BY KHALID ABDELAZIZ | REUTERS Many cash machines in the Sudanese capital have run out of banknotes as the government scrambles to prevent economic collapse with a sharp devaluation and emergency austerity measures.
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BY AFP Sudan slashed the official value of its currency against the US dollar by more than half on Sunday, the third devaluation this year in the face of a mounting economic crisis. The move came just weeks after President Omar Al-Bashir replaced the government over its failure to curb economic woes including soaring food […]
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The recurrent cause of Ethiopia’s forex crunch ranges from declining export performance to increasing imports; from declining net official public and private capital to stagnating individual transfers, … BY ABDULMENA MOHAMMED | ADDIS FORTUNE The Ethiopian economy has not in recent years been battered with as severe a shortage of foreign currencies as now. The situation […]
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Central bank introduced restrictions on withdrawals, leaving many unable to extract their cash from banks BY SUDAN TRIBUNE Sudan’s inflation rate has risen to 55,6% in March compared to 54,34% in February, reported the Central Bureau of Statistics (CBoS) In January, the director of the Troubled Currencies Programme at Johns Hopkins University Steve Hanke said […]
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The Sudanese pound plummeted to record lows on the black market this year after it was devalued to 18 per dollar from 6.7. Now it’s at 31.5 BY YVONNE RARIEYA | CGTN AFRICA Sudan’s central bank on Sunday announced it will devalue the local currency to 31.50 Sudanese pounds against the US dollar, the second […]
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BY SHIBERU TAMERAT | ABBAY MEDIA The illegal outflow of foreign currency out of Ethiopia has gone up recently. Since the recent drop of the birr (Ethiopian currency) by 15% against the US dollar, the illegal flight of US dollar and the number of people attempting to smuggle US dollar out of the country have […]
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A declining export, acute shortage of hard currency, an insatiable demand for imports, widening trade deficit and a crushing foreign debt. Ethiopia’s economy is heading to a crisis. BY ESAT NEWS Ethiopia will devalue its currency to attract foreign investment and close the gap in foreign trade, President Mulatu Teshome said at the opening of […]
Continue ReadingBy Nick Paul, THE Rand has had a lot of flack for its devaluation over the past couple of years. As I already wrote about a few countries with a weaker note and now let’s take a look at African countries who’s currencies are stronger than ours.
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