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World Bank: Nigeria Loses $8B on Foreign Exchange Subsidies Over 3 Years

[Oct 25 8:30 AM] 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…

BRICS Bank Offers Zimbabwe Escape From IMF Debt Traps, Says Professor

[Oct 17 3:30 AM] 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…

US Share of World Economy Projected to Reach Historic Low

[Oct 13 2:30 AM] 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…

India's Crypto Discussion Paper on Hold Due to Other Priorities

[Oct 9 1:08 PM] India's planned discussion paper outlining its policy stance on cryptocurrencies has been held up due to other priorities, two people familiar with the matter told CoinDesk.

Bolivia reports 100% rise in virtual asset trading since lifting Bitcoin ban

[Sep 27 2:38 PM] 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.

Group Urges Nigeria to End Naira Float, Reinstate Subsidies

[Aug 7 1:22 PM] 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…

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…

Russian Diplomat: El Salvador Proposes Settling Trade With Crypto

[Jul 31 11:20 AM] 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…

Ethiopia’s Birr Falls 30% After Currency Float; Forex Surrender Requirements Scrapped

[Jul 29 4:30 PM] 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…

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…

World Bank to Issue CHF Digital Bond Settled Using Swiss Franc Central Bank Digital Currency

[May 18 11:36 PM] The World Bank has announced that it will issue its first CHF digital bond on June 11. This 7-year, CHF 200 million ($219 million) bond is the largest CHF issuance by the World Bank since 2009. It utilizes distributed ledger technology and settles…

UN Secretary General Antonio Guterres Calls for Reform of ‘Outdated, Dysfunctional, and Unfair’ Global Financial Architecture

[Aug 28, 2023 3:30 AM] Antonio Guterres, Secretary General of the United Nations (U.N.), has noted changes that need to happen with today’s financial institutions to fit into the current multilateral world. During the recent BRICS leaders summit, Guterres said that…

Local Currencies Are Not Alternatives to the Dollar but the System, BRICS Bank Chair Says

[Aug 23, 2023 1:30 PM] The development bank founded by the BRICS bloc of emerging economies aims to promote a multipolar financial system, its head, Dilma Rousseff, has indicated. As part of these efforts, the institution seeks to expand lending in local currencies…

Algeria Readies $1.5B BRICS Bid: Major Move for Membership in the Cards?

[Jul 24, 2023 6:30 PM] As quoted by Ennahar TV, Algerian president Abdelmadjid Tebboune has signaled that Algeria — Africa’s largest nation — is eager to align itself with the BRICS coalition. He conveyed that this significant alignment with the five major emerging…

Yellen Champions Ukraine Support as ‘Single Best Thing We Can Do for the Global Economy’ Ahead of G20 Summit

[Jul 16, 2023 2:00 PM] Janet Yellen, serving as the 78th U.S. Treasury secretary, emphatically declared on Sunday that bolstering Ukraine represents “the single best thing we can do for the global economy.” Furthermore, Yellen expressed caution regarding the…

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…

India Seeks Common Crypto Framework for All Countries to Deal With ‘Many Collapses and Shocks in Cryptocurrencies’

[Apr 11, 2023 10:00 PM] India’s finance minister, Nirmala Sitharaman, said during her official visit to the U.S. that crypto regulation is a very important part of the discussion by the G20 countries given “so many collapses and shocks in cryptocurrencies.”…

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…

World Bank Report Forecasts Bleak Global Economic Outlook, Citing ‘Adverse Developments’ and ‘Long-Lasting Slowdown’

[Jan 10, 2023 11:30 PM] On Jan. 10, 2023, the World Bank published its Global Economic Prospects report, stating that the outlook for the global economy and future economic conditions is bleak. According to the report, 2023 growth forecasts have been cut across the board…

Report: Morocco Central Bank Governor Says Crypto Draft Law Now ‘Ready’

[Jan 2, 2023 9:30 PM] A Moroccan draft crypto law, which seeks to protect individuals from the risks associated with crypto trading, is ready and will soon be presented to stakeholders, Abdellatif Jouahiri, the governor of Bank Al-Maghrib (BAM), has said. Adoption of…

Dollar Loses to Digital Currencies in 2023, Former Russian President Medvedev Says

[Dec 30, 2022 2:30 AM] Digital fiat currencies will spread next year while the U.S. dollar will be losing its status of global reserve currency, according to Russia’s former head of state. In a string of tweets, Dmitry Medvedev gave his two cents on what the future holds…

Strike Launches Bitcoin Lightning Network-Enabled Money Transfers to Africa

[Dec 7, 2022 4:30 PM] United States-based users of Strike, a digital payments platform built on Bitcoin’s Lightning Network, can now transfer funds instantly and at a low cost to Kenya, Ghana, and Nigeria via the recently added new feature known as “Send…

Remittances to Low and Middle Income Countries in 2022 Up by 5% to $626 Billion — Latest World Bank Report

[Dec 7, 2022 6:30 AM] Despite the headwinds that have dominated the year, remittances to low and middle-income countries in 2022 still grew by 5% to $626 billion, the World Bank Migration and Development Brief has said. Africa, where the cost of sending $200 averaged…

Structural Adjustment: How The IMF And World Bank Repress Poor Countries And Funnel Their Resources To Rich Ones

[Nov 30, 2022 7:00 AM] The IMF and World Bank do not seek to fix poverty, but only to enrich creditor nations. Could Bitcoin create a better global economic system for the developing world?This is an opinion editorial by Alex Gladstein, chief strategy officer of the…