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Russia to de-dollarize economy to strengthen Russian Ruble and sovereignty.

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Russian Federation Speaker Valentina Matviyenko has stated that Russia is currently working on de-dollarizing their economy.

Speaking to RIA Novosti, Valentina Matviyenko stated that “Both the Central bank and the government have been pursuing a policy of de-dollarization as instructed by the President in recent years”. She also stated that the U.S. dollar share in the Russian economy is declining and that Russian investments with the U.S. government obligations have dropped to 1/30th of what it was 10 years ago.

She stated that the process is going steadily and that it cannot be rushed and that the policy is strongly backed by the Russian parliament and is set to strengthen the country’s sovereignty.

The leader of the upper house of the Russian Parliament Valentina Matviyenko  also stated that “We have recently done a lot to underpin the ruble, increase its attractiveness both for businesses and individuals. This is yielding results with more and more deposits and loans in rubles. Citizens trust this currency,”

In the latest moves to de-dollarize and strengthen the Russian Ruble, Russian Finance Ministry announced last week that the Chinse Yuan and the Japanese yen had been included into the currency structure of Russia’s National Wealth Fund. The U.S. Dollar and Euro which had accounted for 45% each of the total foreign currency portfolio has been lowered to 35%. Meanwhile the newly included Chinese Yuan will account for 15% of the foreign currency portfolio while Japanese Yen will only account for 5%.

 

Source: Xinhua News Agency.

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In Videos: China-Europe freight train sees massive growth in trade.

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China finds 1 billion tons of oil and gas.

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Chinese oil and gas giant PetroChina has found a massive reserve of oil and gas in North Western China.

The oil and gas reserve was found within the Tarim Basin. According to PetroChina, the oil and gas was found in an area deemed as “ultra-deep”.  The Tarim Basin is one of the most challenging areas to explore due to its harsh and complicated  ground conditions. However, it is also highly petroliferous.

Due to this, the output from the basin has significantly increased within the past six years, from 30,000 tons a year to 1.52 million in 2020. It is expected to reach 2 million tons in 2021.

 

Source: Xinhua News Agency.

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Bank of Maldives relaunches their Mobile Banking with a new look.

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Bank of Maldives (BML) announced it has relaunched its Mobile Banking App with a new look and extra features to provide customers with a safe, secure, and seamless banking experience. BML is regarded as the biggest retail bank in the Maldives, with a presence on every island.

BML introduced their first mobile banking app to the Maldives in 2015, allowing customers to bank conveniently anywhere, anytime. With this new upgrade the following features were added;

  • Quick Pay, to make transfers without adding a contact
  • Verifying account name before making transfers and adding contacts
  • Generating receipts for past transactions at any time
  • Switching between personal, joint or business profiles
  • Applying for banking services, managing cards and updating personal information
  • Sending messages to the Bank and receiving notifications for replies

 

Bank of Maldives, CEO Tim Sawyer Photo: BML/Twitter

In a press release BML’s CEO and Managing Director, Tim Sawyer commented, “We are delighted to launch our new Mobile App today as part of our digital roadmap to enhance customer experience. It is also an important milestone as we continue to invest in technology to deliver a better banking experience for our customers across the country. The updated app now includes services that have previously only been available on our Internet Banking platform. Over the coming weeks, we will also be introducing additional features to the App, including our digital wallet and payment functions.”

BML also mentioned in their press release that over 90% of their customers registered for online banking and more than 73 million transactions were made through their digital channels last year.

BML Mobile Banking App is now available on Apple’s App Store and Google Play for their customers to download.

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