Tag: Currency
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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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Zimbabwe’s new currency faces headwinds five months on
Five months after its launch, Zimbabwe’s new currency is under pressure as increased grain imports eat away at foreign reserves, putting at risk the government’s plan to make it the only currency in the market by 2026. The gold-backed ZiG, which stands for Zimbabwe Gold, is the country’s sixth attempt at a stable currency in…
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BRICS Bank anticipates greater utilization of local currencies
BRICS Bank anticipates greater utilization of local currencies, NDB chief says The US dollar has the tendency to disrupt financial markets in developing countries president, the New Development Bank’s (NDB) president, Dilma Rousseff, said during the opening of the NDB Board of Governors’ plenary session. Thus, the NDB is placing a strong emphasis on promoting…
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Zimbabwe to phase out US dollar in favour of own gold-backed currency
Zimbabwe’s cabinet has approved a roadmap to phase out the US dollar in favour of its own gold-backed currency, ZIG. Finance Minister Mthuli Ncube plans to present a de-dollarisation strategy next week.
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Russia and Tanzania discuss transition to trade in national currencies, Russian ambassador says
In addition to the Russian ruble and the Tanzanian shilling, the banks of the two countries are considering the use of the currencies of India, China and other BRICS countries, Andrey Avetisyan told Sputnik. “The prospects of transition to trade in national currencies are being discussed between our banks… If Tanzanians see that Russia’s trade…
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Zimbabwe must use the ZiG to “break free from the US dollar grip” and thrive economically, official says
Using the ZiG as legal money will boost economic sovereignty and eliminate foreign currency dependency, Information Secretary Nick Mangwana said in an opinion piece published in the local newspaper. “The benefits of de-dollarization far outweigh the costs, making it an urgent imperative for Zimbabwe to break free from the US dollarโs grip,” he said.”The US…
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Russia defied sanctions to join high-income rank
The World Bankโs recognition of Russia as a high-income country is “not surprising, but a realityโ, Dr. Georgy Ostapkovich, Director of the Center for Market Research at the Higher School of Economics, told Sputnik. Russia is seeing income growth of around 4-5%, with earnings growing in double digits, Ostapkovich said, stressing that the driving force…
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Plans have reached the advanced stage to launch the Economic Community of West African States (ECOWAS) single currency initiative
Plans have reached the advanced stage to launch the Economic Community of West African States (ECOWAS) single currency initiative, otherwise known as ECO. This was after the Nigerian government endorsed the initiative, which is envisioned to propel growth and development throughout the West African sub-region. The ECOWAS single currency has also been incorporated as a…
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Seven in ten Ugandans spend beyond their income, survey-based study shows
๐บ๐ฌ๐ต “Seven out of every 10 Ugandans were operating a personal budget deficit (needing more money than they are earning to cover their personal budget),” the FinScope 2023 survey done by the not-for-profit company Financial Sector Deepening Uganda read. What is interesting is how the Ugandans’ strategy for coping with this financial situation has changed.…
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BRICS Contemplates Standard Currency for Intra-Trade Transactions
๐ According to sources within Telegram channels, BRICS is considering the introduction of a standardized currency for purchasing select groups of goods among member countries. The proposed plan includes utilizing the yuan for acquiring technological products from China, the rial for procuring oil from Iran, the rupee for transactions involving gold and jewelry from India,…
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