Zimbabwe Limits USD Outflows for Departing Residents to $2,000
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…
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Court Orders New York Man to Pay $36M for Forex, Digital Asset Fraud
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…
Zimbabwe’s Gold-Backed Currency Sees Gains, but US Dollar Remains Dominant
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…
$2.3 Billion in Dollar, Euro Bills Shipped to Russia Despite Ban
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…
Ghana Launches Centralized Online Foreign Exchange Trading Platform
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…
Zimbabwe Injects $50M in Forex Market to Stabilize Currency
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…
IMF Warns Zambia Against Dedollarization, Calls Plan Counterproductive
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…
Tanzania Seeks to Shore up Local Currency With Directive Mandating Tourists to Use Shillings
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…
Russia’s Largest Digital Asset Deal Denominated in Chinese Yuan
A Russian company has announced the country’s first authorized transaction with digital financial assets (DFAs) involving a foreign currency, China’s yuan. The deal, reportedly the largest made to date under…
Displaying US Dollar Prices Still Prohibited, Ghanaian Central Bank Tells Actress Lydia Forson
The Bank of Ghana recently warned businesses quoting U.S. dollar prices that the practice is still prohibited and that the cedi remains Ghana’s sole legal tender. The bank said it…