After it would borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank, people are wondering what's next after Credit Suisse.
The Reserve Bank of India (RBI) has given the go-ahead for India and Tanzania to use their national currencies for bilateral trade settlement. The use of national currencies in bilateral trade settlements is expected to reduce the cost of transactions and enhance the efficiency of cross-border trade. This, in turn, will lead to increased trade volumes and greater economic cooperation between India and Tanzania.
India's state minister for technology, Rajeev Chandrashekhar, said that Indian startups have deposits of about $1 billion in SVB.
In the hours after Silicon Valley Bank collapsed on March 10, Pentagon officials who work directly with startups that develop national-security technologies grew increasingly concerned.
Credit Suisse’s largest investor, the Saudi National Bank, said that it could not provide the Swiss bank with any further financial assistance in a video that set Credit Suisse on fire.
Multimillionaire California Governor Gavin Newsom failed to disclose his ties to Silicon Valley Bank while lobbying the White House and the Treasury Department over a pending bailout, The Intercept reported on Tuesday.
Credit Suisse shares fell five percent to an all-time low in early trading and in Europe on Tuesday after the bank confirmed material weaknesses and an $8billion loss in 2022, just hours after a financial expert claimed it would be the next institution to fall following SVB.
In a harsh blow to an already-reeling sector, Moody's Investors Service cut its view on the entire banking system to negative from stable.
According to an announcement on Wednesday, India and the UAE will collaborate on developing digital currencies.
India’s Minister of State for Finance, Bhagwat Karad, informed parliament that the rupee was closer to replacing the dollar as 18 nations agreed to trade in INR.