Despite clearly articulating reasons for de-dollarization in Africa, African leaders will struggle to convince citizens to embrace national currencies without changing economic management practices.  People often lose confidence in a currency when a central bank excessively prints money to pay debts and other obligations. De-Dollarization #Affects #Africa #confidence #DeDollarization #Lack #Move #nationalcurrencies

Therefore, even before the launch of the new BRICS currency, the bloc is promoting local currencies of its members to halt the prospects of the US dollar. The Ambassador revealed that a task force of member states formed by the financial ministers will meet in May to discuss the currency. Cwele stressed that local currencies will be traded heavily among member nations until the BRICS currency is launched. More details about the soon-to-be-released BRICS currency could be revealed in the upcoming summit.

The Euro (EUR) is the second most traded currency globally, accounting for about 33% of forex transactions. It is the official currency of 19 of the 27 European Union (EU) member states, collectively known as the Eurozone. The Euro's strength and value are influenced by the economic conditions of these countries, particularly powerhouses like Germany, France, and Italy. The European Central Bank (ECB) plays a critical role in managing the Euro, using tools like interest rate adjustments and monetary policy to stabilize the currency. The Euro is a major indicator of European economic health, and its value can be affected by political events like Brexit, as well as the economic performance of individual Eurozone nations. #ForexEducation #ForexKnowledge #ForexTips #Pipwise

Mixed outlook for African currencies in 2025 - https://lnkd.in/gYdxAjHz - The forecast for major African currencies heading into 2025 presents a mixed picture, with South Africa’s rand anticipated to perform well, while Nigeria’s naira may experience further depreciation before stabilizing, according to Ebury Partners. Among the seven African currencies tracked by the London-based firm, four are expected to maintain or increase

Mixed outlook for African currencies in 2025 - https://lnkd.in/gWajppy9 - The forecast for major African currencies heading into 2025 presents a mixed picture, with South Africa’s rand anticipated to perform well, while Nigeria’s naira may experience further depreciation before stabilizing, according to Ebury Partners. Among the seven African currencies tracked by the London-based firm, four are expected to maintain or increase

Do you know how your currency got its name? Why the shilling is called the shilling, how the dollar became dollar and where the dinar came from? I spoke to a diplomat who midwifed the birth of his country's currency and an academic who has been researching on the origins of names of currencies for over two decades, calling many central banks to get the answers. https://lnkd.in/dxFZd2t9

The New BRICS Currency: Replacing the US Dollar? https://lnkd.in/ejSehnEs A digital currency..? REALLY? EXCHANGING ILLEGAL..? well anything from country to country.. This is all a criminal concept started by Russia and China.. PRETTY SURE ITS ALL ILLEGAL!!! it will all be found out... YOU COMMUNIST COUNTRIES.... PLEASE,DONT USE THE DOLLAR BILL.. USA WILL ACCOMPLISH much by not using the BRICS illegal digital air waves... WATCH..when BRICS countries will be, back stabbing each other because of vengeance on the USA.... Time to send BRICS citizens(who are in the USA) back home to these countries who ARE TRAITORS TO THE USA...!!! oh,and it's JUST BUSINESS,,RIGHT? Look at God's Power in the weather in Dubai. USA... One Nation under God.

BRICS member China is looking to promote local currency swaps with 29 developing countries worth 4 trillion Yuan, which is equivalent to $553,49 billion. The billateral currency swaps could facilitate trade and investment options by adding a safety net for all local currencies. For the uninitiated, currency swaps between Central Banks are finance agreements in which one country can exchange its own currency for another. This helps Central Banks save costs in exchange rate risks and keep the option of using their local currencies always open. The US dollar will play no role in the swaps as local currencies will remain the centerpiece of all transactions. In order words, Central Banks can trade billions worth in exchanges making their local currencies remain 'always trading' in the market. Among the 29 countries, China is also considering to include all BRICS nations in the currency swap agreement. https://lnkd.in/eAV2B8vE #EmergingMarkets #BRICS #Markets #GDP #Growth #Economy #Trade #FX #GlobalTrade #WorldEconomy

The majority of payments on Swift is made in #US dollars. In Aug. 2024, the dollar accounted for 49.1% of payments. Excluding payments within the #Eurozone, the dollar’s share even climbs to 60% illustrating its role as the closest thing we have to a “world currency”. Will #BRICS+ plan for alternative transaction currency(ies) to the US dollar change this? Africa Insights Associates Infographic: @Statista

#Opinion “Lighting the way forward” navigating the complexities of currency Swaps: NBE’s recent move The national bank of Ethiopia (NBE) and its counterpart central bank in the United Arab Emirates (CBUAE) have inked a swap and memorandum of understanding, according to a public announcement made last Tuesday. According to the NBE announcement, cross-border transaction settlement in local currencies would be possible up to a nominal value of 3 billion AED and 46 billion ETB ($795.8) at the current exchange rate. In order to set an example and spur development for sustained foreign exchange surges in the nation, NBE is adopting a proactive and forward-thinking strategy. Its action is an illustration of brilliant strategy that, despite modest beginnings, may catalyze change and act as a ray of hope for a brighter future. Read More (https://lnkd.in/dpMSvTy8) Website (https://lnkd.in/eMXvqV9H) | Facebook (https://bit.ly/capital_fb) | X (https://bit.ly/capital_X) | TikTok (https://lnkd.in/edEpbkiY) | Instagram (https://lnkd.in/ePSBWHnc) | Linkedin (https://bit.ly/Capital_In) | Youtube (https://bit.ly/capital_yt)