Zimbabwe has announced the launch of its new currency, called “Zig”, which relies on gold reserves and a basket of foreign currency.

Reserve Bank of Zimbabwe Governor John Mushyavanho said the move was in response to the sharp depreciation of the Zimbabwean dollar, which has seen a decline of more than 70 percent since January.

Mushayavanho set a three-week period for citizens to exchange old banknotes for the new currency, with actual circulation scheduled to begin next Monday.

It is noteworthy that the inflation rate rose from 26.5% in December last year to 55.3% in March, which prompted many traders to rely on the US dollar in daily trading.
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#Dollar #Economic_Inflation #Foreign_Currency #Gold #US_Dollar #Zimbabwe #Zimbabwe_Dollar

Egypt’s public debt rose significantly to 8.6 trillion Egyptian pounds (about $179.5 billion) by the end of June, recording a 36.5% increase over the previous fiscal year.

According to the head of the Egyptian parliament’s Planning and Budget Committee, Fakhry al-Feki, 71% of this debt is domestic debt, while 29% is foreign debt.

“The rates of debt increase in the budget are higher than the increase in GDP, which is an indicator that needs more hedging and review,” al-Feki warned.

The data indicate that the debts owed by the Egyptian government amounted to 571 billion pounds in the 2022-2023 budget, of which 60% represents tax arrears and 40% customs arrears.

Many experts are calling on the government to take decisive action to collect these arrears, helping to reduce the overall deficit and public debt.

During the public debt debates in the House of Representatives, MP Diaa al-Din Daoud rejected the final account of the general budget, pointing to “clear imbalances” in budget estimates and high “debt payments.”

He also criticized the government’s recent deals to sell some assets, calling them “palliatives” that do not address the root problem.
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#Debt #Dollar #Egypt #Egypt_News #Egyptian_economy #Egyptian_Parliament #Egyptian_Pound

The Moroccan Mining Company announced a 13% decline in its revenues during the first quarter of this year, as it recorded revenues worth 1.935 billion Moroccan dirhams (equivalent to $194 million).

The company attributed this decline to its decision to reduce cobalt production at the Bouzar mine located in the Atlas Mountains, which was taken in light of the decline in global cobalt prices.

The Bouzar mine is considered an important source of cobalt, which is mainly used in the manufacture of electric car batteries, as the company supplies this metal to the German factories of BMW.

In a related development, Managem plans to start supplying Renault with cobalt by 2025, as part of its strategy to enhance cooperation with major global automobile manufacturers.
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#Germany #BMW #Dollar #Mining #Moroccan_Dirham #Moroccan_Economy #Moroccan_Mining_Company #Morocco

Morocco is ranked fourth among the African countries with the highest fuel prices, despite the noticeable decline in global prices during the recent period.

According to the latest reports of the “Global Petroleum Prices” website, which specializes in tracking fuel prices around the world, the price of a liter of fuel in Morocco is $1.54, which makes it ranked fourth on the African continent, after Central Africa, Senegal, Seychelles, and Zimbabwe.

Despite the recent reductions in fuel prices in Morocco, this does not change the fact that the country still records relatively high prices in this sector.

It is noteworthy that in mid-December 2023, a reduction in fuel prices was applied, so the price of a liter of gasoline fell to $1.34 after it was about $1.39, and the price of gasoline on May 20 of this year recorded $1.
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#Central_Africa #Dollar #Fuel #Gas #Gasoline #Morocco #Senegal #Seychelles #Zimbabwe

The Libyan crisis constituted a multi-dimensional international phenomenon, as its repercussions were not limited to political turmoil, but rather became an international dilemma as a result of illegal immigration towards Europe.

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Written By #Nidal_Al_Khedary

#Victims #Armed_Groups #Beaches #Blackmail #Chad #Death #Dollar #Drowning #Egypt #Europe #Illegal_Migration #International_Organization_for_Migration #Italy #Libya #Mediterranean_Sea #Security #Sexual_Assault #Sudan

The leak of the list of salaries for artists participating in the Carthage International Festival this summer angered Tunisians, given their significant increase in light of the public financial crisis and the unstable economic and social conditions that the country is experiencing.

Activists on social media criticized Magda Al-Roumi, Kazem Al-Saher, and Sherine for their high conditions, considering their wages to be imaginary and unjustified.

The head of the Artists Syndicate, Maher Al-Hamami, revealed in a media statement that Magda Al-Roumi asked for 325,000 dinars (about 100,000 dollars), while Sherine asked for 400,000 dinars (about 125,000 dollars), and Kazem Al-Saher 1.2 million dinars (about 380,000 dollars) in exchange for their revival. Concerts at the Carthage International Festival this summer.
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#Carthage_Festival #Dollar #Kazem_Al_Saher #Magda_Al_Roumi #Ministry_of_Culture #Sherine_Abdel_Wahab #Tunisia #Unemployment_wages

The Central Bank of Libya announced a significant shortage of foreign exchange amounting to $5.6 billion, after comparing the amounts it received and the amounts it spent from January to May of this year.

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The bank stated that the funds that entered the bank in foreign currencies were $8.7 billion, while the funds that were left were $14.3 billion.

The bank directed commercial banks to deal with this shortage and to regulate how to obtain foreign currencies. One of these measures is issuing “electronic cards” that can be loaded with up to $500,000 per year. They are intended for purchasing goods and services for business purposes and cannot be used in the local market.

The bank also opened the door for companies to import a wide range of goods from abroad, such as food, medicine, building materials, and furniture, by financing 370 import deals in just one week.
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#Big_Friend #Central_Bank_of_Libya #Dollar #Libya #Libyan_Economy

Trade between Morocco and Algeria witnessed a decline over the past year, falling by 62% year-on-year to reach 1.3 billion dirhams ($130 million), the lowest level since 1999.

This decline comes in light of the severing of diplomatic relations between the two countries since 2021, which added new tensions to the tense historical relations due to several disputes, most notably the Sahara issue.

According to data from the Moroccan Exchange Office, Moroccan imports from Algeria fell to 650 million dirhams last year, a decrease of 61% compared to the previous year, while Moroccan exports to Algeria amounted to about 653 million dirhams, recording a decrease of 18%.

Trade between the two countries in 2021 was estimated at about 6.9 billion dirhams ($695 million), of which 5.8 billion dirhams were Moroccan imports from Algeria.
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#Algeria #Dirham #Dollar #Economy #European_Union #Exchange #Import #Maghreb #Morocco #Trade

Recent reports from “UBS” Bank stated that Egypt may witness a jump in the inflow of foreign currencies thanks to foreign direct investments, remittances from Egyptians abroad, and improved revenues from the Suez Canal.

The report developed three scenarios, the most optimistic of which indicates a 30% increase in foreign investments and remittances by Egyptians abroad compared to the years 2021 and 2022. These transfers will raise the total foreign currency entering the country to $20 billion in the next sixteen months, which will help the Central Bank of Egypt to strengthen its reserves. Cash until 2025.

The report stated that the less optimistic scenario shows reduced access to markets and a slow recovery in Suez Canal revenues, leading to net external flows ranging between $2 and $3 billion, which puts pressure on cash reserves.
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#Central_Bank_of_Egypt #Dollar #Egypt #Egyptian_economy #Egyptian_Government #Suez_Canal

The opening of the Ras Jadir border crossing between Libya and Tunisia, which was scheduled for Monday, was postponed after protests organized by citizens in the city of Zuwara.

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The protesters expressed their rejection of the decisions issued by the Minister of Interior in the outgoing National Unity Government, describing them as carrying ethnic and racist tendencies against the Amazigh in Libya.

The protesters considered that these decisions fall within the policies of deliberate marginalization targeting their areas, including not allocating sufficient budgets for infrastructure and solving problems such as water and salaries, noting that these policies include ethnic discrimination and sectarian incitement.
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#Dollar #Fuel #Libya #Libyan_Government #Libyan_Ministry_of_Interior #Ras_Jadir_Crossing #Trade #Tunisia #Tunisian_Government

The World Bank decided to provide financial support amounting to $700 million to Egypt, as part of a program aimed at enhancing macroeconomic stability and supporting sustainable growth.

These funds, allocated within the Development Policy Financing Program, will help the Egyptian government implement structural reforms to create an attractive business environment for investments and stimulate the private sector.

The financing comes in the context of supporting the Egyptian government’s efforts to overcome short-term economic challenges and facilitate the transition towards green transformation.

The program includes promoting the use of renewable energy, improving the efficiency of the electricity sectors, and restructuring the governance of government companies.

The Minister of International Cooperation and Governor of Egypt at the World Bank Group, Dr. Rania Al-Mashat, confirmed that this program represents part of Egypt’s commitment to implementing economic and structural reforms aimed at laying the foundations of a competitive economy led by the private sector and supporting environmental transformation.
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#Dollar #Egypt #Egyptian_economy #Egyptian_Government #Renewable_Energy #Stephane_Gimpert #World_Bank

The Ministry of Foreign Affairs of the outgoing Government of National Unity denied the allegations circulating regarding fears of the bankruptcy of the state of Libya and accused the newspaper “Independent Arabia” of being biased in covering political events in the country.

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The Ministry indicated in an official statement that the external media team studied the report published by the newspaper on the economic situation in Libya, which dealt with the idea of ​​possible bankruptcy, and believed that the report contained professional fallacies and was devoid of any official statements and was based on undocumented analyzes indicating the possibility of bankruptcy.
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#Bankruptcy #Central_Bank_of_Libya #Dollar #International_Monetary_Fund #Libya #Libyan_Ministry_of_Foreign_Affairs

The German platform Statista, which specializes in data and statistics, published a report showing a significant decline in the gross national income per capita in Libya for the year 2023.

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The per capita income recorded a decrease of $2,720, or 26.43% compared to last year, and the report indicates that these figures reflect the total funds received by the state, whether from within or outside it, divided by the population in the middle of the year.

Statista is one of the most prominent global data analysis and statistics companies, founded in 2007 and headquartered in Hamburg, Germany, and provides various data and statistics on a wide range of topics, including the economy, market, industry, demographics, and others, and is considered a reliable and comprehensive source of data used by journalists, academics, researchers, and marketers to make informed decisions.
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#Dollar #Inflation #Libya #Libyan_Economy #Statista_platform

The Zimbabwean government has approved a “roadmap” to abandon the U.S. dollar in favor of the official national currency, the “Zig,” backed by bullion in transactions, a strategy that Finance Minister Mthuli Ncube may unveil next week.

“Bloomberg” agency quoted Zimbabwe’s Minister of Information, Jenfan Muswere, as saying in a press statement on Tuesday after a cabinet meeting in the capital, Harare, that “in terms of the means necessary to operate the “Zig” currency as legal tender for use in the economy, the roadmap for de-dollarization is now ready.”

This comes while a Treasury spokesman said that “Ncube may make an announcement next week, without providing a specific date.”

According to the agency, Zimbabwe, the African country located in southern Africa, is trying to get rid of its heavy reliance on the dollar, which has been the focus of most economic activity over the past 15 years.
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#Bloomberg #Dollar #dollarization #Gold #Harare #Mthuli_Ncube #zig #Zimbabwe