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CATEGORY: depreciation

Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement
Author: Crypto Breaking News
United Kingdom
Source: Crypto Breaking News
Mar 09, 2024 05:50

Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement

Authorities in Egypt recently allowed the local currencys exchange rate versus the U.S. dollar to decrease by more than 60%. Additionally, the central bank raised interest rates by 600 basis points. Both steps were key conditions set by the IMF which Egypt had to meet before the approval of a new financial aid package. IMF [...]

The post Egypt Devalues Currency, Raises Interest Rates to Fulfill Key IMF Aid Requirement appeared first on Crypto Breaking News.

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South African Rand Plunges to New Low After Benchmark Interest Rate Is Raised to 14-Year High
Author: btcethereumadmin
United States
Source: BTC Ethereum Crypto Currency Blog
May 29, 2023 01:20

South African Rand Plunges to New Low After Benchmark Interest Rate Is Raised to 14-Year High

The South African fiat currency’s exchange rate versus the U.S. dollar plunged to a new all-time low of 19.7640 per dollar on May 25 just moments after the South African Reserve Bank raised the benchmark interest rate to its highest since 2009. Although the currency has since made some recovery, prediction models show that the

The post South African Rand Plunges to New Low After Benchmark Interest Rate Is Raised to 14-Year High appeared first on BTC Ethereum Crypto Currency Blog.

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Report: Cuban Peso Parallel Market Rate Plunges to Low Last Seen in Oct. 2022
Author: Crypto Breaking News
United Kingdom
Source: Crypto Breaking News
Jun 26, 2023 10:30

Report: Cuban Peso Parallel Market Rate Plunges to Low Last Seen in Oct. 2022

The parallel market exchange rate of the Cuban peso versus the greenback recently dropped to CUP200 per dollar, a level last seen in Oct. 2022, a report has said. Pavel Vidal, a former economist at the Cuban central bank, said the peso’s depreciation has caused the “impoverishment of the economy and families in dollar terms.” [...]

The post Report: Cuban Peso Parallel Market Rate Plunges to Low Last Seen in Oct. 2022 appeared first on Crypto Breaking News.

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Russian Ruble Falls by Over 18% in 2023, Economist Says the Currency Has ‘Stabilized’
Author: Crypto Breaking News
United Kingdom
Source: Crypto Breaking News
Jul 25, 2023 02:15

Russian Ruble Falls by Over 18% in 2023, Economist Says the Currency Has ‘Stabilized’

After the Russian currency touched a year low versus the greenback of nearly 92 units for every dollar, economist Robin Brooks said the ruble has stabilized and may eventually be lifted by rising oil prices. The Institute of International Finance Economist urged G7 countries to consider cutting the Russian oil price cap from $60 to [...]

The post Russian Ruble Falls by Over 18% in 2023, Economist Says the Currency Has ‘Stabilized’ appeared first on Crypto Breaking News.

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Turkish Lira Plunges to Record Low a Day After Central Bank’s Interest Rate Policy U-Turn
Author: Crypto Breaking News
United Kingdom
Source: Crypto Breaking News
Jun 25, 2023 10:30

Turkish Lira Plunges to Record Low a Day After Central Bank’s Interest Rate Policy U-Turn

The Turkish lira fell to 25.74 per dollar just under a day after the central bank hiked interest rates for the first time since 2021. Although the rate hike decision was widely anticipated, the increase still fell short of the 21% that some analysts had predicted. Turkish Lira Down 21% Since the Start of 2023 [...]

The post Turkish Lira Plunges to Record Low a Day After Central Bank’s Interest Rate Policy U-Turn appeared first on Crypto Breaking News.

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South African Rand Plunges to New 2023 Low Versus the US Dollar
Author: Crypto Breaking News
United Kingdom
Source: Crypto Breaking News
Mar 12, 2023 02:10

South African Rand Plunges to New 2023 Low Versus the US Dollar

Just a few weeks after tapping its best exchange rate versus the greenback in 2023, the South African rand fell to a new 2023 low of 18.636 local currency units for every dollar on March 7. South Africa’s power shortages as well as the country’s recent grey-listing by the Financial Action Task Force (FATF) are [...]

The post South African Rand Plunges to New 2023 Low Versus the US Dollar appeared first on Crypto Breaking News.

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Ghana Takes Steps to Operationalize Gold-for-Oil Scheme — Move Expected to Help Halt Cedi’s Depreciation
Author: btcethereumadmin
United States
Source: BTC Ethereum Crypto Currency Blog
Nov 27, 2022 01:20

Ghana Takes Steps to Operationalize Gold-for-Oil Scheme — Move Expected to Help Halt Cedi’s Depreciation

According to directives issued by Samuel A. Jinapor, the Ghanaian minister for lands and natural resources, large-scale gold mining companies will be required to “sell 20% of all refined gold at their refineries to the Bank of Ghana.” A gold-for-oil scheme is part of the Ghanaian government’s plan to stop the further dwindling of the

The post Ghana Takes Steps to Operationalize Gold-for-Oil Scheme — Move Expected to Help Halt Cedi’s Depreciation appeared first on BTC Ethereum Crypto Currency Blog.

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Nigerias Headline Inflation Increases as Central Bank Intensifies Foreign Exchange Controls
Author: Crypto Breaking News
United Kingdom
Source: Crypto Breaking News
Feb 18, 2024 05:50

Nigerias Headline Inflation Increases as Central Bank Intensifies Foreign Exchange Controls

In the first month of 2024, Nigeria’s headline inflation rose from nearly one percent to 29.9%. However, on a year-on-year basis, the January 2024 headline inflation rate was 8.08 percentage points higher than the January 2023 rate. Many commentators identify foreign exchange shortages as the root cause of the naira’s poor performance against major currencies. [...]

The post Nigerias Headline Inflation Increases as Central Bank Intensifies Foreign Exchange Controls appeared first on Crypto Breaking News.

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Study: Six Countries Account for Over 90% of Africa’s Crypto Interest in H1 2023
Author: Crypto Breaking News
United Kingdom
Source: Crypto Breaking News
Jul 18, 2023 02:10

Study: Six Countries Account for Over 90% of Africa’s Crypto Interest in H1 2023

Between Jan. 1 and July 4, the Nigerian share of Africa’s overall interest in cryptocurrency stood at 66.8%, a figure nearly eight times that of second-ranked South Africa’s share, according to the latest Coingecko report. South Africa, along with Morocco, Ghana, Egypt, and the Ivory Coast, accounted for 23.8% of the continent’s interest in cryptocurrency [...]

The post Study: Six Countries Account for Over 90% of Africa’s Crypto Interest in H1 2023 appeared first on Crypto Breaking News.

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Litecoin on the Brink of Third Halving: Record Hashrate and Profitable Mining Despite 17% Value Dip
Author: Crypto Breaking News
United Kingdom
Source: Crypto Breaking News
Jul 17, 2023 10:30

Litecoin on the Brink of Third Halving: Record Hashrate and Profitable Mining Despite 17% Value Dip

In a mere fortnight, the Litecoin network is poised for its third reward halving event, a seismic shift that will slash the LTC miners’ block rewards from 12.5 LTC per block down to 6.25 LTC. Data illustrates an intensified dedication of hashrate to the Litecoin blockchain as the critical halving deadline draws near. Litecoin Reward [...]

The post Litecoin on the Brink of Third Halving: Record Hashrate and Profitable Mining Despite 17% Value Dip appeared first on Crypto Breaking News.

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Report: Zimbabwean Economist Says Portion of Goverment Employees’ Salaries Must Be Paid in Gold Coins
Author: Crypto Breaking News
United Kingdom
Source: Crypto Breaking News
Jul 15, 2023 02:10

Report: Zimbabwean Economist Says Portion of Goverment Employees’ Salaries Must Be Paid in Gold Coins

A Zimbabwean economist has said authorities should consider paying a portion of government employees’ salaries with gold coins. The economist said partially paying government workers with gold coins can “help curtail the black market dominance” in the country’s currency market. Dollar Shortages and Rising Inflation A Zimbabwean economist, George Nhepera, has urged authorities in the [...]

The post Report: Zimbabwean Economist Says Portion of Goverment Employees’ Salaries Must Be Paid in Gold Coins appeared first on Crypto Breaking News.

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Turks Turn to Tether Amid Record Inflation, Limited Access to Dollar, Report Reveals
Author: Crypto Breaking News
United Kingdom
Source: Crypto Breaking News
Jun 12, 2023 05:50

Turks Turn to Tether Amid Record Inflation, Limited Access to Dollar, Report Reveals

People in Turkey have been seeking refuge in stablecoins as their national fiat continues to depreciate against the greenback. The Turkish lira saw a record drop in its exchange rate with the U.S. dollar when the country’s central bank halted intervention after the recent presidential vote. Turkish Investors Seek Safe Haven in Stablecoin Tether Despite [...]

The post Turks Turn to Tether Amid Record Inflation, Limited Access to Dollar, Report Reveals appeared first on Crypto Breaking News.

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Russian Central Bank Attributes Recent Ruble Depreciation to Lower Forex Sales by Exporters
Author: Crypto Breaking News
United Kingdom
Source: Crypto Breaking News
Apr 12, 2023 10:30

Russian Central Bank Attributes Recent Ruble Depreciation to Lower Forex Sales by Exporters

The Russian central bank has attributed the ruble’s latest plunge against the U.S. dollar to the temporary reduction “in sales of foreign currency earnings by exporters.” The central bank also revealed that the Chinese yuan accounted for 39% of the Russian forex market’s overall volumes. Temporary Reduction in Sale of Foreign Exchange The Russian central [...]

The post Russian Central Bank Attributes Recent Ruble Depreciation to Lower Forex Sales by Exporters appeared first on Crypto Breaking News.

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Economist Peter Schiff Warns US Dollar Collapse ‘Inevitable’
Author: Crypto Breaking News
United Kingdom
Source: Crypto Breaking News
Aug 05, 2023 05:50

Economist Peter Schiff Warns US Dollar Collapse ‘Inevitable’

Economist Peter Schiff has warned of an impending collapse of the U.S. dollar even though he sees Fitch’s downgrade of the U.S. rating this week as “meaningless.” While cautioning about a financial crisis and a crash, Schiff emphasized: “Given the trajectory of U.S. government deficit spending, a dollar collapse is inevitable.” Schiff on US Rating [...]

The post Economist Peter Schiff Warns US Dollar Collapse ‘Inevitable’ appeared first on Crypto Breaking News.

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XRP Bucks Market Trend as Proponents Remain Optimistic About Lawsuit Outcome
Author: Crypto Breaking News
United Kingdom
Source: Crypto Breaking News
Jun 05, 2023 10:30

XRP Bucks Market Trend as Proponents Remain Optimistic About Lawsuit Outcome

Although the crypto economy has dipped 1.5% in value over the past 24 hours, XRP, the sixth-largest digital asset by market capitalization, has posted gains recently. In the last week alone, XRP has surged over 10%, and year-to-date, this digital currency has increased by 35% against the U.S. dollar. XRP Defies Market Trends as Network [...]

The post XRP Bucks Market Trend as Proponents Remain Optimistic About Lawsuit Outcome appeared first on Crypto Breaking News.

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