The proverb “small spool, yes expensive” is beginning to take on more and more meaning. The production of small money is starting to cost the world so dearly that economically weak countries have long abandoned it, and the stronger ones are looking for options that would reduce the cost of small things at least to the level of their nominal value, but these efforts lead to funny results.
As soon as mankind invented money, how did he immediately encounter the need to somehow break it into smaller parts, because you won’t start giving the same money for a cow and chicken? However, it quickly became clear that it was not so easy to divide the main (usually gold or silver) coin into shares. As a result, the ancient Greeks, for example, had to use coins of about two dozen denominations. After a series of reforms and troubles, the Roman Caesars managed to reduce the variety of coins to five denominations from the largest – aureus to the smallest – ace (400 aces were considered in one aureus). Inattention to a small coin, as a rule, cost dear rulers: before the modern monetary system developed, more than one state was shocked by outbreaks of social discontent caused by this reason. Continue reading
The US dollar has been trading in different directions over the past week due to the lack of significant macroeconomic events and statistical reports. The euro felt more confident in the week than other currencies, which behaved much more modestly. But market optimism is gradually beginning to fade.
The results of the week disappointed investors – none of the events that had high hopes justified itself. The ECB has completely denied rumors about limiting the growth of peripheral bond yields, and officials could not give clear comments on the future fate of Greece. EUR / USD completed trading at 1.2512, while GBP / USD – at 1.5802.
As for the dollar, in the absence of important events and in anticipation of the publication of the minutes of the last meeting of the US Federal Open Market Committee (FOMC), it gradually increased from Monday to Wednesday. According to the Forex Club, “market participants, impressed by recent macroeconomic statistics, have expected committee members to be more optimistic about their immediate prospects for economic growth than a month earlier. However, the” minutes “turned out to be quite negative. “which gave reason to believe that QE3 is just around the corner. Accordingly, the dollar fell under pressure, and the USDX index dipped 1.8% from weekly highs.” Continue reading
From January 1, the Federal Law “On the National Payment System” will enter into force. The document has claims from the banking community. The project involves obliging banks to return to the client funds withdrawn from a bank card without notice. Bankers predict an increase in fraud, experts expect a rise in the use of non-cash.
The bill “On the national payment system” was developed by the Ministry of Finance and the Bank of Russia in September 2009. The national payment system should become a competitor to the international payment systems Visa and MasterCard in Russia. It has been suggested that the national system could be created on the basis of the URPS, the United Russian Payment System, launched in 2005 by the Central Bank. However, it, like other Russian systems, still occupies too small market shares. In addition, during the readings from the bill, a fundamental point disappeared, obliging the largest operators of the Banking system of the payment system to create processing centers in Russia.
From January next year, the norms of the law “On the National Payment System” should also come into force, according to which banks will be required to return all funds on all disputed transactions to their customers’ cards within 24 hours. Continue reading