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.
A senior trade official today said that real-time digital transactions that India does are more than that are done in the US, China, and Europe put together.
A former White House adviser described it as the "tip of the iceberg" as the US banking industry lost $100BN in a single day. The Big Four were affected by the SVB collapse contagion, and regional banks fell by up to 60% during the bloodbath on Wall Street.
HSBC chief executive Noel Quinn announced the acquisition of the Silicon Valley Bank UK unit for £1.
Digital or e-rupee worth over Rs 130 crore is in circulation on a pilot basis as of February 28, finance minister Nirmala Sitharaman said on Monday. The Reserve Bank of India (RBI) had launched pilots in digital rupee in the wholesale segment (e₹-W) on November 1, 2022 and in the retail segment (e₹-R) on December 1, 2022.
For much of the day, anyone doing analysis on the now-liquidated Silicon Valley Bank was confined to using stale financial data as of Dec. 31.
The US national debt will balloon by nearly $20 trillion over the next decade under the spending outlined in President Biden’s $6.9 trillion budget proposal released on Thursday.
The African continent is home to 46 billionaires, the second-lowest total of any global region.
Iran has suggested the establishment of a joint bank with African states to help develop cooperation and to promote trade in local currencies.