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

[Aug 21 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…

New Jersey Regulators Urge Crypto Investors to Withdraw Funds From Abra

[Aug 13 12:16 AM] New Jersey’s Attorney General, the Division of Consumer Affairs, and the Bureau of Securities have urged investors to immediately withdraw funds from crypto platform Abra. This follows a multi-state investigation into the platform’s…

Nigeria Acts to Defend Naira After Currency Hits New Record Low

[Jul 20 8:30 PM] The Central Bank of Nigeria recently sold U.S. dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback. The central bank stated that eligible BDCs can sell the dollars to end-users at a margin of no more than 1.5% above the…

Economist Peter Schiff Advises Against Buying US Dollars — Warns of USD Breakdown

[May 30 5:11 PM] Economist Peter Schiff cautions against buying U.S. dollars or selling gold, citing rising Treasury yields as a result of the government’s failure to control the national debt and inflation. He notes the widening trade deficits, suggesting an…

Zambian Currency, the Kwacha, Plunges to New Record Low Against US Dollar

[May 10 8:51 AM] Zambia’s worsening shortage of foreign exchange as well as one of its worst droughts in recent memory saw the local currency drop to a record low of K27.3 to the dollar. As explained in the report, the kwacha has lost as much as 17% in the…

Nigerian Central Bank Lifts Forex Restrictions on 43 Items — Market Forces to Determine Exchange Rate

[Oct 15, 2023 1:30 AM] The Nigerian central bank said on Oct. 12 that it had lifted foreign exchange restrictions imposed on the importation of 43 items. The central bank said the restrictions initially imposed in 2015 may have contributed to the weakening of the naira…

Russia’s Yuan Shift: EBRD Economist Warns of Waning US Dollar Dominance

[Sep 28, 2023 1:30 PM] In a recent interview, the European Bank for Reconstruction and Development’s (EBRD) chief economist, Beata Javorcik, highlighted a notable trend: Russia’s growing inclination to transact in the Chinese yuan. This shift, the economist…

Report: Nigerian Central Bank Sued for Dollarizing Economy

[Aug 30, 2023 12:30 AM] In a lawsuit filed by a Nigerian human rights activist, the country’s central bank is accused of failing to stop the dollarization of the economy. According to the activist, the central bank’s unwillingness to stop economic agents from…

Nigerian Currency Plunges to All-Time Low Versus Dollar, Central Bank Revokes Licenses of 2,700 Currency Exchanges

[Jul 21, 2023 9:30 PM] The exchange rate of the Nigerian currency versus the greenback recently plunged to an all-time low of NGN860:USD1. The naira’s depreciation has been attributed to shortages of foreign exchange on the official market and the rising demand for…

Report: Zimbabwean Economist Says Portion of Goverment Employees’ Salaries Must Be Paid in Gold Coins

[Jul 15, 2023 1:30 AM] A Zimbabwean economist has said authorities should consider paying a portion of government employees’ salaries with gold coins. The economist said partially paying government workers with gold coins can “help curtail the black market…

TUSD Supply Skyrockets With 1 Billion Injection Amidst Decline in Stablecoins

[Jun 19, 2023 9:30 PM] Despite the decline in stablecoins due to substantial redemptions, particularly from projects like USDC, DAI, and BUSD, the project TUSD has experienced a notable surge in its supply. TUSD has added more than a billion dollars’ worth of…

South African Minister Tells BRICS Nations Not to Rush Decision on Common Currency

[May 11, 2023 4:30 AM] The South African minister of international relations, Naledi Pandor, has urged Brazil, Russia, India, China and South Africa (BRICS) countries to be wary of making a hurried decision when they meet in August to discuss launching a common currency…

BRICS Bank ‘Re-taps Into USD Bond Market’ With $1.25 Billion ‘Green’ Bonds

[Apr 22, 2023 3:00 AM] The development bank established by the BRICS group of nations has issued its first “green” bonds in U.S. dollars (USD). Proceeds from the placement will be used to fund “green” projects supported under the banking institution’s sustainable…

De-Dollarization Escalates Amid US ‘Economic Warfare’ and ‘Error-Fraught’ Policies, Economist Says

[Apr 13, 2023 6:00 PM] Economist Peter C. Earle says de-dollarization has begun, emphasizing that “It’s not just the conscription of the dollar in economic warfare, but increasingly error-fraught monetary policy regimes that are driving various interests away from…

Arbitrum Airdrop Goes Live: ARB Price Drops More Than 85%

[Mar 23, 2023 12:30 PM] On Thursday, the Arbitrum airdrop claiming process went live and ARB markets dropped more than 85% lower than pre-IOU market prices recorded the day before. Arbitrum airdropped just over a billion ARB tokens, or 11.6% of the total supply. At noon…

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…

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…