Bank of Tanzania admits to dollar shortages but claims it's not a crisis
Foreign exchange reserves had decreased to $4.9 billion by May 2023 from $5.5 billion in May 2022.
State of fiat
Your fiat money is backed by the issuing government’s “full faith and credit.” What’s that worth these days?
State of fiat informs about the situation of your local currency.
Sub-Saharan African currencies have plunged 8% in one year amidst soaring public debts and global uncertainties: IMF
The depreciation has contributed to rising inflation in the region. Notably, inflationary pressures do not decline when local currencies strengthen against the US dollar, IMF says.
Ghana secures approval for $3 billion IMF loan facility
This comes weeks after Ghana met IMF’s condition of finalizing a zero-finance agreement with the Bank of Ghana.
IMF disburses $153M to Tanzania for budgetary support
This comes after the international lender says it has concluded the first review of an extended credit facility request by the East African country.
Inflation in Africa: Latest data shows worsening figures across the board
Figures show 50% of countries with available data experienced an increase in consumer prices in March.
Why the Nigeria-China currency swap deal has failed to stabilize the naira
The deal was to reduce the demand for U.S. dollars and strengthen the value of the naira.
Ethiopia and Kenya join Ghana in seeking IMF bailout
The three African countries are requesting loans to restore financial stability, worsened by the covid-19 pandemic and global supply chain crunch.