The FED announces a new upgraded system

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Date: October 12, 2022

The Federal Reserve Board announced that it will replace its current bank application filing system with a new and upgraded system later this month.
The substantive requirements of applications will remain the same with the new system making the filing process more intuitive and minimizing paper applications and communications.
Sources: federalreserve.gov

Ripple and SWIFT on one platform

IBIS announced that its customers will be able to connect to Ripple and SWIFT in their pockets, on one platform. In that sense, IBIS stated that its customers will have unlimited banking possibilities. SWIFFRoute customers will be able to process payments through RippleNet and an out of the box banking integration.
Source:www.crypto-news-flash.com

Russia-Turkey Switching to National Currencies statement

In Sochi, Erdogan met Putin to discuss the gas hub and grain deal.
Turkish President Recep Tayyip Erdogan's emphasis on switching to national currencies in bilateral trade during his discussions with Russian President Vladimir Putin signifies a notable shift in Turkey's economic and geopolitical strategy.
Erdogan: Switching to national currencies in bilateral trade is important.
The development of a natural gas hub within Turkey dovetails with this shift in economic strategy.
Putin also stated that Russia will soon deliver free grain to Africa.

Zimbabwe to join BRICS

Zimbabwe set to apply to join BRICS.
Zimbabwe has made overtures to join emerging economies that make up the BRICS bloc as part of its engagement and re-engagement thrust, which is particularly designed to increase the countries' clout globally, President Mnangagwa has said.
Sources: thezimbabwemail

What is Special Drawing Right (SDR)

The SDR was initially defined as equivalent to 0.888671 grams of fine gold-which, at the time, was also equivalent to one U.S. dollar. After the collapse of the Bretton Woods system, the SDR was redefined as a basket of currencies.
Source: www.imf.org

China trials cross-border settlement involving CBDC

China trials cross-border settlement involving cenbank digital currencies.
The bridge test was developed by the Bank for International Settlements.
A central bank digital currency trial focused on cross-border transactions has been completed, BIS said, with Chinese state-owned banks participating as Beijing tries to internationalize its digital yuan.
Sources: reuters