Ethiopia’s birr plunged 30% against the dollar after the central bank floated the currency as part of reforms aimed at correcting foreign exchange market distortions. The bank also eliminated foreign exchange surrender requirements and lifted restrictions on certain imports. In return, Ethiopia, which is seeking BRICS membership, is expected to receive a $ 10.7 …
Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), has injected over US$ 50 million into the interbank foreign exchange market to stabilize the economy. This move comes as the parallel market exchange rate is significantly higher than the official rate, causing economic instability. The RBZ aims to increase foreign currency supply, reduce pressure …
The Bank of Israel has initiated the “Digital Shekel Challenge” to explore the potential of a central bank digital currency (CBDC) system inspired by the BIS Innovation Hub’s “Project Rosalind.†Fourteen teams from various sectors have been selected to propose innovative use cases. The challenge aims to integrate digital shekel with other payment systems and […]
The Central Bank of Nigeria recently sold U.S. dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback. The central bank stated that eligible BDCs can sell the dollars to end-users at a margin of no more than 1.5% above the purchase exchange rate. The Nigerian apex bank disclosed that it […]
U.S. Senator Cynthia Lummis has emphasized bitcoin’s resilience as a form of currency unaffected by widespread cyber outages. Her remarks followed major system failures linked to Crowdstrike, which impacted multiple sectors and have been described by some as “the largest IT outage in history.” Bitcoin’s Stability Highlighted During Major System Outage U.S. Senator Cynthia Lummis […]
Tanzania’s Ministry of Tourism and Natural Resources has mandated that all fees in the tourism sector must be paid in local currency, aligning with a government directive for local transactions to use the country’s shillings. This requirement applies to Tourism Business Licence fees, filming permits, and visiting fees. Previously dollar-denominated payments will now be converted […]
The Russian Ministry of Finance has proposed permitting digital currency trading for a select group of qualified investors on licensed exchanges like the Moscow Exchange and St. Petersburg Exchange. Anatoly Aksakov, head of the State Duma Financial Market Committee, believes Russia’s largest exchanges are prepared to handle cryptocurrency transactions. He emphasized that once legal conditions […]
The Bank of Israel (BOI) is exploring a central bank digital currency (CBDC), a digital shekel, to modernize Israel’s payment system and drive innovation. However, BOI Deputy Governor Andrew Abir stated that the BOI is waiting for a major central bank, likely the European Central Bank (ECB), to introduce a digital currency before proceeding. This […]
The Bank of Zambia has proposed a new series of guidelines that seek to outlaw the use of foreign currency, including the U.S. dollar, for local transactions. If finally approved, the document would establish harsh penalties for infringement, including jail time for up to ten years and hefty fines. Zambia to Punish Illegal Use of […]
The Bahamas, the first country to issue a central bank digital currency (CBDC) called the Sand Dollar, is preparing regulations to mandate commercial banks to provide access to the e-money to boost adoption. Central Bank Governor John Rolle indicated that these regulations would be implemented within two years. “We’ve begun to signal that to our […]
In the first half of 2024, the Nigerian currency depreciated by nearly 40%, making it the worst-performing currency during that period. Meanwhile, the Kenyan shilling appreciated by 20.7%, ranking it as the best performer. The depreciation of the Nigerian naira was primarily driven by U.S. dollar shortages. Naira Falls for 9 Straight Days The Nigerian […]
The latest Bank for International Settlements (BIS) survey reveals that 94% of central banks are exploring central bank digital currencies (CBDCs). There has been a notable increase in wholesale CBDC experiments, especially in advanced economies. Central banks are examining various factors for retail CBDCs, including holding limits and offline functionality. 94% of Surveyed Central Banks […]
A report from the European Central Bank indicated that the euro’s share of foreign exchange reserves declined by one percentage point to 20% in 2023. According to the report, the continued diversification of global reserve portfolios into nontraditional currencies threatens to further erode the euro’s share of foreign exchange reserves. Euro’s Decline Coincides with US […]
The Central Bank of Nigeria has increased the capital requirements for national bureau de change operators from approximately $ 24,000 to $ 1.4 million. The central bank has given operators a six-month period to comply and they must apply for new licenses. The bank’s director for risk management stated that street trading of …
The House of Representatives has passed Congressman Tom Emmer’s CBDC Anti-Surveillance State Act, which prohibits the Federal Reserve from issuing a surveillance-oriented central bank digital currency (CBDC). The lawmaker emphasized that the bill protects American values of privacy and individual sovereignty, countering potential governmental overreach. CBDC Anti-Surveillance Act Clears House Following the passage of the […]