foreign currency – DIGIT INFO

Zimbabwe Limits USD Outflows for Departing Residents to $2,000

DIGIT — Fri, 11 Oct 2024 05:01:17 +0000

The Reserve Bank of Zimbabwe (RBZ) has imposed a new limit on the amount of U.S. dollars that travelers can carry out of the country. Under the revised regulations, travelers are now limited to carrying a maximum of $2,000 in cash when departing Zimbabwe. Previously, travelers were allowed to carry up to $10,000. This measure […]

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Court Orders New York Man to Pay $36M for Forex, Digital Asset Fraud

DIGIT — Sat, 21 Sep 2024 03:30:51 +0000

William Koo Ichioka has been ordered to pay over $36 million after admitting to a forex and digital asset fraud scheme. His scam, which started in 2018, involved falsifying financial documents and misusing investor funds for personal luxuries like cars and jewelry. In addition to financial penalties, Ichioka faces prison time. The Commodity Futures Trading […]

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

DIGIT — Wed, 21 Aug 2024 17:05:30 +0000

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 government transactions. The government aims to eventually replace the U.S. dollar with the ZIG as the […]

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$2.3 Billion in Dollar, Euro Bills Shipped to Russia Despite Ban

DIGIT — Wed, 14 Aug 2024 06:30:33 +0000

Despite Western restrictions imposed after Russia invaded Ukraine, billions of dollars and euros in banknotes have flowed into the country. This suggests that Russia has found ways to circumvent these restrictions. Despite official efforts to reduce reliance on foreign currency, Russian citizens still prefer dollars and euros. Russia Successfully Skirts Western Sanctions Dollar and euro […]

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Ghana Launches Centralized Online Foreign Exchange Trading Platform

DIGIT — Fri, 02 Aug 2024 04:05:57 +0000

The Bank of Ghana has recently launched a centralized online foreign exchange trading platform. This platform aims to enhance secure and efficient operations in the foreign exchange market. As of August 1, 2024, all licensed Foreign Exchange Bureaux are mandated to use this platform for buying and selling foreign currencies. The system will improve oversight […]

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Zimbabwe Injects $50M in Forex Market to Stabilize Currency

DIGIT — Fri, 26 Jul 2024 22:20:37 +0000

Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), has injected over US$50 million into the interbank foreign exchange market to stabilize the economy. This move comes as the parallel market exchange rate is significantly higher than the official rate, causing economic instability. The RBZ aims to increase foreign currency supply, reduce pressure on banks, […]

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IMF Warns Zambia Against Dedollarization, Calls Plan Counterproductive

DIGIT — Sat, 20 Jul 2024 15:46:07 +0000

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 Zambia are not conducive for the country to proceed with the de-dollarization proposals. Zambia Not Ideally Placed to Dedollarize The International Monetary Fund (IMF)’s Zambian representative, […]

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Tanzania Seeks to Shore up Local Currency With Directive Mandating Tourists to Use Shillings

DIGIT — Tue, 16 Jul 2024 22:45:27 +0000

Tanzania’s Ministry of Tourism and Natural Resources has mandated that all fees in the tourism sector must be paid in local currency, aligning with a government directive for local transactions to use the country’s shillings. This requirement applies to Tourism Business Licence fees, filming permits, and visiting fees. Previously dollar-denominated payments will now be converted […]

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Analyst Predicts Gold Prices Might Exceed $8,000 in the Next Decade as Central Banks Lose Confidence in Foreign Currency

DIGIT — Mon, 27 Mar 2023 09:30:33 +0000

Jan Nieuwenhuijs, a gold market analyst, has predicted that gold might exceed prices of $8,000 during the next decade, as the current Ukraine-Russia war, and the worldwide battle against inflation, shift the preference of central banks for foreign currencies to gold. The proposed long-term price model shows that each troy ounce of the metal might […]

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Report: Egyptian Police Arrest 29 Alleged Masterminds of Crypto Mining App Scam

DIGIT — Tue, 14 Mar 2023 09:30:10 +0000

The Egyptian police are reported to have recently arrested 29 individuals associated with the Hoggpool cryptocurrency mining app scam. In addition to seizing 95 mobile phones and 3,367 SIM cards, the police said domestic and foreign currency valued at $194,000 was recovered during the arrests. According to a lawyer representing over 1,000 victims, as many […]

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