First Independent Mena Newspaper
Zimbabwe has finally launched a gold-backed currency to bring down inflation, ending a decade of dollarization. The new currency or Zig- standing for Zimbabwe Gold- is the latest attempt to end hyper-inflation in the country which lasted for 25 years. Zig is intended to be a market-determined exchange rate, said Zimbabwe’s central bank governor while […]
The U.S. government has decided to finance economic empowerment projects in the Moroccan Saharan cities of Laayoune and Dakhla, confirming Washington’s recognition of Morocco’s sovereignty over its entire Saharan territory. An estimated total budget of $1.5 million has been earmarked for projects seeking to improve employment, labor, and training in the two Moroccan Saharan cities. […]
Sudan, Cabo Verde, Mozambique, Republic of the Congo, and Egypt have been listed as countries with the highest debt to GDP ratio in the African continent. This came in a report by Yahoo Finance which listed 30 countries with the highest debt to GDP ratio. The report noted that Emerging economies and low-income economies are […]
The IMF agreed to offer Egypt a loan worth 8 billion dollars under an Extended Fund Facility to support the country’s economic stability. Following its review, the IMF noted that Egypt’s recovery was slowed by rising global inflation, foreign exchange shortages, and elevated debt levels. Egypt is also struggling with new challenges such as the […]
The African Development Bank said it has allocated $4.5 million to back projects in 14 African municipalities. In a statement, the bank said that 500,000 dollars- as part of the same funding -will be earmarked to improving the quality of urban governance including through the launch of a capacity-building and consulting program to enhance municipal […]
Tanzania’s central bank will begin selling US dollars to commercial banks to boost liquidity amid high demand for foreign currencies. “The initiative aims to ensure adequate foreign currency liquidity in the market. In addition, it intends to ensure customers’ demands for foreign currency are met through licensed financial institutions at the prevailing market prices,” the […]
The Commercial Bank of Ethiopia (CBE), the biggest lender in the country, issued a deadline, asking people who have withdrawn or transferred money from the bank during the technical glitch to return the funds or face prosecution. Up to 40 million dollars have been withdrawn during the technical failure that took several hours to repair […]
The EU plans an aid of up to €164.5 over three years to help Tunisia stop migrants from crossing to Europe, the Financial Times reported. The EU funding will be invested in a training academy for the country’s national maritime guard, implemented with German federal police, it said. The funds will also help equip the […]
Morocco’s central bank has decided to maintain the current key rate at 3 percent and expects the country’s economic growth to be limited to 2.1 percent in 2024, before rebounding to 4.3 pc in 2025. During its first meeting of 2024 held Tuesday in Rabat, the Board of Bank Al Maghrib said the key rate […]
East African central banks are being forced to hike interest rates to contain renewed inflationary pressures emanating from surging shipping and insurance costs due to the disrupted crucial trade routes between Europe, the Middle East, and Asia in the Red Sea. The ongoing Red Sea crisis, involving attacks by the Iran-supported Houthi group based in […]