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Butifldrm

"It's A Huge Story": China Launching "Petroyuan" In Two Months

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22 minutes ago, Pitcher said:

Back to my Trading Desk.  I’m killing it today. Traded NFLX this morning for nice gainer. $$$ 

 

You go boy!!! Best of good buys, and don't worry about being cranky, we all have our moments!!! LOL Trust me sometimes I wish I could bite my tongue!!!

 

B/A

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19 hours ago, Pitcher said:

Look I get it, you are LEFT leaning and your candidate got smoked.  It hurts but you’ll be fine, eventually.  Bashing Trump and Conservatives may make you feel better but it’s only delaying your recovery.  Let it go and go vote for some Socialist Democrat in a few weeks. 

 

I apologize for being so full of contempt but I meant it when I said in my last post, I resent your continued bashing of our President just because you don’t like him.  I don’t necessarily dislike you and I don’t Red ruby but if you are a true seeker of the truth then you and a few others on this site would answer my earlier questions.  If you are a truth seeker then you should discuss or state what HRC and her supporters in the DOJ and FBI have done to harm the Constitution.  

 

HEAR!!! HEAR!!!

 

Articulate AND Exacting, Pitcher, Good Show!!! AND The Best Of Your Week To You, Sir!!! :tiphat:

 

:backflip:       :backflip:       :backflip:

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IMF Special Drawing Rights

The International Monetary Fund (IMF) was founded in 1945 as part of the Bretton Woods system agreement a year earlier. The goal of the IMF is to foster macroeconomic stability and global growth and to reduce poverty around the world. 

Interestingly, economist John Maynard Keynes first proposed a supranational currency known as "Bancor" at the Bretton Woods conference, but his proposal was rejected. Instead, the IMF adopted a system of pegged exchange rates tied to the value of gold bullion. At the time, the world reserve assets were the US Dollar and gold. However, there was not enough supply of these internationally to keep sufficient reserves for the IMF to function properly. In order to fulfill its mandate, in 1969 the IMF created Special Drawing Rights, or SDRs as a supplement to help fund its stabilization efforts. 

By 1973, the original Bretton Woods system had been almost completely abandoned. President Nixon restricted gold outflows from the United States, and major currencies shifted from a pegged system to a floating exchange rate regime. Still, the SDR system has been largely successful, with the IMF allocating approximately SDR 183 Billion, providing needed liquidity and credit to the global financial system.

Why SDRs Are Needed

According to the IMF, SDRs (or XDR) are an international reserve asset to supplement its member countries' official money reserves. Technically, the SDR is neither a currency nor a claim on the IMF itself. Instead, it is a potential claim against the currencies of IMF members.

An SDR allocation is a low-cost method of adding to member nations' international reserves, allowing members to reduce their reliance on more expensive domestic or external debt. Developing nations can use SDRs as a cost-free alternative to accumulating foreign currency reserves through more expensive means, such as borrowing or running current account surpluses.

The SDR is also used by some international organizations as a unit of account where exchange rate volatility would be too extreme. Such organizations include the African Development Bank, Arab Monetary Fund, Bank for International Settlements, and the Islamic Development Bank. By using SDRs, local currency fluctuations do not have as large of an impact. SDRs can only be held by IMF member countries and not by individuals, investment companies, or corporations.

As of the year 2000, four countries peg their currency to the value of an SDR, even though the IMF discourages such action. 

The Value of the SDR

The value of an SDR was initially the equivalent of one US Dollar at the time or 0.88671 grams of gold. When the gold standard changed over to a floating currency system, the SDR instead became valued as a basket of world reserve currencies. Currently, this basket includes the US Dollar, Japanese Yen, Euro, and British Pound.

Every five years, the IMF reviews the components of the currency basket to make sure that its holdings represent the most widely used global currencies. It is possible that when the next review takes place in 2015, more currencies may be considered than the current four. Recent speculation that the IMF might add the Chinese yuan (CNY) would make it the first emerging currency to be added to the IMF's reserves.

The SDR's interest rate is used for calculating interest due from members of IMF loans paid from SDR holdings. SDRs are allocated by the IMF to its member countries and are backed by the full faith and credit of the member countries' governments.

Today, 1 SDR = 1.3873 US dollars, down a little more than 10% over the past 12 months versus the dollar, a result of the relative strengthening of the dollar against the three other currencies in the SDR basket.

The Bottom Line

Special drawing rights are a world reserve asset whose value is based on a basket of four major international currencies. SDRs are used by the IMF to make emergency loans and are used by developing nations to shore up their currency reserves without the need to borrow at high-interest rates or run current account surpluses at the detriment of economic growth. While SDRs themselves are not currencies, and can only be accessed by members of the IMF, they play a crucial role in maintaining macroeconomic stability and global growth by providing emergency liquidity and credit when traditional methods fall short.



Read more: IMF Special Drawing Rights | Investopedia https://www.investopedia.com/articles/forex/040215/what-are-imf-special-drawing-rights.asp#ixzz5SgLRNGuS
 

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Russia decides to reduce the dollar deal

14:04 - 02/10/2018
0
%D8%AF%D9%88%D9%84%D8%A7%D8%B15-696x435.

Information / Baghdad ..

Russian President Vladimir Putin has backed his proposal to reduce the dollar's handling of the Russian economy, the head of VTP Bank Andrei Kostin said Tuesday.

Costin said, "If the president has supported his proposals to reduce the dollar:" In general, yes. "

Costin pointed out that the talk is not about the total abandonment of the use of the dollar. "This is a long-term plan that aims to change global trends, not a temporary immediate solution ... I think it will take at least five years," Kostin said.

In recent months, under US sanctions against Russia and possible additional packages, debate has intensified on the need to reduce dollar trading in the Russian economy. One of the most prominent plans became the plan of the President of the bank "VTB" Andre Kostin, who gave the Russian President proposals aimed at giving up the dollar in international payments and the transition to accounting in national currencies in foreign trade.

The plan also pointed to the need to develop financial markets in Russia in order to attract investors, including foreigners

 

http://www.almaalomah.com/2018/10/02/350254/

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Goldman Sachs: US sanctions affected the status of the dollar as a reserve currency

Goldman Sachs: US sanctions affected the status of the dollar as a reserve currency
 
 16 October 2018 01:20 PM

Direct : "Goldman Sachs , " the bank said that the decline in the share of the dollar as reserve currency global central banks in the latest reading is likely to be the result of the US administration moves against Russia.

The central bank is likely to have sold between $ 85 billion and $ 150 billion of assets in the second quarter of 2018, the bank said in a note issued on Monday.

He said this came after the United States applied economic sanctions on business and government in Russia last April.

In the second quarter of the year, the dollar's share as a reserve currency of global central banks fell to 62.3 percent, falling at the lowest level since 2013, while the euro, yuan and yen share rose in the same period.

"The Russian central bank is likely to have sold a large part of its dollar assets," said Zack Pandil, co-chair of Emerging Markets and Global Exchange Rates within the US bank. All of the dollar-denominated Treasuries held by Moscow are likely to be converted into Euro- The second".

This may account for more than half of the decline in the share of dollar reserves during the quarter.

"The risk of sanctions explains a large part of the marked decline." The US dollar share of reserve assets could fall further

if large banks make similar changes to the actions of the Russian central bank over time, "Banderle said.

 

https://www.mubasher.info/news/3353946/جولدمان-ساكس-العقوبات-الأمريكية-أثرت-على-وضع-الدولار-كعملة-احتياط

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Russia's De-Dollarization Plan Not a Tool in Event of Sanctions - Minister

US Dollar

BUSINESS

13:09 16.10.2018(updated 13:37 16.10.2018)Get short URL

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Earlier, Russia's First Deputy Prime Minister and Minister of Finance Anton Siluanov said that a plan on the de-dollarization of the country's economy had been prepared and submitted to the government.

The Russian finance ministry expects the plan for Russian economy's de-dollarization to be adopted before end of 2018, Russian Deputy Finance Minister Alexei Moiseev said.

The de-dollarization plan for the Russian economy is classified as "for official use only" at the development stage, and the government will have to make a decision on its publication, Deputy Finance Minister Alexei Moiseyev told journalists.

 

In early October, the Russian government's press service announced that the authorities were working on a plan to reduce the economy's dependence on the dollar.

The government's plan does not detail any restrictions or bans on transactions in dollars; it seeks to stimulate payments in national currencies and create appropriate mechanisms that will allow transactions in any currency without unnecessary losses.

According to Russian Finance Minister Anton Siluanov, European companies are considering the idea of abandoning the dollar in transactions with Russia.

Earlier, he said that the US dollar was becoming an unreliable tool for payments in international trade.

https://sputniknews.com/business/201810161068926148-russia-no-dollar/

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China & Japan Dump Treasuries As Dollar's Reserve Status Slumps To 5 Year Lows

Profile picture for user Tyler Durden
Tue, 10/16/2018 - 16:08

Treasury International Capital flows showed Brazil the biggest buyer of Treasurys in August (followed by Ireland and France), but it was China and 'ally' Japan that dumped the most Treasurys in the month...

Brazil is Steve Mnuchin's best friend...

2018-10-16_13-06-04.jpg

As China reduced their holdings of US Treasurys for the 3rd straight month...

2018-10-16_13-03-43.jpg

Japan flipped to a seller again in August back to the lowest holdings since October 2011...

2018-10-16_13-05-14.jpg

 

And while the Saudis were buying in August...

2018-10-16_13-07-31.jpg

 

the broad trend among other majors has been selling...

2018-10-15_8-13-52_0.jpg

 

All of which has driven the USDollar's share of global central bank reserve to its lowest since 2013...

2018-10-16_10-41-28.jpg

And, according to economist Zach Pandl at Goldman Sachs, Washington’s aggressive policy against Moscow could be the biggest driver behind the recent fall of the dollar’s share of global central-bank reserves, who noted that Russia’s Central Bank sold some $85 billion of its $150 billion holding of the US assets from April through June after the US Treasury Department announced new sanctions on Russian businessmen, companies and government officials.

the-US-dollar-crash_0.jpg

At the beginning of April, as RT reports, Washington expanded its anti-Russian sanction list, including seven Russian tycoons, 12 companies and 17 senior government officials over alleged meddling in the 2016 US presidential election, and according to Pandl, the co-head of global FX and emerging-market strategy, the US policy of unilateral tariff hikes and sanctions is putting at risk the greenback that is still dominating the global currency reserves.

“The Central Bank of Russia likely sold a large portion of its dollar-denominated assets, and perhaps all of its US Treasuries held by US custodians, and transferred them to euro-denominated and yuan-denominated bonds in the second quarter,” the economist said.

“This would account for more than half of the decline in the share of dollar reserves during the quarter.”

According to the recent data revealed by the International Monetary Fund, share of the US national currency in the global central-bank reserves declined to 62.3 percent in the second quarter with holdings in the euro, yen and yuan gained as a share of allocated reserves.

“Sanction risk appears to explain a significant portion of the observed decline,” the analyst said.

2018-10-16_11-06-06.jpg“The dollar’s share of reserve assets could decline further if other large reserve holders were to make similar changes as the Central Bank of Russia over time.”

Remember, nothing last forever...

20120103_JPM_reserve_0.png

https://www.zerohedge.com/news/2018-10-16/china-japan-dump-treasuries-dollars-reserve-status-slumps-5-year-lows

Edited by Butifldrm
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Putin Hails Sunset of U.S. Global Domination Due To Mounting 'Mistakes'

Russian President Vladimir Putin gloated Thursday about what he sees as the end of the United States’ world dominance due to growing “mistakes.” 

Putin also claimed America holds “some responsibility” for the disappearance of Washington Post columnist Jamal Khashoggi because the Saudi journalist was living in the U.S., he said his in annual foreign policy speech, according to the Financial Times. He did not elaborate. Khashoggi has not been seen since he entered the Saudi Consulate in Istanbul on Oct. 2. Turkish officials say he was murdered and dismembered by orders of Saudi Crown Prince Mohammed bin Salman.

“In this regard, the U.S. has a certain responsibility. If someone knows what happens and there was a murder, I hope some evidence is provided. And dependent on that, we will make some decisions,” Putin added in his remarks in the Black Sea resort of Sochi. He said there was currently no reason to “harm our relations with Saudi Arabia.”

As for the U.S., he said that “empires often think they can make some little mistakes ... because they’re so powerful. But when the number of these mistakes keeps growing, it reaches a level they cannot sustain.”

He added: “A country can get the sense from impunity that you can do anything. This is the result of the monopoly from a unipolar world ... . Luckily this monopoly is disappearing. It’s almost done.”

Putin also boasted that Russia’s “hypersonic” weapon system will be the best in the world within months. Such a system would allow missile speeds of at least five times the speed of sound, or about one mile per second, CNBC reported. The U.S. is currently incapable of defending itself against such a system, CNBC said.

Putin said Russia’s nuclear weapons would be used only to retaliate against an enemy strike. “We have no concept of a preemptive strike,” Putin said in response to a question, Agence France-Presse reported. “The aggressor will have to understand that retaliation is inevitable, that it will be destroyed and that we, as victims of aggression, as martyrs, will go to heaven.”

Putin shrugged off deteriorating relationships with the West, saying Russia is forging stronger friendships with Asia and the Mideast. Yet he also said President Donald Trump is continuing to work to improve ties with Russia.

“It’s better to talk, to have a conversation, than to be like cats and dogs that keep fighting each other,” Putin said, according to the Financial Times.

https://www.yahoo.com/news/putin-hails-sunset-u-global-020820083.html

 

He's such a nice guy.

B/A

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Foreign Banks Are Embracing Russia's Alternative To SWIFT, Moscow Says

Profile picture for user Tyler Durden
Sun, 10/21/2018 - 08:00

On Friday, one day after Russia and China pledged to reduce their reliance on the dollar by increasing the amount of bilateral trade conducted in rubles and yuan (a goal toward which much progress has already been made over the past three years), Russia's Central Bank provided the latest update on Moscow's alternative to US-dominated international payments network SWIFT.

Russia

Moscow started working on the project back in 2014, when international sanctions over Russia's annexation of Crimea inspired fears that the country's largest banks would soon be cut off from SWIFT which, though it's based in Belgium and claims to be politically neutral, is effectively controlled by the US Treasury.

Russia

Today, the Russian alternative, known as the System for Transfer of Financial Messages, has attracted a modest amount of support within the Russian business community, with 416 Russian companies having joined as of September, including the Russian Federal Treasury and large state corporations likeGazprom Neft and Rosneft.

And now, eight months after a senior Russian official advised that "our banks are ready to turn off SWIFT," it appears the system has reached another milestone in its development: It's ready to take on international partners in the quest to de-dollarize and end the US's leverage over the international financial system. A Russian official advised that non-residents will begin joining the system "this year," according to RT.

"Non-residents will start connecting to us this year. People are already turning to us," said First Deputy Governor of the Central Bank of Russia Olga Skorobogatova. Earlier, the official said that by using the alternative payment system foreign firms would be able to do business with sanctioned Russian companies.

Turkey, China, India and others are among the countries that might be interested in a SWIFT alternative, as Russian President Vladimir Putin pointed out in a speech earlier this month, the US's willingness to blithely sanction countries from Iran to Venezuela and beyond will eventually rebound on the US economy by undermining the dollar's status as the world's reserve currency.

To be sure, the Russians aren't the only ones building a SWIFT alternative to help avoid US sanctions. Russia and China, along with the European Union are launching an interbank payments network known as the Special Purpose Vehicle to help companies pursue "legitimate business with Iran" in defiance of US sanctions.

Given its status as a major energy exporter, Russia has leverage that could help attract partners to its new SWIFT alternative. For one, much of Europe is dependent on Russian natural gas and oil.

Russia

And as Russian trade with other US rivals increases, Moscow's payments network will look increasingly attractive, particularly if buyers of Russian crude have no other alternatives to pay for their goods.

https://www.zerohedge.com/news/2018-10-19/foreign-banks-are-embracing-russias-alternative-swift-moscow-says

 

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47 minutes ago, Butifldrm said:

the Russians aren't the only ones building a SWIFT alternative to help avoid US sanctions. Russia and China, along with the European Union are launching an interbank payments network known as the Special Purpose Vehicle to help companies pursue "legitimate business with Iran" in defiance of US sanctions.

 

That about says it all... And most Americans have no clue that any of this is unraveling. 

 

B/A

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On 10/19/2018 at 6:33 AM, bostonangler said:

Putin Hails Sunset of U.S. Global Domination Due To Mounting 'Mistakes'

Russian President Vladimir Putin gloated Thursday about what he sees as the end of the United States’ world dominance due to growing “mistakes.” 

Putin also claimed America holds “some responsibility” for the disappearance of Washington Post columnist Jamal Khashoggi because the Saudi journalist was living in the U.S., he said his in annual foreign policy speech, according to the Financial Times. He did not elaborate. Khashoggi has not been seen since he entered the Saudi Consulate in Istanbul on Oct. 2. Turkish officials say he was murdered and dismembered by orders of Saudi Crown Prince Mohammed bin Salman.

“In this regard, the U.S. has a certain responsibility. If someone knows what happens and there was a murder, I hope some evidence is provided. And dependent on that, we will make some decisions,” Putin added in his remarks in the Black Sea resort of Sochi. He said there was currently no reason to “harm our relations with Saudi Arabia.”

As for the U.S., he said that “empires often think they can make some little mistakes ... because they’re so powerful. But when the number of these mistakes keeps growing, it reaches a level they cannot sustain.”

He added: “A country can get the sense from impunity that you can do anything. This is the result of the monopoly from a unipolar world ... . Luckily this monopoly is disappearing. It’s almost done.”

Putin also boasted that Russia’s “hypersonic” weapon system will be the best in the world within months. Such a system would allow missile speeds of at least five times the speed of sound, or about one mile per second, CNBC reported. The U.S. is currently incapable of defending itself against such a system, CNBC said.

 Putin said Russia’s nuclear weapons would be used only to retaliate against an enemy strike. “We have no concept of a preemptive strike,” Putin said in response to a question, Agence France-Presse reported. “The aggressor will have to understand that retaliation is inevitable, that it will be destroyed and that we, as victims of aggression, as martyrs, will go to heaven.”

Putin shrugged off deteriorating relationships with the West, saying Russia is forging stronger friendships with Asia and the Mideast. Yet he also said President Donald Trump is continuing to work to improve ties with Russia.

“It’s better to talk, to have a conversation, than to be like cats and dogs that keep fighting each other,” Putin said, according to the Financial Times.

https://www.yahoo.com/news/putin-hails-sunset-u-global-020820083.html

 

He's such a nice guy.

B/A

Putin also boasted that Russia’s “hypersonic” weapon system will be the best in the world within months. Such a system would allow missile speeds of at least five times the speed of sound, or about one mile per second, CNBC reported."  They finally made something that will definatley fail .........over another country . Dangerous 

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20 hours ago, blueskyline said:

Putin also boasted that Russia’s “hypersonic” weapon system will be the best in the world within months. Such a system would allow missile speeds of at least five times the speed of sound, or about one mile per second, CNBC reported."  They finally made something that will definatley fail .........over another country . Dangerous 

 

  I'm not a fan of Bolton, never have been.  He is a war Hawk, but good news. Bolton: Trump, Putin to meet in Paris in November

https://thehill.com/policy/national-security/412753-bolton-discusses-possible-trump-putin-meeting-in-november-report

 

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Good Evening Beauty . That is good news . I hope so agreements can be made . Who knows the future ? Putin may need those to deter China then the West in time to come ? Who knows ?

 

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Demand for Gold Up 42%. Why Are Central Banks Raising Their Reserves?

So which countries are raising their gold reserves and why?

While we can’t know for certain, there are some statistics that prove to be quite interesting.

For example, the Russian central bank has been the largest purchaser of gold for the past six years, which has taken their holdings to 224 tonnes in 2017. They have now also overtaken China to hold the fifth spot in having the largest gold reserves in the world.

Meanwhile, Hungary’s central bank announced that the country has raised its gold reserves tenfold to 31.5 tonnes. The reason given was to ‘improve the security of the nation’s wealth and the reduce risks’.

And on 19 April 2018, Turkey also requested that 220 tonnes of their gold be pulled out of the US Federal Reserve system and brought back home. Other countries making similar requests of the US Federal Reserve.

include:

  1. Germany
  2. Netherlands
  3. Austria
  4. Belgium
  5. Russia
  6. China
  7. Azerbaijan

Why do more countries want their gold back?

When it comes to why more countries want their gold back, this is an interesting question with many possible answers. One theory is that countries around the world are trying to avoid the US dollar because of ongoing trade wars, tariffs, and an uncertain political scene.

Russia and China have also been trying to win support from global governments to create a new gold-backed currency, thereby removing the US dollar as the world’s reserve currency. After all, the reserve currency status may not last forever.

At this point in time, we may not be able to pinpoint the exact outcome of central banks raising their gold reserves. However, we can still take advantage of the volatility in the gold market as the metal is available to trade with a CFD option with Admiral Markets. How can we do this? Let’s take a look…

How to trade CFDs on Gold with Admiral Markets MT4?

First, let’s take a look at the 12-month gold chart:

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{alt}
More

From the chart above we can see there are times gold ranges and trends. In a range, gold will trade in between two price points, struggling to break out of its range. In a trend, we would see prices accelerate for a sustained period higher or lower.

There are a variety of strategies to trade trend-based market conditions as well as range-based market conditions. Let’s focus on the most recent range-based market conditions as highlighted by the chart below:

{alt}
 
{alt}
More
 

In the chart above, we can see that the gold market was contained in a range known as a consolidation, wedge or triangle formation. New price highs kept on getting lower, while new price lows kept on getting higher. This pattern suggests that at some point the market will break out and move in a directional manner up or down.

In this instance, the gold market broke higher, penetrating the upper resistance level of the consolidation pattern. A trader could have bought as the market broke through this resistance line at the $1,202 price level on the 11 October 2018, with a stop loss at the lowest price of the breakout day $1,191.

Trading at the lowest lot value for gold, 0.1 lots, then if the entry price was triggered and then hit the stop loss, the trader would have lost USD 110. In this instance, the stop loss was not hit and if the trader held on to previous resistance at $1,222 (July 2018 lows), the approximate profit would have been USD 200 reached on the same day as an entry, 11 October 2018.

 

 

B/A

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Farewell to the Dollar? India Reportedly Ditches US Currency to Buy Iranian Oil

CC0
BUSINESS
14:54 07.12.2018(updated 14:55 07.12.2018)Get short URL
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Although the US imposed sanctions against the Iranian energy and banking sectors, Washington has agreed to issue waivers for several countries, so they could buy Iranian oil. These waivers are only temporary and will cease in 6 months, forcing importers to either switch to new sources or face the threat of US sanctions.

India has signed an agreement with Iran to pay for its crude oil in national currency instead of dollars the Business Standard newspaper reported, citing an anonymous source familiar with the move.

The memorandum of understanding between the countries, which cemented the decision to ditch dollars in the oil trade, was signed by Tehran and Delhi on 5 November 2018, when the US announced new sanctions against Iran. It's notable that on the same day, Washington issued temporary waivers to 8 countries, including India, allowing them to buy Iranian oil without fear of being sanctioned.

According to the Business Standard's source, money for the Iranian crude will be transferred to a  National Iranian Oil Co (NIOC) bank account at the Indian UCO Bank. What is more, half of this money is set to be spent on exports of Indian goods to Iran.

READ MORE: India and UAE to Deal in Local Currencies, Avoiding Dollar Transactions

India is the second biggest importer of Iranian crude, with China occupying first place. The country has reportedly limited its oil imports from the Islamic Republic from 452,000 down to 300,000 barrels per day to meet the conditions of the 180-day US waiver.

The US imposed a new round of sanctions against Iran on November 5, following Washington's withdrawal from the Joint Comprehensive Plan of Action (JCPOA). Sanctions affected the country's banking, energy, and shipping sectors. The US allowed 8 countries to continue buying Iranian oil for 6 months — Greece, India, Italy, China, Taiwan, Turkey, South Korea, and Japan.

https://sputniknews.com/business/201812071070479951-india-dollar-iranian-oil/

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India to import Iranian oil using rupee payment mechanism: source

 

 

Neha Dasgupta, Mayank Bhardwaj

2 MIN READ

FILE PHOTO: Malta-flagged Iranian crude oil supertanker "Delvar" is seen anchored off Singapore March 1, 2012. . REUTERS/Tim Chong/File Photo

NEW DELHI (Reuters) - India will import crude oil from Iran using a rupee-based payment mechanism, an industry source involved in discussions told Reuters on Thursday, adding that 50 percent of those payments will be used for exporting items to Tehran.

India’s state-owned UCO Bank is expected to announce the payment mechanism in the next 10 days, the source said.

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“An agreement had been signed by the Indian and Iranian government on Nov. 2 2018 for oil payment in rupees and 50 percent of those funds had been earmarked for exports,” according to an Indian government document reviewed by Reuters.

Oil payments are being made in rupees only as against earlier arrangements where there was a ratio of 45 percent rupees and 55 percent euros, the document said.

Russian and Chinese shipping companies were pitching to facilitate India-Iran trade, the source said.

Under U.S. sanctions, India will be allowed to export farm commodities, food, medicines, and medical devices to Iran.

However, items such as petroleum and petrochemical products, automobiles, steel, precious metals and graphite are not allowed to be exported to Tehran.

Reporting by Neha Dasgupta and Mayank Bhardwaj; Editing by Sunil Nair and Martin Howell

Our Standards:The Thomson Reuters Trust Principles.

https://www.reuters.com/article/us-india-iran-oil/india-to-import-iranian-oil-using-rupee-payment-mechanism-source-idUSKBN1O50XT

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