International Monetary Fund (IMF)

Nigeria-China Currency Swap: Activist Lawyer Accuses IMF and World Bank of ‘Economic Sabotage’ to Promote US Dollar, Urges Nigeria to Join BRICS

May 10, 2023 Bitcoin.com

Africa

Nigerian human rights activist and lawyer, Femi Falana, has accused the International Monetary Fund (IMF) and the World Bank (WB) of sabotaging the currency swap arrangement between China and Nigeria. Falana said the Nigerian central bank and the two global financial institutions are helping to perpetuate “the dominance of the United States dollar in Nigeria.” […]

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IMF Says Sub-Saharan Africa Already Feeling Effects of the ‘Big Funding Squeeze’

April 18, 2023 Bitcoin.com

Abebe Aemro Selassie

Countries from the Sub-Saharan Africa (SSA) region face a “big funding squeeze” which is forcing some of them to cut spending on health, education, and infrastructure. According to Abebe Aemro Selassie, people from the region are already “feeling the effects of the funding crisis.” The IMF says countries from the SSA region should also consider […]

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Report: Zambian Currency Poised for First Quarterly Decline Since 2020

April 4, 2023 Bitcoin.com

Bank of Zambia

The Zambian kwacha, one of the best-performing currencies in 2022, is now expected to see its first quarterly decline in nearly two years. The Zambian leader Hakainde Hichilema claimed that stalled debt restructuring negotiations are adding to pressure against the local currency. Zambia’s Debt Default After ending 2022 as one of Africa’s best-performing currencies, the […]

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South Africa Added to FATF ‘Grey List’ Despite Designation of Crypto as a Financial Product

February 26, 2023 Bitcoin.com

Africa

In a move seen as a major setback for South Africa, the international financial watchdog, the Financial Action Task Force, announced on Feb. 24 that it had added the country to its “grey list.” Getting grey-listed by the financial watchdog potentially makes it difficult for South Africa to obtain loans from foreign banks. A Setback […]

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Ghanaian Cedi Second Worst-Performing Asset Among Sub-Saharan Africa’s Top 15 Currencies

January 24, 2023 Bitcoin.com

Bank of Ghana

In just the first 17 days of the new year, the Ghanaian currency reportedly depreciated by 12.7%, making it the second worst-performing among Sub-Saharan Africa’s top 15 currencies. While one U.S. dollar bought 13.10 units of the cedi on the parallel market, according to the latest Bank of Ghana data, one greenback buys around 10.36 […]

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Report: Somalia to Fight Inflation and Counterfeiters With New Banknotes

January 20, 2023 Bitcoin.com

Africa

According to the deputy governor of the Somalian central bank, Ali Yasin Wardheere, the institution plans to fight inflation and currency counterfeiters with newly issued shilling banknotes. The bank reportedly said it hopes to complete the process of replacing old and high-value shilling bills with newly designed banknotes in 2024. Preserving the Value of New […]

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Ghanaian Cedi Appreciates by More Than 30% in 4 Days — Currency Recovery Follows IMF Loan Announcement

December 18, 2022 Bitcoin.com

Bank of Ghana

Just a few months after it became the world’s worst-performing currency, the Ghanaian cedi’s exchange rate versus the U.S. dollar bounced back from just over 14 units per dollar on Dec. 1, to 8 units for every dollar by Dec. 16, new data has shown. The currency’s resurgence appears to have been fueled by reports […]

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IMF Blog: Better Regulation of Africa’s Growing Crypto Market Urgently Needed

November 24, 2022 Bitcoin.com

Africa

A well-regulated African cryptocurrency market is needed in order to protect users as well as help countries stop bad actors from using digital assets to circumvent capital controls, the latest post on the IMF blog has said. The blog post reiterated the IMF’s belief that risks to a country are “much greater if crypto is […]

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Nigerian Currency Gains Versus US Dollar Days After Tapping All-Time Low

November 10, 2022 Bitcoin.com

Africa

Just a few days after plummeting to its worst exchange rate against the U.S. dollar ever, the Nigerian currency was trading at around 820 units for every dollar on Nov. 8, a report has said. An economist has suggested that the Central Bank of Nigeria’s controversial currency plan is unlikely to halt the naira’s depreciation […]

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While Official Figures Claim Turkey’s Inflation Rate Is 85%, Third-Party Stats Say It’s Closer to 200%

November 5, 2022 Bitcoin.com

185%

Inflation has skyrocketed in Turkey as official figures from the Turkish Statistical Institute (Tüik) show the country’s inflation rate topped 85.5% year-on-year. The inflation rate in Turkey has risen for 17 consecutive months and last month it reached a 24-year high. Turkey’s Interest Rate Remains Low, While Inflation Runs Rampant Turkey, the transcontinental country located […]

International Monetary Fund (IMF)

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