US Dollar

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

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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 restrictions on certain imports. In return, Ethiopia, which is seeking BRICS membership, is expected to receive a $10.7 billion loan … Read more

Zambia De-Dollarization: Central Bank Seeks to Enforce Kwacha as Sole Legal Tender for Domestic Transactions

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The Bank of Zambia has defended its de-dollarization plans but also seeks input from stakeholders who oppose the proposal. The central bank governor clarified that they are not proposing anything new; instead, the bank aims to enforce existing laws designating the kwacha as the sole legal tender for domestic transactions. Zambia’s Central Bank Seeks Input … Read more

Zimbabwe Injects $50M in Forex Market to Stabilize Currency

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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, … Read more

Analysts Predict US Dollar Trends Amid Biden’s Withdrawal and Trump’s Lead

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Analysts have commented on the U.S. dollar trend following President Joe Biden’s decision not to seek re-election, noting a slight decline in the dollar against a basket of currencies. Bank of America’s head of global foreign exchange research mentioned: “There is a growing consensus that the dollar will be stronger if Trump wins due to … Read more

IMF Warns Zambia Against Dedollarization, Calls Plan Counterproductive

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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, … Read more

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

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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 … Read more

Iran and Russia Sign Academic Cooperation Agreement to Dedollarize Economies

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Iran and Russia have taken a significant step towards economic cooperation by involving their academic institutions in efforts to dedollarize their economies. The presidents of Iran’s Imam Hossein University and Russia’s Plekhanov University of Economics signed a memorandum of cooperation last week to collaborate on initiatives aimed at reducing reliance on the U.S. dollar in … Read more

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