Currency

German company suspends export of raw materials used for printing Myanmar’s currency

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YANGON, Myanmar – Giesecke Devrient has suspended the export of the raw materials used in printing Myanmar’s notes, called Kyat, the company said in a statement.

They decision was based on the military’s violent crack down on anti-coup protesters throughout the country.

Giesecke Devrient exports paper and ink required for printing Myanmar notes.

“The German company has implemented a policy of CRPH, suspending export of the raw materials for printing money,” U Tin Tun Naing, the acting minister of finance and commerce of the Committee Representing Pyidaungsu Hluttaw of the NLD party.

So far, the people in Yangon and some other areas have used ATM machines for withdrawal of money due to the closure of private banks in early February.

By Htay Win

Swiss frank is no longer in demand and no longer the central player on the currency markets

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Flailing under pressure from the outsize economic influence of the US and EU in moving markets, the CHF’s role as a safe heaven is in much less demand, leaving it out of many major currency transactions, according to foreign exchange analysts.

The CHF has been losing favor with investors for some time as the global economic situation has increased a willingness to take risks lowering demand and driving a continued weakening against both the euro and the dollar that has reached levels vis-à-vis both currencies not seen since 2019 and during peaks in 2020.

By Milan Sime Martinic

 

Russia’s Central Bank to Develop National Cryptocurrency

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The popularity and value of dealing in cryptocurrency has been established over the past couple of years, with Bitcoin the most prominent of many new digital moneys.

The Russian Central Bank’s Deputy Chairman Olga Skorobogatova spoke at SPIEF 2017 spoke about Russia’s interest in developing their own.

“Regulators of all countries agree that it’s time to develop national cryptocurrencies, this is the future,” said Skorobogatova. “Every country will decide on specific time frames. After our pilot projects we will understand what system we could use in our case for our national currency,”

She wasn’t the only Russian banking official to speak in favor of it at this year’s economic forum. Part of the interest comes from the current state of cryptocurrencies, including that transactions can’t be traced to any person, and that recently there have been new legislative restrictions imposed by various countries.

New Loonie Low

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The loonie might go as low as 70 cents to the U.S. dollar in 2017, according to experts.

Right now it’s around 73 cents, a 14-month low.

The fall of the loonie is tied to the same old things: a strong period for the U.S. economy, interest rate hikes by the U.S. Federal Reserve, and oil prices that are expected to stay low.

However, business in the U.S. isn’t doing amazing: This week, the U.S. PMI was below the forcast level, and construction spending contracted very slightly.

Meanwhile, Canadian manufacturing is doing well. Their PMI reported a 6-year high this week.