Turkish President Recep Tayyip Turkey is pushing for Turkey to create a new payment system with Russia. This initiative is in response to U.S. sanctions against Turkey's use of Russian Mir cards. Some Turkish banks have worked with them to facilitate payments from Russian tourists who visit the country.
Report: President Erdogan Charges the Turkish Government with Developing Mir Alternative
Recep Tayyip Erdan, President of Turkey, has directed ministers to create a Russian payment system to replace the Russian banking system Mir. According to A Haber TV, Turkish and Russian officials had already met to discuss this issue.
This move comes after Washington stated that it would attempt to persuade Turkey not to support Mir. Russians who are planning to vacation in Turkey due to Western sanctions, have only one option: their cards. They visited Turkey in large numbers this year.
Kommersant, a Russian business newspaper, quoted A Haber as saying that both the Turkish and Russian relevant government departments are currently in negotiations while President Erdogan will also be participating in discussions.
The administration in Washington suggested that it could impose sanctions against nations who conduct transactions with Mir. Denizbank and Isbank, two of five Turkish lenders, had stopped working with the Russian payments system. It is still being used by the state-owned Halkbank and Vakifbank as well as Ziraat.
Later, the U.S. Treasury indicated that it was ready to convince Turkey of the necessity to reduce Mir's use. The sanctions imposed by the United States over Russia's invasion of Ukraine were expanded to include the chief executive of Russia's National Card Payment System, (NSPK), Mir’s operator.
Russian domestic transactions are processed by the NSPK. Mir was established by Moscow in 2014 after several Russian banks were refused Visa and Mastercard services. Russia also created the System for Transfer of Financial Messages, (SPFS), which is an alternative to SWIFT. Some Russian banks have been disassociated from it.
Russia's attention has been drawn to cryptocurrency during the current crisis. The Bank of Russia and the Ministry of Finance agreed earlier this month that Russia would have to legalize cryptocurrency payments for cross-border trade to alleviate the sanctions on its economy.
Are you positive that Russia and Turkey will create a new payment system to replace Mir? Please share your thoughts in the comments below.
Frequently Asked Questions
Can I keep physical gold in an IRA?
Gold is money and not just paper currency. It is an asset that people have used over thousands of years as money, and a way to protect wealth from inflation and economic uncertainties. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Today, many Americans invest in precious metals such as gold and silver rather than stocks and bonds. Even though owning gold is not a guarantee of making money, there are many reasons why you might want to add gold to your retirement savings portfolio.
One reason is that gold historically performs better than other assets during financial panics. The S&P 500 dropped 21 percent in the same time period, while gold prices rose by nearly 100 percent between August 2011-early 2013. During those turbulent market conditions, gold was among the few assets that outperformed stocks.
Gold is one of the few assets that has virtually no counterparty risks. You still have your shares even if your stock portfolio falls. You can still own your gold even if the company where you invested fails to pay its debt.
Finally, the liquidity that gold provides is unmatched. This means you can easily sell your gold any time, unlike other investments. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows for you to benefit from the short-term fluctuations of the gold market.
What precious metal is best for investing?
This question depends on how risky you are willing to take, and what return you want. Although gold has traditionally been considered a safe investment choice, it may not be the most profitable. For example, if you need a quick profit, gold may not be for you. You should invest in silver if you have the patience and time.
Gold is the best investment if you aren't looking to get rich quick. If you want to invest in long-term, steady returns, silver is a better choice.
Is gold a good investment IRA?
If you are looking for a way to save money, gold is a great investment. It is also an excellent way to diversify you portfolio. There's more to gold that meets the eye.
It has been used throughout the history of currency and remains a popular payment method. It is often called “the oldest currency in the world.”
But gold, unlike paper currency, which is created by governments, is mined out from the ground. It is very valuable, as it is rare and hard to create.
The supply and demand factors determine how much gold is worth. People tend to spend more when the economy is healthy, which means that fewer people are able to mine gold. The result is that gold's value increases.
On the other hand, people will save cash when the economy slows and not spend it. This means that more gold is produced, which reduces its value.
This is why it makes sense to invest in gold for individuals and companies. You'll reap the benefits of investing in gold when the economy grows.
You'll also earn interest on your investments, which helps you grow your wealth. Additionally, you won't lose cash if the gold price falls.
How much gold do you need in your portfolio?
The amount that you want to invest will dictate how much money it takes. A small investment of $5k-10k would be a great option if you are looking to start small. As your business grows, you might consider renting out office space or desks. So you don't have all the hassle of paying rent. Only one month's rent is required.
You also need to consider what type of business you will run. In my case, I am running a website creation company, so we charge clients around $1000-2000/month depending on what they order. So if you do this kind of thing, you need to consider how much income you expect from each client.
As freelance work requires you to be paid freelancers, your monthly salary won't be as high as mine. So you might only get paid once every 6 months or so.
Decide what kind of income do you want before you calculate how much gold is needed.
I recommend starting with $1k-$2k of gold and growing from there.
Should you Invest In Gold For Retirement?
The answer will depend on how many dollars you have saved so far and whether you had gold as an investment option at the time. You can invest in both options if you aren't sure which option is best for you.
Gold offers potential returns and is therefore a safe investment. Retirement investors will find gold a worthy investment.
Although most investments promise a fixed rate of return, gold is more volatile than others. Because of this, gold's value can fluctuate over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. Instead, it just means you should factor the fluctuations into your overall portfolio.
Another benefit of gold is that it's a tangible asset. Gold can be stored more easily than stocks and bonds. It can be easily transported.
You can always access your gold if it is stored in a secure place. You don't have to pay storage fees for physical gold.
Investing in gold can help protect against inflation. Gold prices are likely to rise with other commodities so it is a good way of protecting against rising costs.
You'll also benefit from having a portion of your savings invested in something that isn't going down in value. Gold rises in the face of a falling stock market.
Investing in gold has another advantage: you can sell it anytime you want. Like stocks, you can sell your position anytime you need cash. You don’t even need to wait until retirement to liquidate your position.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all your eggs on one basket.
Do not buy too much at one time. Start small, buying only a few ounces. Continue adding more as necessary.
Don't expect to be rich overnight. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
While gold may not be the best investment, it can be a great addition to any retirement plan.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
External Links
finance.yahoo.com
irs.gov
cftc.gov
investopedia.com
How To
Online buying gold and silver is the best way to purchase it.
You must first understand the workings of gold before you can purchase it. Precious metals like gold are similar to platinum. It is rare and used as money due to its durability and resistance against corrosion. It is difficult to use so people prefer to buy jewelry made from it to gold bars.
There are two types today of gold coins. One is legal tender while the other is bullion. Legal tender coins are designed for circulation in a country. They often have denominations like $1 or $5 or $10.
Bullion coins are minted for investment purposes only, and their values increase over time due to inflation.
They cannot be used in currency exchanges. For example, if a person buys $100 worth of gold, he/she gets 100 grams of gold with a value of $100. For every dollar spent, the buyer gets 1 gram of Gold.
You should also know where to buy your gold. There are a few options if you wish to buy gold directly from a dealer. First, your local currency shop is a good place to start. Another option is to go through a reputable site like eBay. You may also be interested in buying gold through private sellers online.
Individuals selling gold at wholesale prices and retail prices are known as private sellers. When selling gold through private sellers, you pay a commission fee of 10% to 15% per transaction. Private sellers will typically get you less than a coin shop, eBay or other online retailers. This is a great option for gold investing because you have more control over the item’s price.
The other option is to purchase physical gold. It is easier to store physical gold than paper certificates. But, you still have to take care of it. You need to make sure that your physical gold is safe by storing it in an impenetrable container like a vault or safety depositbox.
When buying gold on your own, you can visit a bank or a pawnshop. A bank can provide you with a loan to cover the amount you wish to invest in gold. The pawnshop is a small business that allows customers to borrow money to buy items. Banks tend to charge higher interest rates, while pawnshops are typically lower.
You can also ask for help to purchase gold. Selling gold can also be done easily. A company such as GoldMoney.com can help you set up a simple bank account and get paid immediately.
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By: Lubomir Tassev
Title: Erdogan Suggests Turkish-Russian Payment System, Local Media Reports
Sourced From: news.bitcoin.com/erdogan-suggests-turkish-russian-payment-system-local-media-reports/
Published Date: Sat, 24 Sep 2022 04:30:47 +0000
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