global energy crisis
Posted inCurrent Affairs GD Topics Economic GD Topics

Global energy crisis

In 2020, lockdowns were imposed in many parts of the world due to the Covid pandemic. After the lockdowns are lifted, the demand for electricity increased as the economic activity returned to normal. But the production did not increase as per the demand due to several factors such as labour shortage and supply chain disruptions.
Internationalisation of the Rupee
Posted inCurrent Affairs GD Topics Economic GD Topics

Internationalization of the Rupee

Sanctions on Russia for its invasion of Ukraine resulted in the possibility of trade agreements in currencies other than the US dollar. This can negatively affect the share of the US dollar in international transactions, which can dilute the dominance of the US dollar in the global financial system. So, making trade agreements with other countries in Rupees can increase the share of the Rupee in international transactions and hence can pave a path to the internationalization of the Rupee.
SWIFT
Posted inCurrent Affairs GD Topics Economic GD Topics

SWIFT

SWIFT (Society for Worldwide Interbank Financial Telecommunication) provides a secure financial messaging system for international payments. Russia’s invasion of Ukraine resulted in several sanctions on Russia, which includes its partial ban from SWIFT. Most Russian banks are now excluded from SWIFT, which makes it difficult and expensive for them to make and receive international payments.