News
UAE Central Bank announces launch of 'The Digital Dirham' strategy
The Central Bank of the UAE (CBUAE) will be implementing its Central Bank Digital Currency (CBDC) strategy titled ‘The Digital Dirham’. In a joint signing ceremony with G42 Cloud and R3, CBUAE has enlisted the two entities as the infrastructure and technology providers, respectively. They will play a key role for the Central Bank’s CBDC implementation, which is one of the nine initiatives of the CBUAE’s Financial Infrastructure Transformation (FIT) Programme.
Should Young People Save Less & Spend More?
My friend recently sent me an article saying that young people shouldn’t save money. The argument is based on the life-cycle model. It argues that in order to maximize happiness out of your income every year, and to avoid changes in standard of living throughout life, high income earners should not save at a young age, and instead it should be made up in middle ages. Should I start saving less and enjoy the money in my youth more?
Are Bank Failures a Sign of More Trouble Ahead?
The failure of Silicon Valley Bank (SVB) on March 10 was the second largest bank failure in US history. Just two days following SVB’s collapse, Signature Bank joined the record books as the third largest bank failure in US history. First Republic Bank also seemed on the edge of collapse until Bank of America, Citigroup, and other big banks agreed to jointly fund a bailout for it.
IMF: Lebanon in 'very dangerous situation' with reforms stalled
The International Monetary Fund warned on Thursday that Lebanon was in a very dangerous situation a year after it committed to reforms it has failed to implement and said the government must stop borrowing from the central bank. IMF mission chief Ernesto Rigo told a news conference in Beirut that the authorities should accelerate the implementation of conditions set for a $3 billion bailout. "One would have expected more in terms of implementation and approval of legislation" related to reforms, he said, noting "very slow" progress. "Lebanon is in a very dangerous situation," he added, in unusually frank remarks.
From Joe
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