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Ethiopian Premier Defends Currency Float Decision, Rejects Devaluation Claims

[Aug 3 8:30 AM] 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…

Egypt Aims to Ease Pressure on Forex Reserves via $1 Billion Treasury Bill Auction

[Feb 6 4:00 AM] Barely a month after raising $850 million from an auction of dollar-denominated treasury bills, the CBE was reportedly poised to raise $1 billion via similar instruments. The decision to hike overnight interest is said to be part of the central…

Mbridge Project Has Observers Worried About Advances of the Digital Yuan

[Aug 15, 2023 2:30 AM] The Mbridge project, a central bank digital currency (CBDC) international payment system, is starting to worry observers. Such a system, when completed, could ostensibly allow the digital yuan to reach more countries in trade settlements, chipping…

Russian President Vladimir Putin Criticizes the ‘Use of the Dollar as a Political Weapon’

[Jul 28, 2023 11:30 PM] Russian President Vladimir Putin has railed against using the dollar as a political weapon in a meeting with the New Development Bank’s president, Dilma Rousseff. Putin stated that this weaponization and the recent developments in global…

Latam Insights — Argentina Reaches IMF Agreement, Bitfarms to Open New Mining Operations in Paraguay

[Jul 25, 2023 5:30 AM] Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, Argentina reached a new agreement with the International Monetary Fund (IMF), Bitfarms will open two…

Central Bank of Argentina Reduces Dollar and Yuan Disbursement to Importers

[Jul 20, 2023 11:30 PM] Importers are accusing the Central Bank of Argentina of stalling on the delivery of dollar-based payments under the pretext of high freight costs. According to importers, the Argentine government considers freight costs exceeding 15% of the value…

Central Bank of Argentina Accelerates Yuan Sales and Dollar Purchases as Reserves Dwindle

[Jul 13, 2023 11:30 PM] The Central Bank of Argentina has accelerated the sale of its Chinese yuan stash, using part of the swap line provided by the government of China while it tries to acquire dollars simultaneously. According to local sources, the country’s…

Argentina to Expand De-Dollarization Efforts; Seeks Extension of Yuan Based Swap Line With China

[May 27, 2023 4:30 AM] The government of Argentina is reportedly seeking to expand its de-dollarization agreement with China due to the lack of dollars that the country is facing. According to reports, Economy Minister Sergio Massa would be in talks to expand the current…

Russian Think Tank Profiles BRICS Bank as IMF Counterpart to De-Dollarize Credit Markets

[May 25, 2023 11:30 PM] The Roscongress Foundation, a Russian think tank, has profiled the New Development Bank, known as the BRICS bank, as an alternative to the International Monetary Fund (IMF) in its latest “Decolonization in Energy Markets” report. Nation…

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

[May 9, 2023 11:30 PM] 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…

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

[Apr 17, 2023 8:40 PM] 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…

Report: Zambian Currency Poised for First Quarterly Decline Since 2020

[Apr 4, 2023 5:30 AM] 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…

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

[Feb 26, 2023 5:00 AM] 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…

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

[Jan 24, 2023 1:30 PM] 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…

Report: Somalia to Fight Inflation and Counterfeiters With New Banknotes

[Jan 20, 2023 6:30 AM] 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…

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

[Dec 18, 2022 3:00 AM] 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…

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

[Nov 24, 2022 3:00 AM] 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…

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

[Nov 10, 2022 4:30 AM] 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…