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

Egyptian Prime Minister Mostafa Madbouly and representatives of the country’s private sector announced their agreement to reduce the prices of tourist bread, which is not subsidized, from Sunday.

The move came amid Egypt’s protracted economic crisis, which has eased in recent weeks after Egypt completed an unprecedented investment deal with a UAE sovereign wealth fund and agreed on an expanded loan from the International Monetary Fund.

The new prices for tourist bread were set at 50 piasters ($0.0104), 75 and 150 piasters for weights of 25, 40 and 80 grams, respectively.

Egypt’s private sector produces tourist bread, which does not enjoy government subsidies.
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#Bread #Economic_Inflation #Egypt_News #Egyptian_economy #Egyptian_Prime_Minister #International_Monetary_Fund #Mustafa_Madbouly

Libya Faces Serious Economic Challenges, According to Economic Experts, Who Warn About the Current Situation and Emphasize the Need for Immediate Actions to Restructure the Economy and Improve Financial Management.

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According to Suleiman al-Shahoumi, founder of Libya’s capital market and professor of finance at the University of Nottingham in Britain, Libya’s economy faces significant structural and political challenges, with weak infrastructure and governance, and worsening political division and insecurity.

Al-Shuhoumi pointed out that untargeted spending and the lack of specific budgets are among the most prominent problems faced by governments in the East and West, which exacerbates the economic and social conditions of citizens.

He adds that the Central Bank of Libya suffers from structural and regulatory problems, as it lacks an effective administrative structure, which negatively affects its ability to implement effective monetary policies.

Among the recent challenges facing the Libyan economy is the imposition of a 27% tax on foreign exchange sales, which has sparked widespread debate among experts and citizens, as they consider it a measure that may increase economic pressure on the poor and lead to high inflation rates.
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#Economic_Inflation #Financial_Management #Libya #Libya_News #Libyan_Central_Bank #Libyan_Dinar #Libyan_Economy #US_Dollar

“Fitch” Ratings has revised its outlook for Egypt’s sovereign rating from “stable” to “positive”.

In a recent report, the agency revealed that its decision came against the backdrop of “significantly reduced near-term external financing risks” due to the Ras Al Hikma deal with the UAE, the transition to a flexible exchange rate policy, and the tightening of monetary policy.

Additional financing from international financial institutions for Egypt and the return of non-resident inflows into the domestic debt market have helped.

The Central Bank of Egypt’s decision to increase interest rates by 600 basis points on March 6 indicates the Egyptian authorities’ seriousness in addressing economic challenges.

The investment in Ras El Hikma underscores the strength of the financial support provided by the GCC countries to Egypt and is confident that exchange rate flexibility will be more sustainable than in the past.

Fitch expects inflation to remain around 30% until the end of 2024, which will keep real interest rates in Egypt close to positive levels.
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#Central_Bank_of_Egypt #Economic_Inflation #Egypt_News #Egyptian_economy #Fitch_Credit_Rating_Agency #Ras_El_Hekma_Project #United_Arab_Emirates

The Annual inflation rates in Tunisia stabilized at 7.2 percent last May, unchanged from the previous April figures.

This came in a statement issued by the National Institute of Statistics in Tunisia on Thursday, in which it said that stability resulted from the rise in prices of major groups and the decline of other groups.

The institute stated that there was an increase in the prices of the food group on an annual basis to 9.7 percent during May, up from 9.2 percent in the previous April.

On the other hand, the prices of the clothing and footwear group fell to 9.5 percent in May compared to 9.7 percent in April, and the prices of the restaurant, cafe and hotel services group fell to 10.2 percent from 10.4 percent.

Core inflation in the country (excluding energy and food) reached 6.8 percent last month, down from 6.9 percent in April.
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#Corona #Economic_Inflation #Interest #Tunisia #Tunisia_News

The few weeks before Eid al-Adha in Morocco turn into the season for cash flow from cities to the countryside to buy sacrificial animals, reviving trade in rural areas.

This season represents an opportunity for commercial and economic activity to flourish in the country, as the pace of parallel activities increases, reviving the business of livestock breeders and traders alike.

Moroccan families spent more than $1.8 billion on the occasion of Eid al-Adha during the year 2023, according to the Planning Commission, which contributed to moving the wheel of many sectors such as the livestock sector, transportation and trade.
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#Agriculture_Sector #Drought #Economic_Inflation #Eid_Al_Adha #Livestock_Sector #Moroccan_Market #Morocco_News #Reduced_Rainfall #Sacrifice_Season

A report issued by the Institute of International Finance revealed that Egypt has repaid $25 billion of its domestic and external public debt since last March.

This payment came as a result of the “Ras Al-Hikma” deal, which included the transfer of Emirati deposits worth $11 billion at the central bank into investments in local currency, in addition to the repayment of “Eurobonds” worth $2 billion, which is equivalent to 7% of the gross domestic product.

The report indicated that international investors expressed their optimism about the future prospects of the Egyptian economy, supported by the huge inflows from the “Ras El Hekma” deal, during a virtual conference organized by the institute with the participation of 100 speakers and participants to discuss the economic situation in Egypt, according to the Egyptian newspaper “Al Borsa”.
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#Central_Bank_of_Egypt #Economic_Inflation #Egypt #Egyptian_Debt #Egyptian_economy #Institute_of_International_Finance #Ras_Al_Hekma_Deal #UAE

Sudan’s Central Bureau of Statistics announced on Monday that the country’s inflation rate rose to 136.67% during the first half of this year, compared to the same period last year.

The report explained that June recorded the highest inflation rate, reaching 158.16% on an annual basis, according to the Sudan News Agency.

The Central Bureau of Statistics indicated that the large increase in the inflation rate is mainly due to the rise in housing rents, which reached their peak last June.

Since mid-April 2023, Sudan has been facing an armed conflict between the army and the Rapid Support Forces, which has led to the killing of about 18,800 people and the displacement of about 10 million others, according to United Nations reports.
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#Economic_Inflation #Rapid_Support_Forces #Sudan #Sudanese_Army #Sudanese_Crisis #Sudanese_Economy