At least $24 billion in World Bank funds for climate initiatives are unaccounted for, according to a new report. Somewhere between $24 billion and $41 billion in climate financing – potentially 40% of all the funds sent to the World Bank for climate change initiatives – has gone missing due to poor record-keeping practices, reports […]
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The World Bank reports that Nigeria lost over $8 billion due to the Central Bank of Nigeria’s (CBN) refusal to float the naira between 2021 and 2023. This foreign exchange subsidy, along with the fuel subsidy, deprived the government of revenue. The World Bank acknowledges the suffering caused by the government’s policies but insists they […]
A Zimbabwean professor has highlighted the BRICS New Development Bank (NDB) as a crucial alternative to the International Monetary Fund (IMF), offering better financial terms to developing nations. He emphasized the NDB’s role in helping countries like Zimbabwe escape debt cycles and discussed the introduction of Zimbabwe Gold (ZiG), a currency backed by mineral wealth, […]
The U.S. share of the global economy has fallen below 15% during President Joe Biden’s term, according to Sputnik’s analysis of World Bank and International Monetary Fund (IMF) data. Once peaking at over 21% in 1999, the U.S. has seen a steady decline, with China now commanding a larger share at 18.76%. This downward trend […]
The rise came immediately after Bolivia’s central bank lifted a 42-month ban on cryptocurrency payments, allowing financial entities to conduct transactions with digital assets.
Bolivia’s central bank has reported a 100% increase in average monthly virtual asset trading in the county since lifting its ban on Bitcoin in late June.
Roughly $15.6 million in virtual assets were traded on an average monthly basis between July and September — 105% higher than the average of the previous 18 months, from January 2023 to June 2024.
The $48.6 million traded over the last three months was more than the previous six months combined and largely comprised of stablecoin transactions, Banco Central de Bolivia (BCB) revealed in a Sept. 26 report.
The Nigerian government has been urged to abandon a floating foreign exchange system and reintroduce subsidies in the power and energy, agriculture, and transportation sectors. In a communique, the Multidisciplinary Finance Professionals (MFP) said the Nigerian government should not determine the value of the naira. Instead, the group said the West African nation should opt […]
The Ethiopian Prime Minister, Abiy Ahmed, has defended the decision to float the birr and insisted that this move does not amount to the devaluation of the currency. Ahmed stated that the intention is to unify the official and parallel market exchange rates. Reports suggest that Ethiopia’s decision to float the birr was promptly rewarded […]
El Salvador has proposed using cryptocurrency as an alternative payment method for trade with Russia. The Central American nation has reportedly expressed interest in joining the BRICS bloc and may formally apply for membership within one or two years. Ukraine-Russia Conflict Echoes in Central America El Salvador has proposed settling trade with Russia using cryptocurrency, […]
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 billion loan […]
The World Bank Executive Director for Russia forecasts that BRICS nations will soon dominate the World Bank and the International Monetary Fund (IMF), attributing this shift to inevitable macroeconomic and demographic changes away from Western dominance. He emphasized the importance of working patiently toward this goal and resisting provocations from those upholding the old global […]