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Zimbabwe Limits USD Outflows for Departing Residents to $2,000

[Oct 11, 2024 4:30 AM] The Reserve Bank of Zimbabwe (RBZ) has imposed a new limit on the amount of U.S. dollars that travelers can carry out of the country. Under the revised regulations, travelers are now limited to carrying a maximum of $2,000 in cash when departing…

Court Orders New York Man to Pay $36M for Forex, Digital Asset Fraud

[Sep 21, 2024 3:30 AM] William Koo Ichioka has been ordered to pay over $36 million after admitting to a forex and digital asset fraud scheme. His scam, which started in 2018, involved falsifying financial documents and misusing investor funds for personal luxuries like…

Zimbabwe’s Gold-Backed Currency Sees Gains, but US Dollar Remains Dominant

[Aug 21, 2024 5:05 PM] Zimbabwe’s gold-backed currency, the ZIG, has seen a significant increase in usage since its introduction in April. While the U.S. dollar remains the dominant currency for most citizens, the ZIG is used for 40% of payments and 80% of…

$2.3 Billion in Dollar, Euro Bills Shipped to Russia Despite Ban

[Aug 14, 2024 6:30 AM] Despite Western restrictions imposed after Russia invaded Ukraine, billions of dollars and euros in banknotes have flowed into the country. This suggests that Russia has found ways to circumvent these restrictions. Despite official efforts to…

Ghana Launches Centralized Online Foreign Exchange Trading Platform

[Aug 2, 2024 4:05 AM] The Bank of Ghana has recently launched a centralized online foreign exchange trading platform. This platform aims to enhance secure and efficient operations in the foreign exchange market. As of August 1, 2024, all licensed Foreign Exchange…

Zimbabwe Injects $50M in Forex Market to Stabilize Currency

[Jul 26, 2024 4:20 PM] 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…

IMF Warns Zambia Against Dedollarization, Calls Plan Counterproductive

[Jul 20, 2024 9:30 AM] An International Monetary Fund representative has cautioned that Zambia’s proposed dedollarization initiative may inadvertently undermine efforts to contain inflation. The representative expressed concern that the prevailing economic conditions in…

Tanzania Seeks to Shore up Local Currency With Directive Mandating Tourists to Use Shillings

[Jul 16, 2024 4:45 PM] 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…

Nigeria Plans to Include Fintechs in Broadened Official Currency Market

[Oct 26, 2023 2:00 AM] A Nigerian official recently said the foreign exchange-starved country plans to include “legitimate” market participants like bureaux de change and financial technology companies in the official forex currency market. Finance Minister…

Gold-Backed Digital Tokens Now an Approved Payment Method Says Zimbabwean Central Bank

[Oct 8, 2023 11:30 PM] Zimbabwean residents and institutions can now pay or settle domestic transactions using the recently launched gold-backed digital tokens, the central bank has said. Bank governor John Mangudya said the central bank has enlisted the services of…

Tanzanian Central Bank Says Quoting Prices in Foreign Currency Against the Law

[Jun 23, 2023 4:30 PM] The Bank of Tanzania (BOT) has reiterated that shillings remain the East African country’s sole legal tender. The apex bank said residents quoting prices in foreign currency or those refusing payment in Tanzanian shillings are in violation of…

Analyst Predicts Gold Prices Might Exceed $8,000 in the Next Decade as Central Banks Lose Confidence in Foreign Currency

[Mar 27, 2023 3:30 AM] Jan Nieuwenhuijs, a gold market analyst, has predicted that gold might exceed prices of $8,000 during the next decade, as the current Ukraine-Russia war, and the worldwide battle against inflation, shift the preference of central banks for foreign…

Report: Egyptian Police Arrest 29 Alleged Masterminds of Crypto Mining App Scam

[Mar 14, 2023 3:30 AM] The Egyptian police are reported to have recently arrested 29 individuals associated with the Hoggpool cryptocurrency mining app scam. In addition to seizing 95 mobile phones and 3,367 SIM cards, the police said domestic and foreign currency valued…

Central Bank of Bolivia Selling Dollars Directly to Citizens as Devaluation Fears Rise

[Mar 11, 2023 1:30 AM] The Central Bank of Bolivia is now selling dollars directly to citizens in order to curb what it is calling a speculative attack that has increased the demand of the population for foreign currency. This rise in demand has been caused by several…

Russia’s Largest Digital Asset Deal Denominated in Chinese Yuan

[Dec 5, 2022 1:00 AM] A Russian company has announced the country’s first authorized transaction with digital financial assets (DFAs) involving a foreign currency, China’s yuan. The deal, reportedly the largest made to date under the current Russian DFA law, covers the…