Zimbabwe’s central bank governor, John Mushayavanhu, has stated that the bank might use its foreign currency reserves to protect the Zimbabwe Gold (zig) from severe market disruptions. He also pledged to maintain a tight monetary policy to ensure stable inflation and exchange rates. The zig, a gold-backed currency, has experienced a decline in value against…
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A report from the European Central Bank indicated that the euro’s share of foreign exchange reserves declined by one percentage point to 20% in 2023. According to the report, the continued diversification of global reserve portfolios into nontraditional currencies threatens to further erode the euro’s share of foreign exchange reserves. Euro’s Decline Coincides with US…
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Kristalina Georgieva, the International Monetary Fund (IMF)’s managing director, has said Egypt needs to plug leakages of foreign reserves if it wishes to successfully support its currency. According to the IMF leader, Egyptian authorities must also do more to support the vulnerable and to ensure that such support does not benefit the rich. Multiple Exchange…
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In the absence of regulations, people in Pakistan have invested a serious amount of money in digital assets. New research claims Pakistanis keep some $20 billion in cryptocurrency, allegedly more than what their central bank has in foreign reserves. Government Urged for Regulations as Study Shows Pakistanis Hold $20 Billion in Cryptocurrency The Pakistani nation…
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