Browsing: Foreign currency traders

  • The rise of 63 billion shillings in dollar deposits, equivalent to 2.1 billion shillings daily
  • wealthy individuals and large corporations looked for a secure location to store their riches in the wake of the uncertainties surrounding the elections
  • The United States Federal Reserve increased interest rates by 0.75 percentage points for a second straight time in July to combat inflation, which contributed to a stronger dollar and a decline in the value of the Kenyan shilling

 

A record number of wealthy individuals and businesses moved a total of Sh63 billion more into dollar accounts during the month of June as they sought to secure the value of their investments in advance of this week’s elections.

As per data provided by the Central Bank of Kenya (CBK), the total value of foreign currency bank deposits in Kenya reached a new all-time high of Sh891.5 billion in June, up from Sh829.50 …

  • Zimbabwe currency issues are at the heart of more significant problems
  • The unstable currency has hurt confidence in the economy with essential commodities going up by 20%
  • The past 20 years have seen Zimbabwe grappling with an unstable currency which has hurt confidence in the economy

Weakened economy

The Zimbabwe economy is going through turbulent waters, seeing consumers feeling the squeeze.

Currency issues are at the heart of more significant problems, seeing essential commodities go up by 20%. Staples such as bread, cooking oil, and sugar, which the general public depend upon have become expensive. This has led to consumer watch groups debating if the Zimbabwean currency ZWL is still fit for purpose.

Read: Burundi new forex laws hurt traders

The past 20 years have seen Zimbabwe grappling with an unstable currency which has hurt confidence in the economy. 2008 witnessed the height of the currency problems with triple-digit inflation, …