Gesara.news

Articles

FedNow Approved. Interoperability with private-sector ASAP

Gesara.news » News » FedNow Approved. Interoperability with private-sector ASAP

News Date: August 13, 2020

The Board of Governors of the Federal Reserve System (Board) has approved the FedNow Service.
The Federal Reserve is committed to using widely accepted standards in designing the FedNow Service to aid in accomplishing the key goals of achieving nationwide reach for instant payments and promoting interoperability with the existing private-sector service. To support these goals, the service will use the widely accepted ISO 20022 standard.
The Federal Reserve intends to launch the FedNow Service as soon as practicably possible. Although the target release date remains 2023 or 2024.
Sources:www.federalregister.gov, www.pymnts.com

Gold demand as a store of value

Central Banks Buying Gold Could Be Catalyst for $3,000 Gold Price.
They have been net buyers of the yellow metal since 2010.
In the first quarter of 2022, they bought gold again, 84 tonnes of it.
Gold Price Analysis: XAUUSD to be in demand as a store of value given record inflation.
Economists expect the yellow metal to remain resilient as Eurozone inflation is set to hit a new record.
Sources: lombardiletter.com, www.fxstreet.com

Gold Standard Act Approved on March 14, 1900

President McKinley signs Gold Standard Act, March 14, 1900.
122 years ago today, President William McKinley signed the Gold Standard Act, which established gold as the sole basis for redeeming paper currency.
The act halted the practice of bimetallism, which had allowed silver to also serve as a monetary standard.
It set the value of gold at $20.67 an ounce and valued the dollar at 25.8 grains of gold.
The act guaranteed that the government would redeem any amount of paper money for its value in gold, and it meant that transactions no longer had to be done with heavy gold bullion or coins because the paper currency had a guaranteed value tied to something real.
Source: www.thebalance.com

Saudi Arabia to host China-Arab summit during Xi visit

Saudi Arabia plans to host a Chinese-Arab summit on Dec. 9 attended by Chinese President Xi Jinping during his visit to the kingdom, three Arab diplomats in the region familiar with the plans said on Wednesday.
Sources: reuters.com

Five countries officially joined BRICS

Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have officially joined the BRICS bloc after being invited last year, according to South Africa's Foreign Minister Naledi Pandor.
"With respect to the BRICS confirmations, five out of the six have confirmed. That is Saudi Arabia, UAE, Ethiopia, Iran and Egypt," Pandor stated on Wednesday.
South Africa revealed in July 2023 that 22 countries have formally requested to join the BRICS group, with an additional equal number expressing informal interest. This surge underscores the global recognition of BRICS as a pivotal alliance representing major emerging economies.

Zimbabwe interested in SWIFT alternatives

The Zimbabwean government would like to become a member of the BRICS economic bloc, the speaker of the ruling party ZANU-PF said on Wednesday.
"We made it clear that we would like to become a member of the BRICS," Christopher Mutsvangwa told Russia's RIA Novosti news agency.
The official added that his country is interested in developing alternatives to the Western-dominated SWIFT payment network.
In his view, BRICS could contribute to that.

← Go Back