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Germ97: Hope they used that time to RV
Freedom May 29, 2015 at 10:22am
Russia offers to discuss BRICS prototype of SWIFT global system
Finance, Russia and the global economy
The Central Bank of Russia (CBR) has proposed a discussion about establishing an analogue to the SWIFT global network for transmission of financial information that processes $6 trillion worth of communiqués daily.
The CBR hopes to cut the risks of possible disruptions.
"Seriously speaking, there is no analogue to SWIFT at the moment in the world, it is unique. The only topic that may be of interest to all of us within BRICS is to consider and talk over the possibility of setting up a system that would apply to the BRICS countries, used as a backup," said Deputy Governor of the Central Bank of the Russian Federation Olga Skorobogatova on Friday.
Russia got seat on the SWIFT board in March, despite numerous threats from the US and its allies to disconnect Russia from the system.
Skorobogatova added that some changes have to be made to the legislative framework of SWIFT, making it resistant to external sanctions and restrictions.
In 2014, EU officials discussed banning Russia from SWIFT as a form of sanctions for its position in the Ukrainian conflict. SWIFT said then that "it had no authority’" to make sanctions decisions.
SWIFT is an international system of transmission of financial transactions. It has more than 10,000 of the world’s largest organizations in 210 countries as clients. Every year SWIFT processes about 1.8 billion financial messages.
SWIFT is used in Russia by about 600 Russian banks and companies, which account for about 80 percent of payments in the country. Russia is the world’s second biggest SWIFT-user after the United States.
BRICS summit in Russia to launch New Development Bank & currency pool
Freedom: Russia ready to consider EEU currency union - prime minister
Published time: May 29, 2015 10:44
Finance, Russia and the global economy
Russia is ready to draft a currency union with other members of the Eurasian Economic Union (EEU), said Russian Prime Minister Dmitry Medvedev.
Time for Russia & Vietnam to think of switching to local currencies – Medvedev
"We could consider the possibility and conditions of launching a monetary union in the long term. We are ready to work out the issue with other colleagues,” said the PM at a session of the Eurasian Intergovernmental Council in Kazakhstan Friday.
More than 40 countries and associations have said they would like to boost trade with the EEU, said Medvedev.
Medvedev stressed that the global economy was facing numerous challenges and said closer cooperation was necessary to address them. All measures should be taken “in coordination, not isolation,” he added.
"It [economic problems - Ed.] affected the state of bilateral trade and investment cooperation, we are obliged to solve these problems within the framework of existing integration mechanisms," said Medvedev.
The Eurasian Economic Union (EEU) was created in 2015 on the basis of the Customs Union of Russia, Kazakhstan and Belarus. It currently has four members: Armenia, Belarus, Kazakhstan, and Russia.Ratification procedures are currently under way for Kyrgyzstan to join the trade bloc, with Tajikistan being as a prospective member.
One of the first attempts to enhance economic cooperation between the former Soviet republics took place in 1999, when Russia, Belarus, Kazakhstan, Kyrgyzstan, and Tajikistan signed the Agreement on the Customs Union and the Single Economic Space.
India, China, Tunisia, Egypt and Israel have already expressed interest in setting up a free trade zone with the Russian-led EEU, while Vietnam is expected to sign the deal on Friday.
From Recaps Comment Section:
petrotex: My Ladies. Clear and Concise but Wrong. Words and thoughts following a path laid out. In articles and logic. Just as they lead you.
I am privy to a person directly involved in this process. Let's just say Masoud has issued a date / ultimatum. He has made it clear. Pay by this date or Kurds go it alone .
That is your trigger. He has gone all in and Obama has folded
JJ: I disagree. I believe they are looking at exactly what will be the event(s) that will trigger the RV. I do not think Iraq has the ability to make those decisions. It was not Iraq that took their currency away and it won't be them that decides they get it back.
Billuke: Petrotex, good to see you post. Please continue to do so, I always looked forward to them in past forums. I believe Iraq took control of the RV steering wheel, especially when they got the "green light" back on March 3rd
DLR » It is hard to fail, but it is worse never to have tried to succeed." – Theodore Roosevelt
jdtolle » May 29th, 2015 Unencumbered
Today, you can be unencumbered by your own shortcomings. Because you can choose to live your life beyond those shortcomings.
You can decide right now not to continue the self-destructive habits. You can free yourself to think the thoughts and take the actions that will raise you above your past disappointments.
The world will present plenty of challenges to you today. But you don’t have to add to those challenges with your own attitude and behavior.
In fact, you can put yourself in a position to welcome the challenges. You can welcome the challenges, knowing you have what it takes to transform them into life-enriching achievements.
You’ve always had control over the way you think and the way you act. Now, exercise that control to the fullest and most positive degree.
This is your moment, this is your day, energized by the power of your intention. Feel the lightness, feel the possibilities, feel the excitement of being free to soar, and do it.
Ralph Marston Wishing All a safe and blessed day/weekend JDT
P.S. In this world it is not what we take up, but what we give up, that makes us rich.
-- Henry Ward Beecher