Saudi Arabian Monetary Authority Launches 'Tanfeeth'

Saudi Arabian Monetary Authority Launches 'Tanfeeth'
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Saudi Arabian Monetary Authority Launches 'Tanfeeth'

Saudi Arabian Monetary Authority Launches 'Tanfeeth'

The Saudi Arabian Monetary Authority (SAMA) launched "Tanfeeth" program that aims to provide a direct link between the technological systems of government and the banks operating in the Kingdom for the sake of integration.

SAMA clarified that it seeks through the program to promote the level of cooperation with government agencies to overcome difficulties and obstacles that may face the joint work between SAMA and other entities.

Moreover, it aims to keep pace with the objectives of the Saudi Vision 2030, which focuses on benefiting from modern technologies and e-government applications in addition to upgrading the level of government services in a way that contributes to the reduction of administrative procedures and raises their quality and speed.

SAMA pointed out that the electronic link with Tanfeeth program ensures the confidentiality of information and informs judges thereof within the framework of the procedures of handling cases considered by them including personal status cases.

Governor of SAMA Dr. Ahmad al-Kholifey expressed gratitude to the ministry of justice as the first government authority with which the electronic linking procedures were completed.

Tanfeeth program was established based on the technological platform "Watheiq", which will transform the business sector of SAMA into an electronic service provider. 

This would occur by adopting the best and most reliable technological solutions, providing integrated linking between SAMA and other government technological systems benefiting from the services, and building connections with the financial sector.



Gold Hits One-month High as Prospects for Fed Cuts Rise on Softer US Inflation Data

Gold prices firmed near one-month highs hit earlier on Thursday - File Photo
Gold prices firmed near one-month highs hit earlier on Thursday - File Photo
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Gold Hits One-month High as Prospects for Fed Cuts Rise on Softer US Inflation Data

Gold prices firmed near one-month highs hit earlier on Thursday - File Photo
Gold prices firmed near one-month highs hit earlier on Thursday - File Photo

Gold prices firmed near one-month highs hit earlier on Thursday after a softer-than-expected core US inflation print increased chances of two Federal Reserve rate cuts this year, with the first likely in June.

Spot gold gained 0.3% to $2,704.56 per ounce as of 0934 GMT after hitting its highest level since Dec. 12 earlier in the session. US gold futures gained 0.7% to $2,736.50.

Further gains in safe-haven bullion were, however, limited as Hamas and Israel reached a deal for a ceasefire in Gaza after 15 months of conflict and heightened Middle East tensions, according to Reuters.

Gold rallied to multiple-record highs and is still up nearly 50% since the war began in October 2023.

"Although de-escalating geopolitical tensions can dilute demand for safe havens, bullion is still holding on to most of its post-CPI gains, suggesting that the Fed rate outlook remains the primary driver for gold prices," said Exinity Group chief market analyst Han Tan.

"Gold should find itself in a supportive environment, so long as market participants can hold on to expectations for Fed rate cuts in 2025."

Interest rate futures traders are pricing in near-even odds that the Fed would reduce rates twice by the end of this year, with the first reduction to come in June. Before the inflation data on Wednesday, futures were only pricing a single quarter-point interest-rate cut in 2025.

Core US inflation increased 0.2% in December after rising 0.3% for four straight months.

Central bank officials noted US inflation continues to ease after Wednesday's data, but foresee uncertainty due to anticipated Trump administration policies.

Investors are worried that the potential for tariffs after Donald Trump re-enters the White House next week could stoke inflation and limit the Fed's ability to lower rates to a greater extent.

Non-yielding bullion, a hedge against inflation, loses its appeal with higher interest rates.

Elsewhere, spot silver rose 0.7% to $30.87 per ounce and platinum firmed 0.6% to $944.23, while palladium fell 0.8% to $953.49.