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Because the U.S. dollar is the world’s reserve currency, the Federal Reserve is by default “the central banker to the world,” Bove argues, which means that if the Fed tightens, all other major central banks must follow suit if they want their country’s currency to remain on the same level
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Harare Institute of Technology, a Zimbabwean higher learning institution, is reportedly developing a central bank digital currency (CBDC). Quinton Kanhukamwe, the institution’s vice chancellor, said the digital currency is expected to help eliminate vices such as currency manipulation and unsanctioned foreign exchange deals. Eliminating Illegal Foreign Exchange Deals A Zimbabwean tertiary
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India’s central bank, the Reserve Bank of India (RBI), says it will soon commence “limited pilot launches” of the country’s digital currency (digital rupee) for specific use cases. The central bank explained that “multiple technological options shall be tested and based on the outcomes, the final architecture shall be decided.” RBI
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India's Reserve Bank outlined the pros and cons of a
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"Currently, we are at the forefront of a watershed movement in the evolution of currency that will decisively change the very nature of money and its functions," the RBI said in its concept note. Original Source
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An analyst at the Bank of Canada has written a
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The Central Bank of Kenya appeared to rebuke the country’s new deputy president Rigathi Gachagua, after it rejected the latter’s claims the East African nation lacks enough foreign exchange to import oil. According to the bank, all the foreign exchange used in private transactions and for oil imports is sourced
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The monetary policy committee of the Kenyan central bank recently revealed it increased the central bank rate by 75 basis points from 7.5% to 8.25%. Justifying its decision to act, the committee cites growing inflationary pressures and increased global risks, as well as their likely impact on the domestic economy.
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"This first-of-a-kind experiment will dig deeper into the technology, architecture and design choices and trade-offs, and explore related policy questions," said Beju Shah, head of the BIS Innovation Hub Nordic Centre. "These learnings will be invaluable for central banks thinking about implementing CBDCs for cross-border payments." Source
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Following the latest meeting of the monetary policy committee, the Central Bank of Nigeria says it has hiked the monetary policy rate to 15.5%. By increasing the key interest rate by 150 basis points, the central bank hopes to “narrow the negative real interest rate gap and rein in
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