The Kenyan shilling has been under significant stress due to an oversupply of dollars, leading to its devaluation and trading at Sh150 per U.S dollar. The situation has been aggravated by capital outflows as major economies increase base lending rates to mitigate inflation. Importers seeking dollars further exacerbate the situation, as reported by Capital Business […]
Bank of China Hong Kong (BOCHK) is conducting a pilot project to examine the role of smart contracts in the proposed Central Bank Digital Currency (CBDC) of Hong Kong, using its mobile applications BOC Pay and BOC Bill Merchant App. The pilot aims to integrate point-of-sale functionality to lower technical barriers for merchants, thereby eliminating […]
Most Asian currencies fell on Thursday as concerns over higher U.S. interest rates pushed up the dollar and Treasury yields, with traders now watching for any Japanese government intervention after the yen slid to a one-year low. Dollar at near two-week high amid Fed jitters The dollar index and dollar index futures both rose 0.2% in Asian trade, hitting […]
The Japanese yen weakened past the key 150 level to the dollar on Thursday, raising the chances of intervention in currency markets by the government and also putting pressure on the Bank of Japan to consider tightening policy. The yen fell 0.1% to an one-year low of 150.25 against the dollar, as anxiety over an upcoming U.S. GDP […]
Most Asian currencies moved little on Friday as markets hunkered down before a series of major central bank meetings next week, while the Japanese yen strengthened slightly on strong inflation data, but remained close to a one-year low. The dollar index and dollar index futures both moved little in Asian trade, but retained most gains made this week. Treasury […]
In a significant development, Nigeria’s currency, the naira, depreciated by nearly 5% against the US dollar in the parallel market. This depreciation followed a record low in the country’s official currency market, which led to an active stockpiling of dollars by residents, particularly in Lagos. The exchange rate of the naira fell from 1,052 to […]
