CFOs cast wider nets for currency hedges
CFO Dive
DECEMBER 20, 2022
Companies have traditionally relied on such hedging instruments as forward currency contracts, options and swaps. Now many are looking beyond the tried and true.
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Currency War Definition
CFO News Room
FEBRUARY 5, 2022
What Is a Currency War? A currency war is an escalation of currency devaluation policies among two or more nations, each of which is trying to stimulate its own economy. Currency prices fluctuate constantly in the foreign exchange market. Understanding Currency Wars. Are We in a Currency War Now?
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CFOs must divorce currency from technology to take advantage of crypto: Gartner
CFO Dive
JUNE 7, 2022
For CFOs intrigued by the promises of cryptocurrency, decoupling the movements of the coin from the promise of virtual currencies’ underlying technology will be key to successful adoption, says Gartner.
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3 currency hedging lessons learned
CFO Dive
FEBRUARY 23, 2023
Though the U.S. dollar has trended weaker since hitting a two-decade high in September, U.S. Bank’s Paula Comings still advises companies to revisit their hedging policies.
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Consolidation Solution Checklist
Advertiser: Fluence Technologies
This checklist covers: Integration of Data Currency Translation Intercompany Eliminations Partial & Cross Ownership Multiple Reporting Standards Financial & Management Reporting Mid-market companies have been forced to rely on standalone Excel and Tylenol for too long.
Digital Currency Group taps Goldman alum for CFO
CFO Dive
AUGUST 1, 2023
Mark Shifke steps into the company’s top finance seat as it wraps up bankruptcy proceedings for one of its subsidiaries amid sharpening regulatory scrutiny of the crypto space.
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The Basics of Multi-Currency Account Reporting
Spreadym
OCTOBER 20, 2023
A multi-currency account reporting refers to the financial reporting and tracking of transactions in multiple currencies within a single account or financial system. Here's how it works: Multiple Currency Support: In a multi-currency account, you can hold balances in different currencies simultaneously.
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Fed Exploring ‘Hypothetical’ Digital Currency
PYMNTS
AUGUST 14, 2020
A week after details of the Federal Reserve’s instant payment initiative emerged, news came via Bloomberg that the central bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. And even before the BIS findings, in March, members of U.S.
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PayPal CEO Shulman: Consumers Moving To Digital Currency In Droves
PYMNTS
NOVEMBER 23, 2020
Consumers are moving to digital payments and cryptocurrency in droves, and it’s inevitable that more central banks will issue digital forms of currency, PayPal CEO Dan Schulman said in a televised interview on Monday (Nov. PayPal isn’t the first large name in tech to jump on the digital currency bandwagon. 23) Benzinga report.
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Be future ready: FM Nirmala Sitharaman to Currency Minting Corp
CFO News
FEBRUARY 15, 2024
Speaking virtually on the SPMCIL's foundation day, Sitharaman highlighted the possibility of increasing adoption of digital currencies, indicating potential challenges for SPMCIL's core business of printing currencies.
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86: What Is Digital Currency?
Strategic Treasurer
MAY 18, 2023
Session 86 Coffee Break Session: What Is Digital Currency? In this episode, Paul Galloway and Jason Campbell discuss digital currency and its implications for treasury professionals. Series Episodes The post 86: What Is Digital Currency? Crypto has been gaining popularity in the past decade.
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Crypto currencies have no underlying value, says RBI official
CFO News
FEBRUARY 16, 2024
Vasudevan, an executive director at the Reserve Bank of India (RBI), stated that cryptocurrencies lack underlying value and therefore cannot be considered as currencies. The RBI has expressed concerns about cryptocurrencies like Bitcoin, citing potential systemic risks to financial systems.
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IMF to launch global digital currency platform
Future CFO
JUNE 20, 2023
The IMF announced recently a plan to launch a global digital currency platform for central banks. The platform for central bank digital currencies (CBDCs) will enable transactions between countries, said IMF Managing Director Kristalina Georgieva. The post IMF to launch global digital currency platform appeared first on FutureCFO.
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RBI, Bank of Indonesia sign MoU promoting use of local currencies for trade
CFO News
MARCH 7, 2024
The Reserve Bank of India and the Bank of Indonesia signed a MoU to promote the use of local currencies for cross-border transactions, enabling exporters and importers to invoice and pay in their respective domestic currencies, optimizing costs and settlement time for transactions.
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Bahamas Launches Digital Sand Dollar; Adds To Rise Of Central Bank Digital Currencies
PYMNTS
DECEMBER 18, 2020
To that end, the Bahamas may stand out as an epicenter of sorts for the rise of central bank digital currencies (CBDCs). As reported by Reuters , the Sand Dollar – a new digital currency issued and backed by the Bahamian central bank – is now in circulation, and bit by bit, has been making inroads into retail use cases.
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Mastercard Leads New Central Bank Digital Currency Test Platform
PYMNTS
SEPTEMBER 9, 2020
Mastercard has announced a new virtual testing platform for Central Bank Digital Currencies (CBDCs). The testing tool comes as the global economy embraces digital payments and central banks investigate how to support innovation while maintaining financial stability as they issue the currency. In a Wednesday (Sept.
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BOE: Banks Don't Get Protection From Digital Currencies
PYMNTS
NOVEMBER 15, 2020
Bank of England Deputy Governor Jon Cunliffe said it isn't his job to shield banks from the coming shift to digital currencies, Reuters reported. Andrew Bailey , governor of the BoE, said over the summer that the BoE is closely examining how the idea of a digital currency would work. at the cutting edge of payments innovation.
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Citigroup Chief: CBDCs Are 'Inevitable' In The Future Of Currency
PYMNTS
DECEMBER 6, 2020
Citigroup will be helping governments around the world establish sovereign digital currencies, or central bank digital currencies (CBDC), CEO Michael Corbat says, according to a report from CoinDesk. 4), Corbat said the development of such digital currencies was likely inevitable with the way money has been trending.
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Fed Chair Powell Urges Thorough Vetting Of Central Bank Digital Currencies
PYMNTS
OCTOBER 19, 2020
19) on the bank’s potential rollout of a digital currency. Powell warned of potential downsides to the launch of a digital currency that need to be considered, arguing that the first priority should be to “get it right than to be the first,” Reuters reported. The Fed chief, noting that the U.S.
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54: What Is Digital Currency?
Strategic Treasurer
JANUARY 21, 2022
Coffee Break Session: What Is Digital Currency? What is digital currency? Coffee Break Session Host Alexa Cook catches up with Strategic Treasurer’s Managing Partner, Craig Jeffery, to discuss what digital currency is, how it is being used, and some examples of digital currency. The post 54: What Is Digital Currency?
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Visa Seeks Patent On System To Turn Government Currencies Into Digital Blockchain Versions
PYMNTS
MAY 16, 2020
patent on a computer system that would convert physical dollars and other fiat currencies into digital versions, complete with denominations and serial numbers and recorded via blockchain. The system would then remove the paper currency from circulation. A central entity may implement a monetary policy and issue currency.
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Analyst See Yuan Rising As Reserve Currency
PYMNTS
SEPTEMBER 4, 2020
China's yuan could become the world’s third-largest reserve currency in the foreseeable future due to increased foreign investment in Chinese companies, analysts at Morgan Stanley conclude in a report distributed Friday (Sept. Reserves are funds central banks hold in currencies other than their own. 4) and cited by CNBC.
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Navigating multi-currency account reporting: a guide for FP&A managers
Cube Software
JUNE 12, 2023
What is a multi-currency account? Multi-currency accounts, sometimes called foreign currency accounts, are special bank accounts that allow users to send and receive payments across currencies from multiple countries.
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Currency in circulation up 83% since demonetisation in 2016
CFO News
JANUARY 2, 2023
Demonetisation of the high value currency notes of Rs 500 and Rs 1,000 did not have any discernible impact on currency in circulation (CIC) in the country, which has soared by almost 83 per cent since its announcement on November 8, 2016. The Supreme Court on Monday upheld the decision of the government on demonetisation.
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Visa Teams With Circle On USDC Digital Currency Corporate Card
PYMNTS
DECEMBER 2, 2020
Visa will provide a credit card that allows companies to make and get payments with the digital currency via the card once Circle graduates from Visa’s Fast Track initiative. As it stands, the payment firm has onboarded 25 digital currency wallet companies with its Fast Track program such as Cred and Fold. “We
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Sweden’s Central Bank Floats E-Krona As Digital Currency
PYMNTS
FEBRUARY 21, 2020
Sweden’s Riksbank is assessing e-krona, a new form of digital currency that hopes to take the country a step closer to the creation of the world’s first central bank digital currency (CBDC), according to reports on Thursday (Feb.
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Will The Pandemic Finally Get Central Banks Interested In Building Digital Currencies?
PYMNTS
MAY 21, 2020
The tipping point might be nigh for digital dollars and other central bank-issued currencies done through bits and bytes. Patent and Trademark Office that would create a digital currency underpinned by blockchain technology. A central entity may implement a monetary policy and issue currency.
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Adani group plans $650-m foreign currency bond buyback at APSEZ
CFO News
APRIL 23, 2023
Adani Group is planning to use internal accruals to buy back foreign currency bonds, starting with a $650m tranche at Adani Ports and Special Economic Zone. It is estimated that foreign currency bonds represent 39% of the group's total debt. APSEZ said its board had approved a tender offer for its outstanding senior notes due 2024.
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The World of Currency Risk Management Solutions
CFO Leadership
FEBRUARY 16, 2022
In a world where currencies are volatile and their movements hard to predict, profits can be wiped out in the blink of an eye. Price disclosure is less thorough than for exchange-traded assets, and liquidity in many currencies can fluctuate significantly, exacerbating the already high levels of volatility in the market.
Central Bank Of Bahamas To Introduce Digital Currency
PYMNTS
DECEMBER 26, 2019
The Central Bank of the Bahamas is planning to start a rollout of its new digital currency on Friday (Dec. Called Project Sand Dollar, the name of the currency will also be the sand dollar, according to a press release. The intent is to start a fully-fledged central bank digital currency (CBDC). 27) in Exuma.
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Digital Currency Eyes Wholesale — Not Retail — Payments Down Under
PYMNTS
JANUARY 20, 2020
Add Australia to the list of countries with central banks looking to bring fiat currencies into the digital realm — with some conditions attached. A CBDC would be denominated in the sovereign currency, and convertible at par with other forms of money.”. The language is interesting — and noteworthy. The Rewards.
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Bank Of Korea To Begin Testing Distribution Of Digital Currency
PYMNTS
OCTOBER 7, 2020
The Bank of Korea has said it plans to begin testing distribution of its digital currency next year, according to a report by The Korea Herald. The project isn't an indication that the Bank of Korea is officially launching a digital currency — just that it is testing how that would work.
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China Proposes East-Asian Digital Currency, Taking Aim At The US Dollar
PYMNTS
JUNE 17, 2020
A growing number of nations are looking to develop digital versions of their currencies, and now there might be regional initiatives taking shape to target the U.S. The publication said China would back the new digital currency with a basket consisting of the Chinese yuan, Japanese yen, Hong Kong dollar and the South Korean won.
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ClearBank Introduces Multi-Currency Bank Accounts
PYMNTS
SEPTEMBER 17, 2020
Cloud-based clearing bank ClearBank has begun offering multi-currency bank accounts using an API, according to a press release. Beginning in the fourth quarter this year, the bank will allow users to access over 30 multi-currency accounts. ClearBank will remain in charge of the clients' funds.
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Agricultural Bank Of China Tests App For Country’s Digital Currency
PYMNTS
APRIL 14, 2020
One of China’s state-owned banks has a mobile test app that supports the country’s central bank digital currency, according to a CoinDesk report. Testing the app is a sign the giant lender is working to launch the development and deployment work of rolling out the nation’s digital currency, the report said.
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Credit card spends in foreign currency to attract 20% TCS
CFO News
MAY 18, 2023
The Finance Ministry has clarified that foreign currency payments such as digital subscriptions to publications or goods bought on foreign ecommerce sites through international credit cards will count towards an individual's Liberalized Remittance Scheme (LRS) account and attract 20% tax collected at source (TCS).
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Reliance, BPCL among buyers using UAE currency for Russian oil
CFO News
FEBRUARY 8, 2023
Buyers have shifted some transactions to the currency, according to people with direct knowledge of the matter. Payments vary from cargo to cargo, depending in part on the demands of specific traders, said the people, who requested anonymity as the details are private.
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Why Accounts Receivable Is Warming Up To Digital Currency
PYMNTS
MAY 1, 2020
In many ways, the rise of crypto and digital currencies like Bitcoin aims to address some of these issues, empowering payers and payees with a way of bypassing the “middleman” of the inter-banking system for faster transaction speeds. .” Choice, he said, is key to guiding corporates toward a digital currency ecosystem.
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Paysend Launches Mobile Multi-Currency Wallet In Europe
PYMNTS
FEBRUARY 20, 2020
FinTech Paysend is introducing Global Account, its international, fee-free mobile money account with a multi-currency wallet, to European users, the company announced on Thursday (Feb. The Global Account offering aims to save people as much as £2 billion in currency conversions when buying abroad.
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CFOs: 20% of large enterprises to use digital currencies by 2024
Future CFO
DECEMBER 16, 2021
CFOs must be aware of cases and risks of digital currencies as 20% of large organisations will use them by 2024, said Gartner recently. Gartner recommends that organisations first clarify specific use cases for digital currencies before evaluating appropriate IT stacks to incorporate them within the enterprise.
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France’s Central Bank Latest To Ponder A Digital Currency
PYMNTS
NOVEMBER 27, 2019
Beau wants to use distributed ledger technology (DLT), and France is considering a central bank digital currency (CBDC). The country’s central bank has supported the idea of DLT, and it hired a blockchain analyst to help with the implementation of a digital currency program. “As
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RBI expects return of most Rs 2,000 currency notes in circulation by September 30: RBI governor
CFO News
MAY 22, 2023
The RBI chief said that Rs 2,000 currency notes accounted for just 10.8% of the total currency in circulation, and emphasised that the impact of the move on the economy will be "very very marginal" since the country’s currency management system is highly robust.
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In Africa, FTX Posed as Haven From Tumbling Currencies, Inflation
CFO News Room
JANUARY 18, 2023
Weeks before cryptocurrency exchange FTX filed for bankruptcy , dozens of young Nigerians in skintight dresses and brightly colored suits shimmied under limbo bars, posed for photos in front of the company’s logo and sipped expensive liquor at a swanky beachfront venue.
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moneycorp Expands FX Currency Services Into Canada
PYMNTS
JULY 6, 2020
“Today, we are making a significant investment to build this market and with highly differentiated offerings providing both private and business clients the opportunity to choose a long-standing industry expert as their payments and FX currency partner.”. or in other countries. or in other countries.
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