BIS invites comments on ISO 20022 harmonisation proposals

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News Date: March 2, 2023

With most of the world's payment systems adopting the ISO 20022 messaging standard by 2025, the coming years will be crucial for converging on its harmonized use to fully leverage its full potential to make cross-border payments faster, cheaper, and more transparent.
The Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) has worked with financial industry representatives to facilitate a harmonized adoption and use of ISO 20022 for cross-border payments.
The CPMI invites comments on this consultative report.
Source: bis.org

Zimbabwe to back its currency with gold

Update: The IMF urged Zimbabwe to expedite currency reforms during a recent staff visit, emphasizing a move towards a market-driven exchange rate and the removal of existing distortions.
Zimbabwe's Finance Minister announced new measures to stabilize its local currency in an online press briefing held Monday.
Zimbabwe to back its currency with hard assets such as gold to end exchange-rate instability, Finance Minister Mthuli Ncube said.
"The idea going forward is to make sure that we manage the growth of liquidity which has a high correlation to money supply growth and inflation.
The way to do that is to link the exchange rate to some hard asset such as gold," said Ncube.
He also announced a conference of African ministers that Zimbabwe will host at the end of this month.

Polyus gold miner to switch the currency to rubles

Polyus wins bondholder approval to switch currency for Eurobond payments.
Russia's largest gold miner Polyus has received permission from holders of three Eurobonds to make payments on the debt in Russian roubles or another alternative currency, the company said on Friday.
Sources: reuters.com

Trump's Operation Strategy Makes Sense Now

Donald Trump's latest tariff strategy is unfolding like a high-stakes chess game, and the pieces are falling into place just as some predicted. What began as a bold threat is now revealing its deeper intent: a calculated "operation" to reshape global trade dynamics and flex American economic muscle. In a recent video, I hinted this was coming-and here we are.
Nations are starting to buckle under the pressure. Several have already waved the white flag, scrambling to the negotiation table to avoid the sting of Trump's tariffs. India, for one, is mulling over slashing tariffs on more than half of its $23 billion in U.S. imports-a massive pivot that signals the operation's early success. Even Russia finds itself in the mix, with Trump holding off on tariffs as peace talks gain traction, hinting at a broader geopolitical play.
Not everyone's ready to fold, though. Some countries are digging in their heels, resisting the tariff onslaught. But mark my words: their surrender feels inevitable. The old guard-those entrenched elites who've long profited from the status quo-are getting a rude awakening. Billions are being shaken loose from their grip, and the system they've clung to is trembling.
The public's taking notice, too. A recent survey shows Trump's popularity surging amid the tariff panic, as his brash approach resonates with a growing base. His message is loud and clear: "ONLY THE WEAK WILL FAIL!" It's vintage Trump-unapologetic, unrelenting, and, for now, effective.
So, with the board still in play, here's the takeaway: Stay strong. Stay safe. This operation's just getting started.

RBZ will issue small gold coins for public

Zimbabwe's central bank will issue small gold coins for affordability by ordinary Zimbabweans.
Zimbabwe will release smaller units of gold coins into the market in November this year to respond to public demand, in a move seen to tackle the country's currency crisis through exchange rate stabilization.
'Following the successful launch of the gold coins on 25 July 2022 and in response to public demand, the Bank shall introduce and release into the market gold coins in units of a tenth ounce, quarter ounce, and half an ounce for sale with effect from mid-November 2022,' RBZ Governor John Mangudya said in his mid-term monetary policy statement released Thursday.
Sources: funancial.news

Gold To Return As Reserve Currency

The global monetary system as you know it is already falling out from beneath your feet.
Smart investors should already be pouring money back into silver and gold before global monetary system collapse.
But now, experts like Peter Schiff, chief executive officer of Euro Pacific Capital, are betting on gold to topple the dollar’s long reign and establish itself as the new de facto reserve currency.
Source: www.kitco.com