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Expansion of BRICS, national currency key agendas

India at the BRICS summit-Exercise of Strategic Autonomy in difficult circumstances.(photo:IN)

Modi will join the leaders of Brazil, China and South Africa for the 15th Brics Summit, Russian President Vladimir Putin will join the meeting virtually, reports Rajnish Singh

Expansion of BRICS and use of national currency are among key agendas of the discussion in the 15th BRICS Summit beginning here from Tuesday, India’s BRICS Sherpa Dammu Ravi said.

The 1989-batch Indian Foreign Service, who is currently serving as Secretary (Economic Relations) in the Ministry of External Affairs, said, “There are many issues that will be discussed in the Summit, including next expansion of Brics on the agenda and use of national currency for trading and economic activity amongst the BRICS member countries.”

“As far as the agenda is concerned, there are many issues that are being discussed and also reported mostly the next expansion item on the agenda. And second, is the use of national currency for trading and economic activity amongst the BRICS countries,” Ravi said.

Explaining in detail, the officer, said BRICS expansion discussion is going on for the last two years.

“Earlier there was no thought that Brics would be extended. As the world is changing in the 21st century, all the developing countries together decided for the expansion of Brics keeping in mind their agenda items and economic development,” said the IFS officer. “But, for this, guidelines, as well as criteria, are needed.”

As per Ravi, India has been “constructive” in this work and we have taken the first initiative at the Sherpa level. “Currently, we cannot say which country can be part of the expansion. It will be decided after thorough discussion by all the leaders and the country which has to be brought into Brics. Before the expansion, it would be kept in mind that the country can cooperate in the development and in the expansion of BRICS.”

As far as the inclusion of national currency in trading is concerned, the officer said, it is not new and it has already happened.

“There is an opportunity for trading in your national currency. All the BRICS countries together will take this decision and discuss that they can trade in their national currency in these BRICS countries.”

From India’s point of view, Ravi said, “Development dimension and issues that are so crucial and critical for the Global South, will be part of the discussion in the BRICS Summit, scheduled on August 22-24.

“Prime Minister Narendra Modi’s visionary leadership has always been emphasising that the solutions and the challenges for the global south have to be collectively worked together.”

He further said this is the first time since the pandemic that leaders are meeting in person. “So, in that sense, this assumes enormous importance and significance so that all the leaders are meeting in person.”

Noting that its third time when Prime Minister Modi is visiting South Africa and that this visit also marks the 30th anniversary of the diplomatic relationship between India and South Africa, the officer said there are lots of ideas of Prime Minister Modi’s which are being discussed in the Brics meetings.”

Modi will join the leaders of Brazil, China and South Africa for the 15th Brics Summit. Russian President Vladimir Putin will join the meeting virtually while the Russian delegation will be led by foreign minister Sergey Lavrov.

Modi will also participate in a special event with the theme “Brics – Africa outreach and Brics plus dialogue”. This is being organised after the BRICS Summit and will include dozens of countries, mostly from the African continent, invited by South Africa. (ANI)

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Argentina seeks India’s cooperation on currency swap issues

The second Finance and Central Bank Deputies Meeting under India’s G20 Presidency is underway in Bengaluru. The meeting began on Wednesday…reports Asian Lite News

Argentina Minister of Economy Sergio Tomas Massa on Thursday sought India’s cooperation on the issues of a currency swap and developing software for digital payments with guidance from the National Payments Corporation of India. Union Finance Minister Nirmala Sitharaman has affirmed India’s cooperation.

Union FM Sitharaman and the Argentinian Minister met ahead of the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Bengaluru, on Thursday. The Ministers exchanged views on priorities under G20 Indian Presidency with Argentinian support to India during its G20 Presidency. During the meeting, Sitharaman also stated that India would take forth the momentum created by Argentina during its Presidency on infrastructure priorities, including spending on cities of tomorrow.

Both ministers looked forward to close cooperation on India’s G20 priorities including strengthening multilateral development banks (MDBs) and climate finance.

The second Finance and Central Bank Deputies Meeting under India’s G20 Presidency is underway in Bengaluru. The meeting began on Wednesday.

The first G20 FMCBG meeting will be spread over three sessions, covering issues such as strengthening multilateral development banks to address shared global challenges of the 21st century, financing for resilient, inclusive, and sustainable ‘cities of tomorrow’, leveraging Digital Public Infrastructure (DPI) for advancing financial inclusion and productivity gains, an official release said earlier.

Before this, the Union Finance Minister on Thursday also met Japanese counterpart Shunichi Suzuki, ahead of the first G20 Finance Minister and Central Bank Governors meeting.

According to a tweet posted by the official handle of the finance ministry, the ministers exchanged views on priorities under the G20 Finance Track 2023.

In one of the tweets, the handle also posted that “Both ministers looked forward to close cooperation between Japan as G7 Presidency and India as G20 Presidency on strengthening of multilateral development banks (MDBs), debt-related issues, financing cities of tomorrow and coordinated policy for crypto assets.”

The Japanese Minister also assured his whole-hearted support to India during the G20 India’s Presidency.

Crypto, cross-border payments on agenda at G20 meet

Road to policy for crypto assets, a symposium of digital public infrastructure, and enhancement of cross-border payment arrangements are among the agenda to be discussed today at the second Finance and Central Bank Deputies Meeting under India’s G20 Presidency which is underway in Bengaluru.

The meeting began on Wednesday. Union Minister Anurag Thakur inaugurated and addressed the inaugural session of the meeting. The First G20 Finance and Central Bank Deputies Meeting, under the Indian Presidency, too was held in Bengaluru during December 13-14, 2022.

The deputies’ meet will be followed by the first G20 Finance Ministers and Central Bank Governors meeting, scheduled to be held during February 24-25 in the same city. The meeting will be jointly chaired by Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das.

The meeting will be spread over three sessions, covering issues such as strengthening multilateral development banks to address shared global challenges of the 21st century, financing for resilient, inclusive, and sustainable ‘cities of tomorrow’, leveraging Digital Public Infrastructure (DPI) for advancing financial inclusion and productivity gains, an official release said earlier.

The sessions will also cover issues related to the global economy, global health, and international taxation, and discussions in the G20 finance ministers and central bank governors meeting are intended to provide a clear mandate for the various workstreams of the G20 Finance Track in 2023. (ANI)

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Business Economy

‘Blockchain-based DeFi platforms need scrutiny’

Celsius operates in much the same way as a bank, but rather than in fiat money it does so in cryptocurrency. It collects deposits and then loans them out…reports Asian Lite News

As leading cryptocurrencies nosedive, investors of DeFi (decentralised finance) platforms also need to exercise “caution and scrutiny” amid growing concerns about the liquidity of this certain type of cryptocurrency service, experts warned on Monday.

The warning came as Celsius Network, a DeFi platform and one of the largest crypto lenders, announced that it was “pausing all withdrawals, swap, and transfers between accounts” for its 1.7 million clients.

“The wider crypto ecosystem has been rocked again – not by ‘real’ cryptocurrencies like Bitcoin, but by DeFi,” said Nigel Green, CEO of deVere Group, one of the world’s largest independent financial advisories.

“The unprecedented move by Celsius is effectively blocking clients from accessing their assets which will do little to quell fears from critics that some DeFi platforms could be Ponzi schemes,” he noted.

Celsius Network said in an email to customers late on Sunday that due to extreme market conditions, “we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.”

Celsius operates in much the same way as a bank, but rather than in fiat money it does so in cryptocurrency. It collects deposits and then loans them out.

“There are legitimate and serious concerns about networks’ high yields, links to failed dollar-pegged stablecoin Terra, and reserves,” said Green, urging people to exercise caution and scrutiny on crypto lending firms which offer clients lucrative double-digit yields on assets like Bitcoin and Ethereum.

The DeFi lending giant Celsius halting withdrawals has weighed on the broader crypto sector with Bitcoin, the world’s largest digital token plunging to the lowest in 18 months in Asia trading on Monday.

Decentralised finance or DeFi offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a Blockchain.

ALSO READ-Rupee breaches ₹78 mark against dollar

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Business India News

IIT-K tool to detect fraud in crypto currency transaction

ADG, Cybercrime, Subhash Chandra, emphasised on the need for cybercrime awareness programmes and capacity-building for police departments to prepare to counter the menace…reports Asian Lite News

The Indian Institute of Technology, Kanpur (IIT-K), will provide an indigenously designed tool to help the Uttar Pradesh police in detection and cracking of cases of fraud through cryptocurrency transactions.

Professor Sandeep Shukla from IIT-Kanpur, said that the tool developed by IIT, known as HOP, can analyse cryptocurrency transactions.

“The tool is cheaper than any foreign equipment. By September, our tool will be ready to serve the UP police and help in investigations in cases of cryptocurrency fraud,” said Shukla.

ADG, Cybercrime, Subhash Chandra, emphasised on the need for cybercrime awareness programmes and capacity-building for police departments to prepare to counter the menace.

“We have taken action against 37,000 accounts, banks and cards, and also recovered Rs 9.5 crore in a year,” said Chandra.

SP, Cybercrime, Triveni Singh said that the specific programme is an initiative of MHA and Uttar Pradesh Police and the first such event to spread cyber safety awareness and capacity-building for police departments.

He said that basic skills and methodologies are required for investigation of VOIP-based calls that have become prevalent in extortion cases.

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Bangladesh India News News

Bangladesh’s currency “taka” which turns 50 was born in India

Bangladesh's currency "taka" which turns 50 was born in India

As Bangladesh’s local currency-taka-turned 50, India has memories to cherish. The country’s local currency which was launched on March 4, 1972, was first printed in India at the Security Printing Press. As Bangladesh gained its independence after the brutal Liberation War with Pakistan, it rejected the Pakistani rupee, though it was in use for a few months even after the war…writes

Currently, the taka is pegged at about 85.74 to a dollar. The national currency became the reflection of a sovereign state.

Interestingly, Bangladesh has been using its currency notes which bear the picture of Banganadhu Sheikh Mujibur Rahman to reflect its life and society as well. The currency notes have prints of boats, fishermen, farmers portraying the country’s soul. Bangladeshi currency notes also depict mosques and architectural structures on them.

“Money is one language that everyone, whether s/he is educated or not, understands. So currencies are a great medium of communication and that’s why we find certain messages and images on the notes,” The Achia Khanom Likhon, the curator of Taka Museum of the capital said, the Business Standard (Bangladesh) quoted Achia Khanom Likhon, the curator of Taka Museum as saying.

For Bangladesh, which has an export driven economy, the currency and its value are of immense importance, especially at a time when inflationary pressures are building across the world with the Russia-Ukraine crisis intensifying. Global crude oil prices have surged in the last one month.

ALSO READ: Bangladesh PM in UAE to hold trade talks

Meanwhile, the country’s Central Bank has been actively involved in maintaining the right value for the taka for it to remain competitive in the export market.

For the last 10 years, the country’s economy has been growing at over 6 per cent. In 2019, it even touched 8.1 per cent. And now Bangladesh is preparing to exit the United Nations’ Least Developed Countries (LDC) list by 2026.

“We are going through a very volatile period and uncertainties in the post Covid 19 pandemic period have only aggravated. The central banks will have to keep a close watch over their respective currencies at this crucial time,” an analyst told India Narrative.

Incidentally, taka is the Bengali word for currency notes and the same term is used by the people of West Bengal.

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News World World News

TURKISH LIRA SINKS

TURKISH LIRA SINKS

The Turkish currency, lira, has hit a new record low of 14.60 against one US dollar ahead of an upcoming meeting of the country’s Central Bank on the interest rate cut…reports Asian Lite News

The lira stood at 14.48 at 12.20 p.m. on Monday after losing nearly 5 per cent of its value since the close of 13.88 on December 10, reports Xinhua news agency.

TURKISH LIRA SINKS

The currency has fallen more than 45 per cent in value against the greenback since the start of the year, and the losses expanded in the last three months as the central bank made consecutive interest rate cuts.

Following the further depreciation of the lira, the Central Bank of the Republic of Turkey interfered in the foreign exchange market by selling dollars, it announced on its website on Monday afternoon.

ALSO READ:Turkey’s New Finance Minister Meets Business Leader

The bank has sold around $2 billion to hold the lira at the 14 thresholds with several interventions in the last two weeks.

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MI6 warns against use of Chinese digital currency

He also criticised the Chinese government over the illegal use of British data to export secret data from the UK to Bejing and called it a “data trap”…reports Asian Lite News.

Nearly two days after the Chinese artificial intelligence start-up SenseTime was sanctioned by the US, another setback came for the Chinese digital currency Renminbi.

Citing the British Intelligence Agency (MI6), Singapore Post reported that the secret agent warned the people over the use of Chinese digital currency Renminbi just before the winter Olympics. The warning from the UK intelligence came days after the Chinese government announced their planning of promoting the Renminbi as a global currency.

According to MI6– which is tasked mainly with the covert overseas collection and analysis of human intelligence in support of the UK’s national security–, the Chinese government vigorously promoted the currency to keep an eye on users. The intelligence agency red-flagged the use of digital currency and added it might turn out to be a matter of “national threat”. According to MI6, the Chinese Communist government may use the currency “as a tool” before the most “touted” and “controversial” winter Olympics which is scheduled for February next year.

While elaborating the possible threats, Jeremy Fleming, the Director of the Government Communications Headquarters (GCHQ) of the British Intelligence Agency, told Singapore Post that the new digital currencies have a good future and has a good response globally but added the Chinese technological development brought additional threats for the users.

Further, he warned that the new digital currency will export large amounts of British data to China. According to him, the data include work, shopping, social and travel information. It is important to note that this was not the first time when the British secret agency has warned about the ill-intention of the Chinese government behind promoting the digital currency.

https://www.youtube.com/watch?v=72L03LBK68g

In the first week of December this year, the Director of MI6, Richard Moore red-flagged a similar warning for the users. He also criticised the Chinese government over the illegal use of British data to export secret data from the UK to Bejing and called it a “data trap”.

Earlier, three US Republican Senators urged the US Olympic Organizing Committee to ban US athletes from using China’s new digital currency during the Beijing Winter Olympics.

ALSO READ-Seductive crypto ads leave Indian investors in dilemma

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Arab News News World

Yemen’s riyal falls to lowest amid continued conflict

Yemen’s riyal falls to lowest amid continued conflict

Yemen’s riyal fell to its lowest level against all other international currencies on Sunday, as the war-torn country’s years-long military conflict deepens…reports Asian Lite News

Yemen’s riyal sharply declined in the provinces controlled by the government despite the measures taken by the country’s central bank to curb the devaluation, Xinhua news agency quoted banking sources as saying.

Yemen’s riyal falls to lowest amid continued conflict

They said that the Yemeni riyal was recently traded at 1,703 for one US dollar in the southern port city of Aden and other neighbouring areas, marking the lowest exchange rate since the beginning of the civil war in 2015.

The recent unprecedented devaluation of Yemen’s currency forced all banks and exchange stores to suspend their operations and begin an open general strike in Aden.

According to a brief statement, the Yemeni banks considered that “the suspension is not a solution, but rather a protest, to lead the country’s government to move according to an economic system, including operating ports and exporting of oil and gas”.

Ahmed Bafaqih, the spokesman for the Central Bank of Yemen, told Xinhua that “there are many reasons that led to the decline in the exchange rate, the most important of which are the political and economic conditions that the country is going through”.

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He said that the speculation of some money changers and traders and the scarcity of cash also contributed to the current devaluation.

In 2017, the Yemeni government floated the national currency, a move that economic observers and analysts said was not well-studied a year after the relocation of the central bank to Aden.

The Yemeni economy is continuing to suffer after all exports were halted following a blockade on the country, which was part of a Saudi-led military intervention in March 2015.