⚡️🇮🇱🇸🇦 Saudi Arabia suspends normalization talks with Israel.

Israel's current "extremist" gov is "torpedoing any possibility of rapprochement with Palestinians" Saudis tell US as they abandon peace deal talks per media reports.

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🔹Indonesia 🇮🇩 has launched a National Task Force to promote local-currency transactions (LCT). "Bank Indonesia is confident that the National LCT Task Force will be an effective coordination forum to strengthen policy synergy between government ministries and agencies in an effort to increase the use of local currencies in bilateral transactions between Indonesia and major trading partners," ——Governor of Bank Indonesia, Perry Warjiyo.

🔹Indonesia's confidence in the National LCT Task Force isn’t just about currency; it’s about forging stronger, more independent bilateral ties with global trading partners. The gov't and Bank Negara Malaysia 🇲🇾 will continue to expand the Local Currency Settlement Framework (LCSF) cooperation with Indonesia.

🔹Meanwhile, new revelations reveal that the US's 🇺🇸 National Endowment for Democracy (NED), a notorious CIA front, is laying the foundations for a color revolution in Indonesia 🇮🇩under the aegis of “democracy promotion.” The NED is covertly encouraging and bankrolling the activism of opposition parties and trade unions while cementing its graduates of NED training programs ahead of the Feb. 2024 presidential elections. Some of the same tactics the NED employed in Ukraine's 🇺🇦 Maidan 2014 coup.

🔹Last month, Vietnam 🇻🇳 joined ASEAN members Indonesia, Malaysia, Thailand 🇹🇭, the Philippines 🇵🇭 and Singapore 🇸🇬 to establish cross-border payments mechanisms through the Regional Payment Connectivity initiative.

🔹Indonesia plans to use local currencies in bilateral trade with India 🇮🇳. In May, South Korea 🇰🇷 and Indonesia signed a MoU to cooperate on promoting the use of their currencies for bilateral transactions. The Bank of Indonesia is working on its own domestic card payment system as part of a strategy to reduce dependency on foreign systems and protect transactions from geopolitical fallout.

Video source - SEA Today News

🔹The Central Bank of Egypt 🇪🇬, and the Central Bank of the UAE 🇦🇪have established a bilateral currency swap agreement valued at approximately $1.4 billion. Up to 5 billion dirhams and 42 billion Egyptian pounds would be allowed for exchange. The deal is part of Egypt's efforts to find solutions for its ongoing economic challenges and crisis.

🔹Egypt 🇪🇬is battling its worst foreign currency squeeze in years. The country has devalued the pound three times since early 2022, allowing it to lose almost half its value against the USD 💵. The IMF is urging Egyptian authorities to permit greater flexibility in the country's currency before providing additional funding as part of a $3 billion rescue program.

🔹The UAE and Egypt (both new BRICS members) are now also part of a BRICS research group looking into potential agreements on a basket of local currencies and payment systems so BRICS nations can pay each other based on a set of solutions comparing currency rates. Note that the UAE (new member) and Egypt are also dialogue partners of the Shanghai Cooperation Organisation.

🔹The UAE 🇦🇪 offloaded $4 billion worth of US 🇺🇸 treasury bonds in June, making it the second consecutive month the country sold US government debt.The UAE and India 🇮🇳 recently signed an agreement that focuses on creating a Local Currency Settlement System, promoting bilateral transactions using the Rupee-Dirham.

🔹Previously, Russia's 🇷🇺largest oil producer Rosneft and Indian refiners agreed to use the Asia-focused Dubai 🇦🇪 oil 🛢 price benchmark. India have begun paying for this oil in UAE dirhams instead of USD.