Browsing Tag

currency

Ethiopian Currency Plunge Doubles Hajj Expenses for Residents of Somali Region

Each year, a spiritual journey beckons millions, calling on the faithful like a siren with promises of divine grace and fulfillment. The pilgrimage to Mecca, known as Hajj, isn’t merely a travel undertaking; for Muslims, it stands as a sacred duty among the five pillars of Islam. This year, the journey comes with an unexpected twist that’s left pockets lighter and hearts heavier in Somalia's Somali Regional State. "Having to foot the bill in foreign currency really doesn't help anyone sleep soundly," chuckled Mohamed…

Zimbabwean Legislators Demand Clarification on the Depreciation of Gold-Backed Currency

Lawmakers are pressing Finance Minister Mthuli Ncube to deliver a comprehensive statement addressing the recent plunge in value of Zimbabwe's newly unveiled gold-backed currency. Dubbed the ZiG, or Zimbabwe Gold, this currency made its debut in April. However, it has already suffered a staggering decline of more than 40%. This drop stems from mounting market pressure urging the Reserve Bank of Zimbabwe to establish a more realistic and pragmatic exchange rate. Throughout the last several years, efforts to create a stable…

West Africa is waiting for its single currency

Announced at the end of last year that Eco, which is to replace the CFA franc from 2020, will eventually have to wait. Apart from the requirement that certain civil society organizations and certain economists demand the disappearance of the CFA franc, current users of this currency rarely speak on a daily basis. "Does our…

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More