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The vice chairman of the BRICS Chamber of Commerce and Industry, Sameep Shastri, has highlighted the economic bloc’s shift away from reliance on the U.S. dollar, opting instead to trade…
The National Bank of Ethiopia (NBE) said it will conduct a special foreign exchange auction on Aug. 7. The Ethiopian central bank envisions similar auctions in the coming weeks, depending…
The Zimbabwean Cabinet has approved a de-dollarization roadmap outlining “modalities to operationalize the Zig currency as legal tender for use in the economy.” Zimbabwean officials have set early 2026 as…
Despite clearly articulating reasons for de-dollarization in the Global South, African leaders will struggle to convince residents to embrace national currencies without changing economic management practices. People often lose confidence…
The Central Bank of Nigeria (CBN) will reintroduce a foreign exchange auction system as part of efforts to ease pressure on the local currency. The CBN has called on authorized…
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…
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…
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…
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…
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…