Currency Crisis

Pakistan, currently tackling a major economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves.

Banks in Pakistan have decided to develop a know-your-customer (KYC) platform using blockchain technology in order to strengthen the country’s efforts to curb money-laundering. With a blockchain-based KYC platform, financial institutions will be able to minimise onboarding costs for bank users.

Pakistan's moves to loosen its grip on the currency and increase fuel prices indicate that the beleaguered nation is finally taking the unpopular decisions needed to secure the $6.5 billion bailout program from the IMF.

Pakistan needs to complete the ninth review of a $7 billion IMF programme that would not only lead to a disbursement of $1.2 billion, but also unlock inflows from friendly countries and other multilateral lenders.

Reserve Bank of India governor Shaktikanta Das today said the latest dataprints on growth, inflation and currency volatilities indicate that the worst for the financial markets and the world economy is behind us

Pakistan's currency has fallen to a record low of Rs. 255 against the US dollar, according to local media reports.

Cryptocurrency could see more regulatory norms in 2023, after a year of turbulence that saw the collapse of massive trading platform FTX. The Reserve Bank of India has been forthright about its views on cryptocurrency and its Governor Shaktikanta Das said last month that cryptocurrencies should be "prohibited" and that if they are allowed to grow "...

RBI governor Shaktikanta Das said on Wednesday that the next financial crisis would be caused by private cryptocurrencies. He also added that digital currencies have no underlying value and pose risks for macroeconomic and financial stability, and reiterated his view that they should be banned.

FTX Founder Sam Bankman-Fried is reportedly facing a market manipulation inquiry by US prosecutors. The prosecutors are probing whether Bankman-Fried controlled the prices of two interlinked currencies, TerraUSD and LUNA, to benefit the entities he controlled including FTX and Alameda Research.

The Indian central bank's 2013 playbook to buffer the domestic currency against steep declines and rebuild foreign exchange reserves is unlikely to prove fruitful in the current crisis as economic fundamentals are vastly different, analysts said.

Depleted foreign exchange reserves are likely to drop further, falling to their lowest level in over two years by end-2022, a Reuters poll showed.

The rupee collapsed to a new all-time low on Monday, marking its weakest close for the third straight session, as the dollar charged ahead.

India's forex reserves have nosedived over $80 billion since the Ukraine crisis, with more than $2 billion fall in the latest week.

The rise of fintech services and digital banking could spur financial risks and potentially a crisis over the long term, Michael Hsu, Acting Comptroller of the Currency, a major U.S. bank regulator, warned on Wednesday.

The rise of fintech services and digital banking could spur financial risks and potentially a crisis over the long term, Michael Hsu, Acting Comptroller of the Currency, a major U.S. bank regulator, warned on Wednesday.

Pakistan, currently tackling a major economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves.

Banks in Pakistan have decided to develop a know-your-customer (KYC) platform using blockchain technology in order to strengthen the country’s efforts to curb money-laundering. With a blockchain-based KYC platform, financial institutions will be able to minimise onboarding costs for bank users.

Pakistan's moves to loosen its grip on the currency and increase fuel prices indicate that the beleaguered nation is finally taking the unpopular decisions needed to secure the $6.5 billion bailout program from the IMF.

Pakistan needs to complete the ninth review of a $7 billion IMF programme that would not only lead to a disbursement of $1.2 billion, but also unlock inflows from friendly countries and other multilateral lenders.

Reserve Bank of India governor Shaktikanta Das today said the latest dataprints on growth, inflation and currency volatilities indicate that the worst for the financial markets and the world economy is behind us

Pakistan's currency has fallen to a record low of Rs. 255 against the US dollar, according to local media reports.

Cryptocurrency could see more regulatory norms in 2023, after a year of turbulence that saw the collapse of massive trading platform FTX. The Reserve Bank of India has been forthright about its views on cryptocurrency and its Governor Shaktikanta Das said last month that cryptocurrencies should be "prohibited" and that if they are allowed to grow "...

RBI governor Shaktikanta Das said on Wednesday that the next financial crisis would be caused by private cryptocurrencies. He also added that digital currencies have no underlying value and pose risks for macroeconomic and financial stability, and reiterated his view that they should be banned.

FTX Founder Sam Bankman-Fried is reportedly facing a market manipulation inquiry by US prosecutors. The prosecutors are probing whether Bankman-Fried controlled the prices of two interlinked currencies, TerraUSD and LUNA, to benefit the entities he controlled including FTX and Alameda Research.

The Indian central bank's 2013 playbook to buffer the domestic currency against steep declines and rebuild foreign exchange reserves is unlikely to prove fruitful in the current crisis as economic fundamentals are vastly different, analysts said.

Depleted foreign exchange reserves are likely to drop further, falling to their lowest level in over two years by end-2022, a Reuters poll showed.

The rupee collapsed to a new all-time low on Monday, marking its weakest close for the third straight session, as the dollar charged ahead.

India's forex reserves have nosedived over $80 billion since the Ukraine crisis, with more than $2 billion fall in the latest week.

The rise of fintech services and digital banking could spur financial risks and potentially a crisis over the long term, Michael Hsu, Acting Comptroller of the Currency, a major U.S. bank regulator, warned on Wednesday.

The rise of fintech services and digital banking could spur financial risks and potentially a crisis over the long term, Michael Hsu, Acting Comptroller of the Currency, a major U.S. bank regulator, warned on Wednesday.