Global Currency Breaking News

Again we received news that the Zimbabwean government is preparing to launch a “structured currency” this week. This move comes as the nation grapples with economic challenges exacerbated by arbitrage.

Sources familiar with the matter revealed that outgoing Reserve Bank of Zimbabwe (RBZ) governor, John Mangudya, who was replaced by John Mushayavanhu, will oversee the launch of the new currency after the Easter holidays, likely on Friday.

The CFA is tied to the French treasury in Paris and backed by Senegal’s foreign reserves. All Francophone West African countries, except Guinea, transact on the CFA currency.

For many African countries, the growing debt levels and associated high debt servicing costs impede long-term sustainable economic growth prospects. Revenues have also not kept up with expenditure needs. In sub-Saharan Africa, average government revenue declined from 19.7 percent of GDP in 2010 to 17.5 percent in 2023.  This information is from the UN Department of Economic and Social Affairs

The Nigerian naira reclaimed about 22% of lost value in the foreign exchange market in March due to increased US dollar inflows and improved market confidence.  You may want to take notes and research for investment purposes.  By 2030 42% of all young people in the world will live in Africa.  This is one of the major reasons for millions of investment dollars moving into African countries. 

***** Zimbabwe will offer a new structured currency this week 4/1/24

CAIRO: The International Monetary Fund will tie payments to Egypt under an $8 billion financial program to Cairo’s letting market conditions determine the price of its currency, and it's making foreign exchange available to businesses and private individuals, the IMF said on Monday.