World Bank: Nigeria Loses $8B on Foreign Exchange Subsidies Over 3 Years
The World Bank reports that Nigeria lost over $8 billion due to the Central Bank of Nigeria’s (CBN) refusal to float the naira between 2021 and 2023. This foreign exchange…
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BRICS Bank Offers Zimbabwe Escape From IMF Debt Traps, Says Professor
A Zimbabwean professor has highlighted the BRICS New Development Bank (NDB) as a crucial alternative to the International Monetary Fund (IMF), offering better financial terms to developing nations. He emphasized…
US Share of World Economy Projected to Reach Historic Low
The U.S. share of the global economy has fallen below 15% during President Joe Biden’s term, according to Sputnik’s analysis of World Bank and International Monetary Fund (IMF) data. Once…
Group Urges Nigeria to End Naira Float, Reinstate Subsidies
The Nigerian government has been urged to abandon a floating foreign exchange system and reintroduce subsidies in the power and energy, agriculture, and transportation sectors. In a communique, the Multidisciplinary…
Ethiopian Premier Defends Currency Float Decision, Rejects Devaluation Claims
The Ethiopian Prime Minister, Abiy Ahmed, has defended the decision to float the birr and insisted that this move does not amount to the devaluation of the currency. Ahmed stated…
Russian Diplomat: El Salvador Proposes Settling Trade With Crypto
El Salvador has proposed using cryptocurrency as an alternative payment method for trade with Russia. The Central American nation has reportedly expressed interest in joining the BRICS bloc and may…
Ethiopia’s Birr Falls 30% After Currency Float; Forex Surrender Requirements Scrapped
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…
BRICS Poised to Dominate World Bank and IMF, Says Russian Executive Director
The World Bank Executive Director for Russia forecasts that BRICS nations will soon dominate the World Bank and the International Monetary Fund (IMF), attributing this shift to inevitable macroeconomic and…
World Bank to Issue CHF Digital Bond Settled Using Swiss Franc Central Bank Digital Currency
The World Bank has announced that it will issue its first CHF digital bond on June 11. This 7-year, CHF 200 million ($219 million) bond is the largest CHF issuance…
Report: Morocco Central Bank Governor Says Crypto Draft Law Now ‘Ready’
A Moroccan draft crypto law, which seeks to protect individuals from the risks associated with crypto trading, is ready and will soon be presented to stakeholders, Abdellatif Jouahiri, the governor…