Page 7 - Currency Devaluation News Today

As Pakistan spiralled into crisis this year, Wilson Muthaura pressed its government to put the tea Kenya's KTDA co-operative produces 3,400 miles away on a list of essentials that would grant importers access to precious U.S. dollars.

Nigerians marked the Muslim festival of Eid al-Adha on Wednesday with prayers, celebrations and family dinners as many navigated high inflation, a steep currency devaluation and growing transport costs.Eid al-Adha is one of the two largest Muslim celebrations and is meant to mark the annual pilgrimage to Mecca.

Nigeria has accumulated up to $3 billion in debts to trading houses such as Vitol and oil majors such as BP for fuel supplies and is trailing four to six months behind schedule in repaying them with cargoes of crude, four traders and executives told Reuters.

By close of business on Thursday, soldiers, police, health workers and other civil servants in Zimbabwe went home with the reality that their salaries could barely buy 30 loaves of bread.



Egypt's first-ever gold investment fund will be run by Evolve Azimut, a joint venture between two private companies, Evolve Holding and Azimut Egypt.

Samih Sawiris criticised the Egyptian government's economic policies for failing to liberalise the exchange rate of the US dollar and causing a "suffocating" impact on the private sector in the process.

Egypt’s annual inflation showed a slight decline in April, providing tentative relief to an economy grappling with rising prices and a weakening currency. According to a monthly report published by the Central Agency for Public Mobilization and Statistics (CAPMAS) on 10 May, Egypt’s annual headline inflation decreased to 31.5 percent in April from 33.9 percent

Egypt’s gross public debt – the total financial liabilities of all government enterprises – is expected to make up 92.9 percent of the country’s GDP in 2023, according to an economic outlook report by the International Monetary Fund (IMF). The IMF’s monthly report on the Middle East and Central Asia, published on 3 May, indicates

Diaz-Canel's bid was confirmed by 97.66 percent of votes cast in the Communist Party of Cuba-aligned National Assembly, its president Esteban Lazo announced in the chamber. Diaz-Canel, 62, took over the reins in 2018 as Cuba's first civilian leader after nearly 60 years of hegemony by the Castro brothers, vowing to "always defend the party" even as he set out in pursuit of cautious economic liberalization.

The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) announced the raising of key interest rates on 30 March, amid soaring inflation that has been affecting businesses and private citizens alike. The news made the rounds in Egypt as a major development, but to some, the aim of such a decision and