Foreign Exchange Market – DIGIT INFO

IMF Says Zimbabwe Gold-Backed Digital Currency a Potential Threat to Financial Stability

DIGIT — Thu, 11 May 2023 09:49:58 +0000

The International Monetary Fund has urged Zimbabwean authorities to weigh the benefits versus risks of issuing a gold-backed digital currency. Instead of using gold-backed digital currency to limit the demand for the greenback, the global lender said monetary authorities should consider liberalizing the foreign exchange market. Risks to Macroeconomic and Financial Stability The International Monetary […]

Go to Source

Russian Central Bank Attributes Recent Ruble Depreciation to Lower Forex Sales by Exporters

DIGIT — Wed, 12 Apr 2023 17:49:59 +0000

The Russian central bank has attributed the ruble’s latest plunge against the U.S. dollar to the temporary reduction “in sales of foreign currency earnings by exporters.” The central bank also revealed that the Chinese yuan accounted for 39% of the Russian forex market’s overall volumes. Temporary Reduction in Sale of Foreign Exchange The Russian central […]

Go to Source

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

DIGIT — Wed, 25 Jan 2023 00:19:48 +0000

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 parallel market, according to the latest Bank of Ghana data, one greenback buys around 10.36 […]

Go to Source

Hong Kong Protects Local Currency in Forex Market Amid Capital Flight to US Dollar

DIGIT — Thu, 29 Sep 2022 14:30:33 +0000

Following the Bank of England explaining that it would be meddling in U.K. bond markets and the Bank of Japan defending the yen in the foreign exchange market last week, the Hong Kong Monetary Authority (HKMA) revealed it intervened in forex markets on Wednesday. Hong Kong’s central bank detailed that it interfered in forex markets […]

Go to Source

IMF Partly Blames Uncertainty in Nigeria’s Forex Market for Drop in Remittances

DIGIT — Tue, 26 Oct 2021 12:00:53 +0000

The uncertainty that prevails in Nigeria’s foreign exchange market is partly to blame for the plunge in cross-border remittances into the country, an official with the International Monetary Fund (IMF) has said. Covid-19 Another Contributing Factor According to a report by local news outlet Punch, the official, Abebe Selassie, said this in response to a […]

Go to Source

Forex vs. Cryptocurrency Trading, Explained

DIGIT — Wed, 17 Jun 2020 13:04:44 +0000

On the surface, Forex and cryptocurrency trading look similar, but the history and functioning of these markets are notably different — we’ll explain how.

Go to Source