foreign exchange

Finance: Egypt says close to securing 3-year IMF loan programme

Photo©Kim Kyung-Hoon/ReutersEgypt said on Tuesday it was close to agreeing an International Monetary Fund (IMF) lending programme to ease its funding gap and restore market stability and was seeking to secure $7 billion annually over three years.

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Egypt bans use of debit cards abroad amid hard currency shortage

Photo©Gene J. Puskar/AP/SIPAEgypt has ordered banks to stop clients from using their Egyptian pound account debit cards abroad, a central bank official said on Wednesday, a move to combat the country's acute foreign currency shortage.

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Angola's central bank sanctions seven banks for breach of forex rules

Photo©AP/SIPAAngola's central bank said on Tuesday it will sanction seven financial institutions for failing to comply with foreign exchange rules, but did not state the specific breaches or the sanctions it would take.

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Nigeria's Buhari questions benefit of currency float amid weakened naira

President Muhammadu Buhari. Photo©Afolabi Sotunde/ReutersNigeria's President Muhammadu Buhari on Monday told a gathering of business leaders that he did not see the benefit of the naira's currency peg against the U.S. dollar being removed.

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Nigeria to abandon fixed exchange rate in favour of open market trading

Photo©ReutersNigeria's central bank said on Wednesday it would begin market-driven foreign currency trading next week, abandoning its 16-month fixed exchange rate policy and setting the stage for the currency to fall sharply.

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Nigeria's launches market-driven interbank trading system: cenbank governor

Photo©Wietske Visser/AP/SIPANigeria's central bank will launch a foreign exchange interbank trading window on Monday to boost the supply of hard currency in Africa's biggest economy, its governor said on Wednesday.

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Nigeria's Buhari backs more flexible foreign exchange policy

Nigeria's President Buhari. Photo©Frank Augstein/AP/SIPAA more flexible foreign exchange policy will help Nigeria's economy, which has been hit by a slump in oil revenues, President Muhammadu Buhari said, backing a recent move by the central bank.

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Africa versus Global mining activities

SOURCE: RAW MATERIALS GROUP, STOCKHOLM, SWEDENFor a continent that gets much of its foreign exchange from the export of raw materials, it is surprising how small Africa's mining sector still is today on a global scale: just 10% of the world's production.

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Ghana considers timber imports as industry declines

Falling volumes of timber in Ghana, coupled with rise in illegal lumbering, has compelled the former net timber exporter to now import to augment demands of the industry.

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Country Profile 2012: Seychelles

Flag SeychellesHaving been allowed a clean sweep in the latest elections in late September 2011, thanks to a complete boycott by the main opposition party, President James Michel's Parti Lepep (PL) has been sufficiently embarrassed by its now complete political dominance to recognise the need for electoral reform.

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Should Africa abandon the US dollar for the Chinese renminbi?

Both the United States and China may be facing their own debt mountains, but momentum is swinging China’s way for the position of foreign reserve currency of choice. Should Africa turn to the renminbi?        

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