Chinese exporters have remained calm after the US presidential election result, saying they had prepared for inevitable exchange rate fluctuations, and see little impact on China’s exports to the United States. The surprise victory of Donald Trump, who lacks political experience, might mean some uncertainties about China-US trade, which is worrying for many of Chinese … Read more
Egypt tried to draw a line under a deep economic crisis Thursday by allowing its currency to float freely. The move saw the Egyptian pound crash 48% against the U. S. dollar, but should mean the country can now access a huge bailout from the International Monetary Fund. “The flexible exchange rate regime… will improve … Read more
Whereas government has given indication it will do more of the domestic dollar-bonds, on the back of the maiden one’s success, some analysts fear it could weaken the cedi and deepen dollarisation of the economy. In its weekly currency updates, South Africa’s RMB Global Markets Research said: “We are wary of this move – it … Read more
Whereas the government has given the indication it will do more of the domestic dollar-bonds, on the back of the maiden one’s success, some analysts fear it could weaken the cedi and deepen dollarisation of the economy. In its weekly currency updates, South Africa’s RMB Global Markets Research said: “We are wary of this move … Read more
Barely five months after a currency swap deal between Nigeria and China was enmeshed in controversy, the country’s import profile from the Far-East Asian nation has remained high and intermediated by the dollar. While government denied striking such deal, the earlier move was widely celebrated as a panacea to unending huge dollar demand and pressure … Read more
Founder of UT Holdings, Prince Kofi Amoabeng, has advised the banking sector to be cautious in lending to importers of oil and gas describing the sector as risky. Banks are having to deal with non-performing loans partly due to the failure by importers including state-owned Volta River Authority (VRA) and Tema Oil Refinery (TOR) as … Read more