The Central Bank of Russia bought a record amount of gold in the first 11 months of 2014 spending an estimated $6.1 billion. Increasing gold reserves attempts to reduce dependence on the dollar amid geopolitical tension, Mark O’Byrne of GoldCore, told RT.
The Russian Central Bank has cut its key interest rate to 15 percent from 17 percent due to the 'shift in the balance of risks of accelerated consumer price growth and cooling economy,' according to a statement from the regulator.
World statesmen have been educated in Britain’s finest institutions – Oxford, Cambridge and the University of London. Now the University of Essex may be the intellectual cradle of Europe’s politicos – Greek anti-austerity ones, at least.
The Chinese currency is the 5th most-used currency in international payments, according to the SWIFT network responsible for international financial transactions. Breaking into the top 5 is symbolic to balance dollar-denominated payments.
Iran and Russia are planning to switch their bilateral trade to national currencies for which the states will create a joint bank or a mutual account, Iran's ambassador to Russia, Mehdi Sanaei, has announced.
The trade deficit of the world’s third largest economy hit a new record of around $108 billion in 2014, the highest since 1979. Sharp demand for energy in Japan after the Fukushima disaster boosted imports; lower oil prices could reverse this in 2015.
Venezuela will modify its complex currency controls and add a third new exchange system where dollars will be offered through private investors. This is to combat the black market and keep the existing three-tier model, said President Nicolas Maduro.