The Nigerian Naira weakened significantly against the U.S. dollar following the Central Bank of Nigeria’s (CBN) decision to hike interest rates for the fifth time this year. The naira dropped to NGN1,658 per dollar on the official foreign exchange market after the CBN increased the benchmark lending rate by 50 basis points. On the parallel […]
The Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) by 50 basis points to 27.25% and increased the Cash Reserve Ratio (CRR) for banks. These measures aim to combat inflation and stabilize the Nigerian economy. The CBN governor, Olayemi Cardoso, stated that the reforms implemented have restored the bank’s credibility and boosted […]
Zimbabwe’s central bank governor, John Mushayavanhu, has stated that the bank might use its foreign currency reserves to protect the Zimbabwe Gold (zig) from severe market disruptions. He also pledged to maintain a tight monetary policy to ensure stable inflation and exchange rates. The zig, a gold-backed currency, has experienced a decline in value against […]
The adoption of cryptocurrency, especially Bitcoin, for remittances has failed to surge in El Salvador, even with the support of President Nayib Bukele’s administration. According to data provided by the Central Reserve Bank, only 1.1% of all remittances sent to the country from January to August 2024 include cryptocurrency. Report: Adoption for Remittances Reach Only […]
The Australian Central Bank is focusing on a wholesale central bank digital currency (CBDC) due to its potential economic benefits compared to a retail CBDC. The Reserve Bank of Australia (RBA) has launched Project Acacia, a three-year plan to explore wholesale CBDC opportunities. While the RBA and Treasury could still consider a retail CBDC, a […]
Elvira Nabiullina, head of Russia’s central bank, has highlighted challenges in cross-border settlements, including payment issues and falling trade volumes. She emphasized the importance of finding new solutions, such as using digital currencies and cooperating with global partners, to address these issues. Russia Faces Cross-Border Payment Issues Amid Declining Trade Russian Central Bank Governor Elvira […]
The Central Bank of Brazil disclosed a new set of use cases that will be part of the second phase of the ongoing pilot of its drex CBDC. Among the 13 instances selected from the 46 presented are platforms for tokenizing real estate, liquidity pools for trading public securities, and even automating automobile transactions. Central […]
The Central Bank of Brazil has hinted at implementing artificial intelligence (AI) and data monetization processes into Drex, its central bank digital currency (CBDC). In a recent presentation, Roberto Campos Neto, the Central Bank of Brazil’s president, stressed that the bank’s innovation agenda had four blocks: Pix, Drex, Currency Internationalization, and Open Finance. However, he […]
In a recent press release, the Central Bank of Argentina acknowledged sending part of its gold holdings abroad, stating that it had “recalibrated” the nation’s gold between its accounts. The institution faced criticism from some lawmakers who are concerned that this gold located abroad might be subject to confiscation due to an embargo order benefiting […]
Central banks globally continued to bolster their gold reserves in July, despite an increase in gold prices, according to a report by Krishan Gopaul, senior analyst, EMEA at the World Gold Council. The report highlights a 206% increase in net gold purchases compared to the previous month, driven by several key players in the global […]
Bitmex co-founder Arthur Hayes is optimistic about bitcoin’s future, citing recent interest rate cuts by central banks. He believes further rate cuts by the U.S. Federal Reserve, Bank of England, and European Central Bank could expand the money supply and drive inflation. Hayes argues that while inflation may negatively impact some businesses, it would benefit […]
The Reserve Bank of India (RBI) is actively exploring the potential of central bank digital currency (CBDC) on an international scale, according to Governor Shaktikanta Das at the Global Fintech Fest. The RBI is focusing on enhancing CBDC’s interoperability with existing retail payment systems like the Unified Payment Interface (UPI) to facilitate seamless cross-border transactions. […]
The Nigeria Inter-Bank Settlement System (NIBSS) has partnered with Zone, a decentralized payment infrastructure company, to improve its payment services. NIBSS will use Zone’s blockchain technology to streamline its Payment Terminal Service Aggregation (PTSA) operations. Both NIBSS and Zone believe that blockchain technology can revolutionize the financial sector and enhance regulatory oversight. NIBSS Enhances Payment […]
India’s central bank, the Reserve Bank of India (RBI), published its August bulletin on Monday. The report discusses several aspects of central bank digital currency (CBDC) and its implications. The RBI is actively involved in developing CBDC initiatives to enhance cross-border payments, improve financial inclusion, and mitigate risks posed by private digital instruments. The RBI’s […]
The Reserve Bank of Zimbabwe (RBZ) has denied claims that it intends to force recipients of U.S. dollar-denominated remittances to convert their funds into local currency. The central bank clarified that it has no plans to review its diaspora remittances policy. According to the RBZ, the market had misconstrued a video on social media in […]