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Danum Credit Union

Deposits in dollars

One of the most important currencies in the world is the USD, but all currencies have been under enormous strain in recent years while the worlds reserve currency begins to exert its political pressure, this is in large part because of inconsistencies in foreign policy towards emerging nations with political and economic ramifications for those that don’t beat the same drum pattern as North American policymakers. Economic access to free trade in much of the developing world can be interrupted in the event that emerging countries, politicians and financial institutions fall foul of adopting similar sanctions or policy decisions as the administration in the USA, no matter the inconsistencies in global trade policies or independent perspectives that are crucial to any sovereign country self-interests. Economic or political rights of sovereign countries tend to fall by the wayside when it comes to ensuring deposits in dollars are transferable via access to the SWIFT international payment system, whereby correspondent banks and intermediary banks act as the glue that allows trade between countries that don’t share any direct banking connections, thereby allowing the SWIFT network to have control over the entire USD banking network, and henceforth thereby granting the North American political class, control over access to USD based banking systems.  

This single network access of SWIFT has been challenged recently by technological advancements in cryptocurrency systems such as RIPPLE which have emerged along with alternative and competing European based systems such as INSTEX (instrument in support of trade exchanges) which is an emerging EURO alternative to the USD SWIFT network, which challenges the economic policies of deposits in dollars and which is currently being used to bypass trade sanctions between EUROPE and IRAN, the latter of which has recently been hit with a fresh round of sanctions by the US administration. Moreover, the North American policies toward Latin America in recent years, has been controversial with regards to countries that support partnerships with dictators or criminal groups while America has been at war with crime cartels and organized crime, widely covered by journalistic endeavors of The Intercept, and InsightCrime, both journalistic organizations that cover recent trends and events towards political policies and crime in Latin America. 

Trade Reform In Central America 

Companies and banks in Central America have benefited greatly in recent years following strides being made in Panama to clean up the reputation and protect the country from being taken advantage of by money laundering or criminal entities. The controversial use of company bearer shares was abolished in Panama in recent years along with all Panama banks conducting more robust financial auditing while being regulated by the banking superintendency that has tasked itself with ensuring Panama has a clean reputation and a solid financial footing following a number of hacking events that left a stain on the reputation of some financial accounting and legal firms operating within Panama. The top four accounting firms, KPMG, Deloitte, PWC, and Ernst & Young have audited all major banks in Panama and found no serious issues or systemic problems with the major banks audited. Panama has also become a beacon of transparency in the region, by signing double taxation agreements with every separate European county independent of the OECD lists and the whitelists they compile of counties that support well-regulated financial institutions and transparency. As a result, Panama has led the way in central American financial capitals. Panama was recently voted one of the safest countries to do business with, out of all other central American islands and countries in the Region.  One of the greatest achievements of Panama in recent times is the trade deals it has struck placing Chinas engagement with Latin America and the Caribbean within the most important trade distribution channels for China in recent times.

Capitalizing on this success in Panama are a number of credit unions in Latin America which are now responsible for disrupting the banking sectors home ground by providing more access to capital to those who have previously found it difficult to get boarded with local banks for the lack of official paperwork such as supporting passports or rental agreements proving address. With all these changes in the region, it is not surprising that some banks such as Credicorp Bank have resorted to developing mobile banking and online applications to allow easy access to 24-hour banking and international transfer and card payment services, along with partnerships with UnionPay, Credicorp bank is well situated with many Chinese companies who have benefitted from free trade zones in the north of Panama. It is without any doubt that North American influences in the region have viewed all of these changes positively placing Panama in league with most European countries as one of the safest and easiest places to do business in recent times. 


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Deposits In Dollars

Deposits In Dollars


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Danum Credit Union, 25 High Street, Stokesley, Middlesbrough, TS9 5AD.

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