Tag: Central Bank
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๐ฌ๐ญGhanaโs Cedi Strengthens Marginally Against Major Currencies
Ghanaโs local currency, the cedi, has recorded slight gains against major trading currencies, particularly the US dollar, at various forex bureaus across the country. This development brings cautious optimism among businesses and consumers who have closely monitored the cediโs performance amidst economic fluctuations. A Positive Turn for the Cedi Over the past weeks, traders and…
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๐ฒ๐บ Mauritius Police Issue Arrest Warrant for Ex-Central Bank Governor
Mauritius authorities have announced an arrest warrant for Harvesh Kumar Seegolam, the former governor of the countryโs central bank. The warrant, issued by the policeโs anti-money laundering unit, is tied to an ongoing investigation into an alleged conspiracy to defraud. This development marks a significant step by Prime Minister Navin Ramgoolamโs administration, which recently accused…
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๐น๐ณ Tunisian MPs propose bill stripping central bank of exclusivity on interest rates, ending its independence
Tunisia’s central bank will no longer have the exclusive power to adjust interest rates or foreign exchange policy, and must only take such action in consultation with the government, but it will be allowed to finance the treasury, a bill proposed by lawmakers showed on Friday. The step is the latest move that will completely…
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Tanzania orders 20% of gold exports to its central bank for reserve diversification
To bolster its foreign reserves and combat the depreciating shilling, the Bank of Tanzania began purchasing gold from local traders and miners last fiscal year, acquiring 418 kg. The bank aims to purchase 6 tonnes of gold in the current fiscal year. The Tanzania’s Mining Commission announced that a new mining law, effective October 1,…
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Libya: A Dispute for Africaโs Largest Foreign-exchange Reserves
Amid the chaos of Libyaโs long-sputtering civil war, the central bank in Tripoli, the capital, has stood strong. Its red-and-white striped faรงade, crowned with two turquoise cupolas, a throwback to the days of Italian colonisation, were unscathed. Sadiq al-Kabir, the bankโs governor appointed after Muammar Qaddafi was toppled in 2011, survived two civil wars and…
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Central Bank officials flee Libya
The head of the Central Bank of Libya, Sadiq al-Kabir, and other senior officials left the country to save their lives and those of their families. The militias threaten and terrorize bank employees, and sometimes kidnap children and relatives to force them to go to work,” al-Kabeer said.
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The UN mission in Libya, UNSMIL, has expressed concern “over reports of the mobilisation of forces in Tripoli
Since the Libyan Central Bank, based in Tripoli, is the only internationally recognized bank that benefits from oil exports, the parallel government in the east of the country depends on cooperation to export oil from the rich basins of the Gulf of Sirtre. Due to the current political tensions between Tripoli and Benghazi, in the…
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Libyaโs powerful central bank governor sacked
One of Libya’s dueling authorities unilaterally fired the country’s powerful central bank governor in an abrupt move that is likely to inflame tensions in the divided North African country. The presidential council in the capital of Tripoli, which is allied with the government of Prime Minister Abdul Hamid Dbeibah that controls western Libya, removed Gov.…
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Libya’s central bank suspends operations after kidnapping of official
Libya’s Tripoli-based central bank said on Sunday it would shut down all operations and not resume work until a senior bank official kidnapped earlier in the day was released. The central bank is the only internationally recognised depository for Libyan oil revenues, a vital economic income for a country torn for years between two rival…
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More than 40% of the world’s countries support de-dollarization
Almost half of the world’s countries have already declared a boycott of the dollar to a greater or lesser extent. Since the beginning of this year, according to Sputnik’s analysis, six more countries have set foot on the path of de-dollarization. All the countries can be roughly divided into three groups: The first and largest…
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