President Tayyip Erdogan’s victory in Turkey’s recent presidential election has extended his rule into a third decade. However, the country’s economic stability hangs precariously as the lira tumbled to fresh record lows against the dollar on Monday. This dire situation comes despite a surge in stocks, highlighting the growing divide…
The Indian rupee experienced a slight decline on Tuesday, following the downward trend of several Asian currencies, mainly influenced by the weakening Chinese yuan. Despite this, the rupee’s losses were limited due to the inflow of foreign investments into the country. The rupee was recorded at 82.68 against the U.S.…
Slipping Reserve Status The US dollar’s share of official foreign exchange (FX) reserves has reached a 20-year low, accounting for 58% in the fourth quarter of 2022 (IMF data). However, when adjusted for exchange rates, the decline is even more pronounced, as noted by Stephen Jen, CEO of Eurizon SLJ…
Money exchanges in Bahrain have experienced an unexpected influx of Indian customers seeking to exchange the soon-to-be-obsolete 2,000-rupee notes. The Reserve Bank of India (RBI), in a surprising move last Friday, instructed the public to deposit and exchange these high-value banknotes for smaller denominations before the end of September this year. This is part of the RBI’s ‘Clean Note Policy’ which aims to ensure the circulation of high-quality banknotes. The…
The Naira witnessed a depreciation against the dollar on Tuesday as it exchanged for N464.67 at the investors’ and exporters’ window. This represents a decrease of 0.14% when compared to the exchange rate of N464 on Monday. The open indicative rate closed at N463.96 to the dollar on Tuesday, reflecting the continued decline of the Naira. Spot Exchange Rate and Trading Activity During the trading day, a spot exchange rate…
As Nigeria faces a supply crunch, the naira weakened by 0.54% at the black market to close at ₦750 against the US dollar on Thursday, while at the Investor and Export window, it strengthened by 0.06% to close at ₦462.73/USD. However, the naira at the official market closed flat at ₦461.07/USD. CBN Adjusts Rates to Address Backlog of Demand Data from FMDQ showed that on Wednesday, the naira hit an…
The Pakistani rupee experienced a sharp decline, reaching its lowest-ever exchange rate of 300 against the US dollar during intraday trade today. This significant drop came as a result of political turmoil that has been haunting the markets, causing widespread concerns among investors. Political Turmoil Rocks Pakistani Currency Markets During the first few hours of intraday trade, the Pakistani rupee experienced a substantial fall, with the interbank rate plummeting by Rs. 10 to reach as low as 300.25 by 1:30…
The Nigerian Naira continued its downward slide against the US Dollar on Wednesday, reaching a new low of N463.02 at the Investors’ and Exporters’ window. This represents a decrease of 0.17% compared to the previous day’s rate of N462.25. The open indicative rate also closed at N463 to the dollar on Wednesday. Several factors have contributed to the continued depreciation of the naira against the dollar. One of the major factors is the decline in the country’s foreign exchange reserves,…
JUST IN: #BNNPakistan Reports. Pakistan’s currency, the rupee, has hit a new record low against the US dollar, falling 1.3% to 288.5 on Wednesday. The drop came after the country’s former prime minister, Imran Khan, was arrested by the National Accountability Bureau (NAB) for alleged corruption. The arrest has led to clashes between Khan’s supporters and the police, with one protester reportedly killed. Mobile broadband services have been suspended in the country following the arrest. Khan’s Arrest and Clashes Khan…
A comprehensive customs campaign conducted over the Whitsun weekend, from the eve of Pentecost until Monday evening, has resulted in numerous inspections of boats, with a particular focus on leisure vessels. Led by Customs Chief Inspector Jan Aage Oppedal, the operation aimed to ensure compliance with customs regulations and uncover any illicit activities. While adverse weather conditions affected lake traffic, inspections at sea followed the same rules as border crossings at airports or on land. The inspections led to several…
Mauritius Set to Launch CBDC Pilot Program After 3 Years of Thorough Exploration The Bank of Mauritius (BoM) is gearing up to launch its Central Bank Digital Currency (CBDC) Pilot Program after months of meticulous planning and exploration. The governor of BoM, Harvesh Kumar Seegolam, recently announced that the CBDC Pilot Program will kick off in November 2023. He emphasized that the development of a CBDC would be the institution’s highest objective, given its critical role in maintaining monetary sovereignty…
Argentina Chooses Yuan Payments for Chinese Imports The Argentine government announced on Wednesday its plan to begin paying for Chinese imports using yuan instead of dollars. This decision aims to alleviate pressure on the country’s dwindling dollar reserves. Starting in April, Argentina intends to pay around $1 billion for Chinese imports in yuan, and moving forward, approximately $790 million of monthly imports will be paid in the Chinese currency, according to an official government statement. Argentina Addresses Dollar Outflows Amid…
The Indian rupee is now gaining global prominence as 18 countries have agreed to trade using the currency. Amid a worldwide effort to de-dollarize the international market due to a global economic slowdown, India is seizing the opportunity to strengthen its economic position. Traders can now import goods from other countries by paying in rupees. Strengthening Ties with Key Trading Partners The Reserve Bank of India (RBI) has permitted 18 countries, including Germany, Kenya, Sri Lanka, Singapore, the UK, and…
BOJ to Launch Pilot Program in April to Test Digital Yen Japan is ramping up its efforts towards issuing a digital yen with the creation of a government advisory panel and the launch of a pilot program. The finance ministry is set to establish a panel of experts in April to discuss the feasibility of issuing a digital yen, joining a growing number of countries exploring a central bank digital currency (CBDC). The central bank of Japan, the Bank of…
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