" pair but also for carrying out the most serious transactions in SCO and BRICS currencies," said Shuvalov.

Independent Financial System planned by Russia and the Islamic world

Russia and the Islamic countries talk about the creation of an independent financial system and de-dollarization.
According to Alexey Overchuk, deputy prime minister of Russia, Russia is in conversation with countries in the Islamic world about current global changes, particularly the de-dollarization processes.
Alexey Overchuk mentioned the de-globalization processes, the shift of industrial output, the fall of Western investment in the Global South, and the concerns with energy and food security among other things on the agenda.
"Of course, our relations with Islamic countries are influenced by global shifts that are taking place and global trends.
We are talking about processes of de-dollarization and the creation of an independent financial system.", Overchuk stated, through a TASS report.

BRICS, EAEU & SCO alliance

The second Eurasian Economic Forum, which will be held in Moscow on May 24 - 25, will feature discussions on the integration of BRICS, EAEU & SCO blocks.
"The expansion of mutually beneficial cooperation between integration formats not only contributes to the growth of national economies but can also have a significant impact on the formation of new approaches to the functioning of the global market,", Mikhail Myasnikovich, the chairman of the board of the Eurasian Economic Commission, explained on their official website.

BRICS Common Currency report

The planned BRICS cross-border currency is an important step in challenging the dominance of the U.S. dollar, according to Zhou Yu, director of international finance Research at the Shanghai Academy of Social Sciences, revealed a recent report from China's Global Times.
Zhou states that the recent moves to support local currency settlement have given the BRICS countries a competitive advantage in reducing the dominance of the dollar in international trade.
Iran, Argentina, Saudi Arabia, Turkey, and Egypt are among the potential countries to join and adopt the BRICS currency in 2023.

Debt relief for middle-income countries

The President of the UN General Assembly advocates for debt relief for middle-income nations.
Csaba Korosi, president of the UN General Assembly, called for debt relief and fair access to new technology for middle-income nations on Thursday.
He stated at a high-level meeting of the General Assembly on middle-income countries that the 110 middle-income countries, which make up roughly one-third of the global GDP and three-quarters of the world's population, are the main forces behind global development.

Basel IV Regulations Impact for Banking Industry

Basel IV Rules Will Arrive and Complicate Bank Lives Even Further.
New Banking Rules Will Tighten Credit Standards, according to Morgan Stanley.
According to Morgan Stanley analysts, the Fed will issue new bank capital regulations between late May and early July, which will be followed by a comment period and a final rule that will be implemented gradually between 2025 and 27.
For their US Large-Cap Banks coverage, they anticipate that the implementation of this Basel IV, often known as the 'Basel III Endgame,' will result in increased risk-weighted assets (RWAs) and capital requirements, with a focus on Global Systemically Important Banks (GSIBs).
The name 'Basel' comes from the city of Basel in Switzerland, where the Basel Committee on Banking Supervision was established in 1974.
The committee is made up of representatives from central banks and regulatory authorities from around the world, and its primary goal is to promote international financial stability by developing and promoting supervisory standards and guidelines for the banking industry.