Browsing: US dollar

  • Zimbabwe did not have a parallel market for foreign exchange in the years running from 2009 to around 2016.
  • Zimbabwe is heavily reliant on imported products and expends more foreign currency than it can afford.
  • Demand pressure has contributed to the fall of the Zimbabwe dollar resulting in general inflation.

To dollarize or not to dollarize?

This question has robbed monetary authorities of sleep as the Zimbabwe dollar falls precipitously on the parallel market.

Zimbabwe did not have a parallel market for foreign exchange in the years running from 2009 to around 2016.

It all began with the introduction of a surrogate currency that was fallaciously pegged at par with the United States dollar. The authorities initially posited that the surrogate currency was supported by a loan facility extended by the Africa Export-Import Bank (Afrexim Bank).

This loan it was said underscored the parity of the currency. It did not …

Moving goods in a warehouse. PAPSS provides Africa with greater capacity to conduct cross-border transactions and expand the scale of both active and latent opportunities for enhanced intra-African trade.

The pan-African payments infrastructure was commissioned after a successful pilot phase in the West African Monetary Zone (WAMZ) countries where live transactions were done instantly.

Afreximbank worked with the West Africa Monetary Institute (WAMI) to launch the system in the WAMZ.

Following this successful milestone, PAPSS is now engaged in advanced discussions with other national and regional institutions for its rapid expansion across the continent.…

The US dollar. Regions and countries are creating unions to trade and also moving away from the dollar.

Already, China, Russia and Pakistan are laying out plans to start conducting bilateral trade and investment while issuing bonds in local and national currencies instead of the US dollar.

The eight-member countries of the Shanghai Cooperation Organization (SCO) are to finalise a road map introducing a system of mutual settlement of national currencies.

Other SCO members include India, Kyrgyzstan, Tajikistan and Uzbekistan while observer countries Iran, Afghanistan, Belarus and Mongolia are looking to become regular members of the SCO.

With the covid-19 coronavirus pandemic, it seems that the world is realigning itself for a new way of doing business.…

Tanzanian money (World Atlas)- The Exchange

The Tanzanian shilling is expected to hold steady against the United States dollar in the second quarter of 2019 due to increased inflows of the greenback from tourism,  agriculture exports and demand from corporate to meet the 2018 dividend obligations.

The National Microfinance Bank (NMB) Market Digest said in its report that the second quarter will witness increase of inflows from tourism and agriculture thus bolstering the local unit.

The report stated that with traditional inflows mostly from tourism and agriculture expected to increase by June, the local unit is to hold steady with minimal volatility as the central bank continues its liquidity management efforts to preserve calm market conditions.

Further, according to the report, the local currency ended the quarter strongly after trading weaker during the first two months of the year to appreciate by 2.1 per cent. The quarter opened at Tshs.2,300 per dollar, traded to a high …