Dr. Ajith Kumar V.V
Central Bank of the UAE says reserves have increased by $1.36bn in first five months. Total banking reserves at the Central Bank of the UAE totalled AED298 billion ($81.1 billion) by the end of May, a growth of AED5 billion during the past five months. The rise, according to CBUAE's Banking Indicators Report cited by state news agency WAM, was driven by an increase in the bank's reserve requirements which rose to AED126.3 billion in May, with the current accounts up to AED24.5 billion and certificates of deposits to AED147.1 billion. In terms of credit, loans provided to the government rose by 1.6 percent to AED204.8 billion in May, with business and industrial sector credit hitting AED807 billion.
Source: https://www.arabianbusiness.com/banking-finance/423495-total-uae-banking-reserves-rise-to-over-81bn
Dr. Ajith Kumar V.V
Coffee farmers in Brazil’s countryside could be soon be using cryptocurrency for their day-to-day needs. A major arabica-bean cooperative, Minasul, is planning to this month launch a block chain-based digital coin that will be backed by coffee supplies. Farmer members will be able to use the “coffeecoin” to buy fertilizer, machinery and other non-farm products, including cars and food, Jose Marcos Magalhaes, Minasul’s president, said in an interview during the Global Coffee Forum in Campinas, Sao Paulo state. Exchanging the coins for goods will take place in a digital marketplace, backed by Minasul’s store of crop nutrients, machinery and other products, he said.
Source: https://www.bloomberg.com/news/articles/2019-07-10/crypto-coffee-coin-is-coming-to-brazil-s-countryside-farmers?srnd=future-of-finance