US dollars – DIGIT INFO

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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Nigeria Acts to Defend Naira After Currency Hits New Record Low

DIGIT — Sun, 21 Jul 2024 02:30:52 +0000

The Central Bank of Nigeria recently sold U.S. dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback. The central bank stated that eligible BDCs can sell the dollars to end-users at a margin of no more than 1.5% above the purchase exchange rate. The Nigerian apex bank disclosed that it […]

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Zambian Currency, the Kwacha, Plunges to New Record Low Against US Dollar

DIGIT — Fri, 10 May 2024 14:51:54 +0000

Zambia’s worsening shortage of foreign exchange as well as one of its worst droughts in recent memory saw the local currency drop to a record low of K27.3 to the dollar. As explained in the report, the kwacha has lost as much as 17% in the past six months. Forex Shortages: The Impact of Drought […]

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South African Minister Tells BRICS Nations Not to Rush Decision on Common Currency

DIGIT — Thu, 11 May 2023 11:04:57 +0000

The South African minister of international relations, Naledi Pandor, has urged Brazil, Russia, India, China and South Africa (BRICS) countries to be wary of making a hurried decision when they meet in August to discuss launching a common currency. Pandor said her country will “not shy away from discussions” that relate to her country’s national […]

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BRICS Bank ‘Re-taps Into USD Bond Market’ With $1.25 Billion ‘Green’ Bonds

DIGIT — Sat, 22 Apr 2023 10:19:59 +0000

The development bank established by the BRICS group of nations has issued its first “green” bonds in U.S. dollars (USD). Proceeds from the placement will be used to fund “green” projects supported under the banking institution’s sustainable financing policy. BRICS Development Bank Launches 3-year ‘Green’ Bonds The New Development Bank (NDB), founded by the BRICS […]

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De-Dollarization Escalates Amid US ‘Economic Warfare’ and ‘Error-Fraught’ Policies, Economist Says

DIGIT — Fri, 14 Apr 2023 06:49:57 +0000

Economist Peter C. Earle says de-dollarization has begun, emphasizing that “It’s not just the conscription of the dollar in economic warfare, but increasingly error-fraught monetary policy regimes that are driving various interests away from the greenback.” He described: “By weaponizing dollar dominance and permitting expanding mandates to disorient U.S. monetary policy, the dollar’s fate as […]

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Report: Somalia to Fight Inflation and Counterfeiters With New Banknotes

DIGIT — Fri, 20 Jan 2023 12:30:07 +0000

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 of replacing old and high-value shilling bills with newly designed banknotes in 2024. Preserving the Value of New […]

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Bank of England to Double Long-Dated Gilt Buy-Backs, QE Policy to See an ‘Orderly End’ in Mid-October

DIGIT — Mon, 10 Oct 2022 16:30:30 +0000

After the British pound sterling tapped an all-time low against the U.S. dollar on September 26, the Bank of England (BOE) said it would halt its monetary tightening policy and start buying long-dated bonds again. Approximately two weeks later, the BOE detailed on Monday that it was doubling the size of its debt buy-backs by […]

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Bank of England Suspends Tightening Policy as Pound Nosedives — Central Bank to Start Purchasing Long-Dated UK Government Bonds

DIGIT — Wed, 28 Sep 2022 16:30:00 +0000

Following the extremely volatile European markets during the past few days and the euro and pound dropping rapidly against the U.S. dollar, the Bank of England has decided to intervene in bond markets. U.K. government bond yields have been erratic and the pound sterling also dropped to a lifetime low against the greenback. On Wednesday, […]

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Bank of Japan Intervenes in Foreign Exchange Markets After Yen Slips to 24-Year Low

DIGIT — Thu, 22 Sep 2022 17:30:58 +0000

While the greenback has been rising higher, the Japanese yen tapped a 24-year low and Japan decided to intervene in foreign exchange markets (forex) for the first time since 1998. Reports say the Bank of Japan conducted the first forex intervention in 24 years, after the Japanese central bank kept its benchmark bank rate suppressed […]

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