Ghana’s central bank launched a gold coin to boost domestic savings and manage liquidity. The coins are available in October and priced based on the London Bullion Market Association auction price. Despite efforts to strengthen the cedi, Ghana’s currency continues to depreciate against the U.S. dollar. Gold Coins Priced in Local Currency Ghana has launched…
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The Zimbabwean central bank recently said it is close to rolling out gold-backed digital tokens “for transactional purposes.” According to the bank’s governor, the gold-backed digital tokens have already proven to be an effective monetary policy instrument. Central bank governor John Mangudya also said the results of a consumer survey had shown that residents had…
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Ilya Lichtenstein and Heather Morgan, the New York-based couple implicated in the alleged laundering of $4.5 billion in bitcoin pilfered from the 2016 Bitfinex cyber-attack, have reached a plea bargain, as revealed by recent court records. The pair is scheduled to appear before U.S. judge Colleen Kollar-Kotelly on August 3, 2023, and will be mandated…
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Amid the banking chaos of the 21st century, some are looking back more than 600 years ago, to the Medici Bank — one of the most powerful banks of its time. It established its business and became one of the most respected banks in Europe during its prime, and the prominent Italian family of bankers…
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The Reserve Bank of Zimbabwe recently revealed that some 25,188 of its value-preserving gold coins were sold between July 2022 and Jan. 13. According to the central bank governor, John Mangudya, the gold coins “have proved to be an effective open market instrument for mopping up excess liquidity in the economy.” Gold Coins as Alternative…
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Starting on July 25, the Zimbabwean public will be able to buy and hold gold coins which weigh one troy ounce each. In addition to their use as an alternative store of value, the central bank says the coins can be traded and used as “security for loans and credit facilities.” Coins to Be Sold…
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Like most of the world’s, Zimbabwe ’s economy is in shambles. Is a gold coin the solution, though? It might just be. The country’s central bank announced “the “Mosi-oa-tunya” coin, named after Victoria falls.” It’s Zimbabwe’s response to a dire situation. According to Reuters, “annual inflation, which hit almost 192% in June, cast a shadow…
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After seeing the country’s inflation rise to 191.6% in June, Zimbabwean monetary authorities said they have resolved to increase the benchmark interest rate to 200% per annum. In addition, the central bank said it will introduce gold coins which will act as an instrument that will “enable investors to store value.” Discouraging Speculative Borrowing Monetary…
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