Bank transfers are considered one of the safest ways to transfer money between two parties, but there are still some risks to be aware of. Transferring money via bank transfer is the most common way to transfer money, and many people do it without thought. International bank transfers carry more risks due to the slightly more complicated process, but are still incredibly safe when implemented correctly. We cover how bank transfers work, and the potential risks to avoid when making them to ensure that your money is protected. Are bank wire transfers safe? Bank wire transfers are one of the saf ..read more

The eco is a proposed currency set to be introduced in Africa, specifically the 15 countries that are part of the Economic Community of West African States (ECOWAS). The introduction of this currency is part of a wider economic movement in the continent to obtain more monetary control and bring economic stability, as is the introduction of the African Monetary Union and the development of the African Central Bank. Of the 15 African nations within ECOWAS, eight use the CFA franc, a currency still controlled by the French treasury and European Central Bank (ECB) to this day. Not o ..read more

The idea of a world currency has been debated throughout the 20th and 21st century, and several proposals have been made. A world currency could work in theory, and would provide a number of benefits, yet there are several blockers which stand in the way. In many ways, the euro represents the closest thing we have to a world currency, as it’s currently used by 20 EU countries, and growing. The US dollar is also used in 11 countries, widely used in trade due to dollar dominance, and is considered to be the global reserve currency. Therefore, the US dollar could also be considered to b ..read more

For many Western economies, Christmas is incredibly beneficial to the economy, and provides a huge boost to both spending and production. However, the spike and subsequent slump carries its own disadvantages, and some economists argue that the microeconomic losses and wastage outweigh the benefits. How much do we spend at Christmas? According to Finder.com’s statistics, the average person in the UK is expected to spend approximately £602 on Christmas gifts in 2023. This is an increase of 40% from the average spend of £429 in 2022, which may have been due to the high inflation levels this time ..read more

In simple terms, quantitative easing is a monetary policy where central banks will buy financial assets – often their own government bonds or other securities. This causes an injection of money into the financial system. Central banks will create money to buy these financial assets, therefore putting more cash into the economy. For this reason, quantitative easing is good for stimulating economic growth, but introduces risks of inflation. How does quantitative easing work? Quantitative easing (QE) comes in the form of monetary policy introduced by central banks. The Bank of England ..read more

The digital euro is a proposed digital version of the euro by the European Central Bank (ECB). It would essentially be the same as the euro, but not tied to a physical currency, instead simply a digital representation of the euro. Digital currencies controlled by a central bank are referred to as Central Bank Digital Currencies (CBDCs). As we covered in our previous article on CBDCs, there is discussion amongst banks and economists about implementing digital versions of many other currencies, not just the euro. But what is it about a digital currency that banks find ap ..read more

A petrostate is a country which heavily relies on the export of oil or natural gas. The economies of these nations will be almost entirely dependent on oil, which means that any fluctuations in oil prices will cause significant economic shockwaves. The word petrostate comes from combining ‘petroleum’ and ‘state’. Petrostate is considered by some definitions to be derogatory, as it negatively describes a country’s dependence on oil, and the consequences this often has on its population. It also refers to the fact that, in many cases, petrostates carry a lot of corruption and the misha ..read more

Venezuela has been through some significant economic turmoil in recent years, mostly due to its chaotic economic past. As a result, the country has been in an official state of crisis since the 2010s. The Venezuelan Bolivar (VEF) is the third-weakest currency in the world as of 2023 and has endured extreme levels of inflation that have threatened the survival of the economy. Despite these factors, Venezuela still has one of the world’s largest oil reserves and a skilled workforce to back it. In 2022, the economy grew by an estimated 6%, and has forecast additional growth of 6.5% in 2023, sugge ..read more

A futures contract by definition is a legally binding agreement between two parties to buy and sell a specific quantity of an asset at a predetermined price on a specified future date. Futures contracts will come in various forms which cater to different markets and asset classes. These forms of futures contracts can include commodities, financial instruments, interest rates, equity, currencies and more. Futures contracts are a fundamental part of the global economy, and are vital in a number of industrial and economic sectors, from agriculture and energy to currencies and interest rates ..read more

Due to the rapid digitalisation of the economy, an increase in e-commerce, and the expanding availability of financial products, a lot of people speculate that a cashless society is on the horizon. But is this a likely outcome? And how feasible is a cashless economy? Are we becoming cashless? The sharp rise in the availability of digital payment methods such as debit cards, credit cards and mobile wallets, leads many to envision a future without cash. While it might be difficult to predict if cash will die out completely, it’s clear to see that cash usage has definitely declined in some parts ..read more