Russia & Syria to dump dollar in mutual trade, agree joint energy projects

The Moscow-Damascus Intergovernmental panel has reached a series of agreements, including switching to national currencies in mutual settlements and commercial energy exploration in Syria.

“Mutual settlements, transport and logistics - as far as I’m concerned these issues have been settled,” Vladimir Padalko, Vice-President of the Russian Chamber of Commerce and Industry told journalists on the sidelines of an annual meeting of the Russian-Syrian commission for trade, economic, scientific and technical cooperation, taking place in Damascus.

The Russian official added that the countries have picked 200 Russian and Syrian companies to take part in joint projects for rebuilding the war-torn country. The parties are set to sign an agreement that includes 10 extensive focus areas for recovering the Syrian post-war economy.

The parties have also clinched a number of commercial agreements on exploration and production of energy commodities in Syria, according to the Russian office. Russia’s Ministry of Industry and Trade and Syrian Ministry of Industry has reportedly approved and signed a road map for bilateral industry cooperation.

The countries have reached 30 agreements on investment projects. Syria and Russia have come to material consent in the area of transport and higher education, according to the Head of the Syrian Planning and International Cooperation Commission Imad Sabuni.

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Source: https://www.rt.com/business/446463-russia-syria-local-currencies-settlement/

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India Diversifying Reserves Away From Dollar, Buying up Gold

As US threatens sanctions over S-400 purchase India's dollar holdings decline even as total reserves grow

The world's second biggest gold consumer continues to replenish its bullion reserves, a Reserve Bank of India (RBI) report shows. At the same time, New Delhi is slowly but surely reducing its share of US debt bonds.

The annual report from the Indian financial regulator reveals that the country followed other BRICS partners in adding physical gold to its foreign exchange reserves. The RBI reportedly bought 8.46 metric tons of gold during the last fiscal year ending in March.

As of the end of June, the country’s central bank held 566.23 metric tons of gold against 557.77 metric tons a year ago. The RBI purchased gold for the first time in nearly a decade. The regulator acquired 200 metric tons of the precious metal in 2009 shortly after the global financial crisis.

According to the RBI, India’s international reserves rose by five percent from June 2017 to June 2018 in comparison to the 6.3 percent growth seen in the same period in the previous year.

“Diversification of India's Foreign Currency Assets continued during the year with attention being ascribed to risk management, including cybersecurity risk. The gold portfolio has also been activated,” the report added.

Meanwhile, the country’s share of US sovereign debt saw a gradual decline from $157 billion in March to $148.9 billion by May, according to the latest US Treasury report.

Eliminating US sovereign bonds has recently become a trend among major holders. According to the latest statistics, Russia dumped 84 percent of its holdings during 2018, while Turkey’s share of US Treasuries fell by 42 percent during the first half of the current year.

At the same time, Japan and China, the biggest holders of the US papers also reduced their shares, albeit insignificantly.

Source: https://www.rt.com/business/437760-india-gold-reserves-us-treasuries/

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