Nigeria’s central bank hikes interest rate to 24.75% as it battles sky-high inflation, currency crisis

A pedestrian in the Lagos Island district of Lagos, Nigeria, on Monday, Nov. 14, 2022. Bloomberg | Bloomberg | Getty Images The Central Bank of Nigeria on Tuesday hiked its key interest rate by 200 basis points, as Africa’s largest economy looks to recover from a historic currency crisis and soaring inflation. The CBN announced … Read more

Cash-strapped Egypt allows its currency to fall sharply against dollar, hikes interest rates

CAIRO — The Egyptian pound slipped sharply against the dollar on Wednesday after the Central Bank of Egypt raised its main interest rate and said it would allow the currency’s exchange rate to be set by market forces. The measures were meant to combat inflationary waves and attract foreign investment as the country experiences a … Read more

Nigeria battles to halt spiraling currency crisis and rising food insecurity

IBADAN, Nigeria – Feb. 19, 2024: Demonstrators hold placards during a protest against the hike in price and hard living conditions in Ibadan on February 19, 2024. Samuel Alabi | Afp | Getty Images Nigeria is battling to contain a historic currency crisis and soaring inflation, with the International Monetary Fund on Monday warning that … Read more

Nigeria’s currency has fallen to a record low as inflation surges. How did things get so bad?

ABUJA, Nigeria — Nigerians are facing one of the West African nation’s worst economic crises in years triggered by surging inflation, the result of monetary policies that have pushed the currency to an all-time low against the dollar. The situation has provoked anger and protests across the country. The latest government statistics released Thursday showed … Read more

Kosovo’s block on the Serbian currency raises alarm in the EU and US

PRISTINA, Kosovo — The European Union and the United States expressed their deep concern Sunday after Kosovo banned the use of the Serbian currency and police raided the premises of organizations working with the Serb minority in the north of the country. In the past week, Kosovo police searched the premises of Serbia-administered institutions and … Read more

Janet Yellen says Americans should anticipate a decline in the USD as the world’s reserve currency — what you need to know and how to prepare

‘A natural desire to diversify’: Janet Yellen says Americans should anticipate a decline in the USD as the world’s reserve currency — what you need to know and how to prepare The U.S. dollar saw an 8% decline in its share of global reserves in 2022 — causing some to question whether the dollar’s days … Read more

Foreign money intervention solely vital ‘if we see market failures’

This image taken on August 23, 2022 reveals a view of the outside of the headquarters of the Financial institution of Israel, the nation’s central financial institution, in Kiryat Ben-Gurion in Jerusalem. Ahmad Gharabli | Afp | Getty Photographs Financial institution of Israel Governor Amir Yaron mentioned Tuesday that foreign money intervention to help the … Read more

PayPal’s stablecoin is first dollar-backed digital foreign money from a significant U.S. monetary establishment

The PayPal software will be seen on a cell phone. Felix Kästle | image alliance | Getty Pictures PayPal on Monday launched a U.S. dollar-backed stablecoin to assist facilitate funds as its newest addition to its suite of crypto providers. It is the primary such transfer from a significant U.S. monetary establishment. The brand new … Read more

Asia pushes again on ‘extreme’ forex strikes amid enduring greenback power

The Individuals’s Financial institution of China set the yuan buying and selling mid-point on June 28 at its weakest in eight months. Sheldon Cooper | SOPA Pictures | LightRocket through Getty Pictures High forex officers in Asia are pushing again on bets that despatched their currencies to their lowest in seven months this week, deepening … Read more

BBC employees in Egypt announce strike over pay, amid foreign money devaluation

Touch upon this storyComment Staff on the BBC workplace in Cairo went on strike Wednesday over the British public broadcaster’s insistence on paying employees in native foreign money, which has misplaced a lot of its worth over the previous 12 months. After greater than a 12 months of negotiations, many of the employees of practically … Read more