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Zambia De-Dollarization: Central Bank Seeks to Enforce Kwacha as Sole Legal Tender for Domestic Transactions

[Jul 27 2:05 PM] The Bank of Zambia has defended its de-dollarization plans but also seeks input from stakeholders who oppose the proposal. The central bank governor clarified that they are not proposing anything new; instead, the bank aims to enforce existing laws…

BRICS Poised to Dominate World Bank and IMF, Says Russian Executive Director

[Jul 26 8:31 PM] 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…

IMF Warns Zambia Against Dedollarization, Calls Plan Counterproductive

[Jul 20 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…

AI Preparedness Index: South Africa Best Prepared African Country; Nigeria Ranks Outside the Continent’s Top 7

[Jul 17 5:20 AM] The latest International Monetary Fund (IMF) Artificial Intelligence Preparedness Index reveals that only seven African countries have preparedness indices of 0.4 or more. South Africa leads the continent with a score of 0.5, while the Republic of…

IMF Advises US to Keep Interest Rates Steady Through Late 2024

[Jul 3 5:16 PM] The International Monetary Fund (IMF) has advised the U.S. to improve its fiscal position by reducing spending and increasing revenues. The IMF emphasizes addressing rising debt through policy adjustments and recommends maintaining current interest…

IMF: CBDCs Can Boost Financial Inclusion and Payment Efficiency in Middle East

[Jun 19 6:31 PM] The International Monetary Fund (IMF) says 19 countries in the Middle East and Central Asia, including Bahrain, Georgia, Saudi Arabia, and the UAE, are in the advanced “proof-of concept” stage for central bank digital currencies…

IMF Says CBDCs Could Boost Middle East's Financial Inclusion, Payment Efficiency

[Jun 19 1:21 AM] Central bank digital currencies (CBDCs) may not be essential to achieving intended policy goals, instead addressing underlying constraints and improving other digital payment systems may be a more practical alternative, a survey of 19 central banks…

IMF Data Shows Decline in US Dollar Dominance

[Jun 15 4:06 PM] Recent data from the International Monetary Fund (IMF) points to an ongoing decline in the U.S. dollar’s share of allocated foreign reserves held by central banks and governments. Economists explained that reserve managers are attracted to…

IMF Calls Zimbabwe’s Gold-Backed Currency an ‘Important Policy Action’

[May 23 11:37 PM] The International Monetary Fund (IMF) has stated that Zimbabwe’s recently introduced gold-backed fiat currency represents a significant policy step. This is the IMF’s first substantial comment on the currency since its inception. The global lender…

Indian Finance Minister: Crypto Regulation Needs Global Consensus

[May 20 3:15 PM] Indian Finance Minister Nirmala Sitharaman advocates for global consensus on cryptocurrency regulation, highlighting the need for international cooperation, particularly within the G20. She noted that while Indian regulators have differing opinions…

IMF Acknowledges Russian Assets’ Confiscation Might Undermine the World’s Financial System

[May 19 10:31 PM] The IMF has expressed its concerns about the possible outcome of the confiscation of Russian assets abroad as a consequence of the ongoing military conflict between the nation and Ukraine. Julie Kozack, a spokesperson for the institution, called…

IMF Official: Countries Are Reevaluating Their Reliance on the US Dollar

[May 11 2:31 AM] First Deputy Managing Director of the International Monetary Fund (IMF) Gita Gopinath recently revealed that some nations are reconsidering their reliance on the U.S. dollar. Gopinath explained that this originated in the recent shocks from the…

Latam Insights: Bitcoin Hurts El Salvador Credit Opportunities, Paraguay Supports Selling Power to Crypto Miners

[Apr 15 12:32 AM] Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Bitcoin hinders El Salvador’s credit talks with the IMF, the Paraguayan Senate issues a statement…

Bitcoin Reportedly Hindering El Salvador’s Credit Opportunities With the IMF

[Apr 9 11:40 PM] Bitcoin and its adoption by the government of El Salvador have become a negative factor in the country’s negotiations with the IMF. According to reports, the institution demands changes to El Salvador’s Bitcoin law to receive a $1.4…

IMF Urges Ukraine to Finalize Crypto Legislation, Government Official Reveals

[Apr 5 5:26 PM] The International Monetary Fund (IMF) has urged Ukraine to finalize its crypto legislation, the country’s Deputy Minister of Digital Transformation for IT industry development has revealed. “In the face of war, we have to exploit the…

Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement

[Mar 8 2:30 PM] Authorities in Egypt recently allowed the local currency’s exchange rate versus the U.S. dollar to decrease by more than 60%. Additionally, the central bank raised interest rates by 600 basis points. Both steps were key conditions set by the IMF…

XRP Sinking? A Double Blow Of Underperformance And Address Exodus

[Feb 28 2:00 AM] Ripple’s XRP has been struggling to regain its momentum, as its performance continues to lag behind that of its competitors in the crypto market. Recent data from CoinMarketCap reveals that XRP has been the most underperforming large-cap…

Argentine President Javier Milei Rules out Dollarization Process in 2024

[Feb 8 3:30 PM] Javier Milei, the libertarian president of Argentina, has ruled out the possibility of applying his dollarization plan during 2024. In an interview with local media, Milei stated that while dollarization and the free convertibility of coins was the…

El Salvador Stands Firm on Bitcoin, Defying IMF’s Renewed Call to Drop BTC as Legal Tender

[Feb 3 5:30 PM] El Salvador has reaffirmed its commitment to embracing bitcoin despite the International Monetary Fund’s repeated calls for the country to drop the cryptocurrency as legal tender. The Salvadoran vice president emphasized that not only will…

IMF Chief Sees Crypto as Asset Class — Says Bitcoin Won’t Dethrone US Dollar as Dominant Currency

[Jan 15 7:00 PM] International Monetary Fund (IMF) chief Kristalina Georgieva sees crypto as an asset class, not money. She dismissed concerns of bitcoin potentially displacing the U.S. dollar as the world’s dominant currency, citing the size of the U.S…

IMF Chief Calls for Clear Crypto Regulation — Warns High Crypto Adoption Could Undermine Financial Stability

[Dec 15, 2023 10:00 PM] The head of the International Monetary Fund (IMF) has called for clear crypto regulations worldwide, cautioning that high crypto adoption could undermine macro-financial stability. “Our goal is to make a more efficient, interoperable, and…

Argentina's Milei, So Far Shunning Bitcoin, Devalues Peso by More Than 50%

[Dec 13, 2023 9:39 AM] The government's official rate is now 800 pesos to the dollar versus 400 previously.

US-China Rivalry Risks Cold War II, Warns IMF Official

[Dec 12, 2023 9:30 PM] The International Monetary Fund (IMF)’s first deputy managing director has warned of the risk of Cold War II. Noting that in the Cold War, it was the U.S. and the Soviet Union, the IMF official stressed that now it is the U.S. and China…

Milei presidential victory fuels optimism in Argentina’s Bitcoin community

[Nov 23, 2023 7:49 AM] The election of new Argentine President Javier Milei has given many in the local Bitcoin community cause for hope.

IMF Chief Says Central Bank Digital Currencies Can Replace Cash — Urges Public Sector to Prepare for CBDC Deployment

[Nov 17, 2023 8:30 PM] International Monetary Fund (IMF) Managing Director Kristalina Georgieva says central bank digital currencies (CBDCs) can replace cash. She has urged the public sector to “keep preparing to deploy CBDCs and related payment platforms,”…

CBDCs Good for Payments, Even With Competition: IMF

[Nov 15, 2023 10:20 AM] The International Monetary Fund's planned CBDC handbook offers guidance for policymakers on how to explore digital versions of sovereign currencies.

Central Bank Digital Currencies Can Replace Cash, Offer Resilience: IMF Chief

[Nov 15, 2023 4:43 AM] The public sector should continue to prepare for CBDC deployment, IMF Managing Director Kristalina Georgieva said.

IMF head: CBDCs can replace cash, help financial inclusion

[Nov 15, 2023 3:17 AM] International Monetary Fund managing director Kristalina Georgieva urged the public sector to “keep preparing to deploy” central bank digital currencies.

IMF director urges ‘financial inclusion’ via digitalization

[Oct 18, 2023 3:38 AM] IMF managing director Kristalina Georgieva says digitalization is “the most important way” to scale up financial inclusion.

IMF Boss Kristalina Georgieva Calls to Accelerate ‘Financial Inclusion’ Through Digitalization

[Oct 18, 2023 1:30 AM] Kristalina Georgieva, managing director of the International Monetary Fund (IMF), has argued that digitalization could help to scale up “financial inclusion.” During a keynote, Georgieva stated that digitalization worked well in this…