Economy - Currency
  • National currency depreciates against US dollar
    05 june 2002 16:43:00
    Lagos- Nigeria (PANA) -- Nigeria's national currency, the Naira, depreciated by 50 Kobo against the dollar at the formal Inter- bank Foreign Exchange Market (IFEM) in the last week of May 2002, the Central Bank of Nigeria (CBN) said. Full text...

  • South Africa's Rand improves dramatically against the Dollar
    29 may 2002 22:52:00
    Cape Town- South Africa (PANA) -- The South African Rand reached its highest level this year Wednesday morning when it traded at R9. Full text...

  • South African's space trip added lustre to rand, says Bank
    28 may 2002 23:23:00
    Johannesburg- South Africa (PANA) -- The South African rand's rise against the US dollar to levels last seen six months ago could be attributed, in part, to Cosmonaut Mark Shuttleworth's trip to outer space, says Reserve Bank governor Tito Mboweni. Full text...

  • Zambian kwacha under pressure of scarce forex
    28 may 2002 17:07:00
    Lusaka- Zambia (PANA) -- Zambia's kwacha was down by ten units at the start of business on Tuesday after it posted losses the previous day at the Bank of Zambia foreign exchange wholesale window. Full text...

  • Currency in circulation drops in Nigeria
    21 may 2002 18:10:00
    Lagos- Nigeria (PANA) -- Currency circulation in Nigeria dropped by 2. Full text...

  • South African currency braces up against US dollar
    17 may 2002 20:44:00
    Johannesburg- South Africa (PANA) -- South Africa's depreciating currency bounced back late Friday to 9. Full text...

  • Zambian Central Bank reduces supply to forex market
    30 april 2002 21:47:00
    Lusaka- Zambia (PANA) -- The Bank of Zambia's dealing window has seen a steady reduction in foreign exchange supply from 16. Full text...

  • Exchange rate for the Angolan Kwanza
    29 april 2002 21:59:00
    Luanda- Angola (PANA) -- Here is the exchange rate of the Angolan Kwanza against major world currencies on Monday: [ST] Currency Purchase Sale British Pound 55. Full text...

  • Zimbabwe rules out currency devaluation
    14 april 2002 16:25:00
    Harare- Zimbabwe (PANA) -- Zimbabwe Sunday ruled out devaluation of its currency, saying this could lead to a spiralling up of prices, especially of basic commodities. Full text...

  • ECOWAS Council reaffirms name of sub-regional currency
    12 april 2002 18:21:00
    Lagos- Nigeria (PANA) -- The Convergence Council for ECOWAS second Monetary Zone, has reaffirmed "ECO" as the name of the proposed single currency, to be adopted by the sub-region in 2004. Full text...

  • Franc Zone Finance ministers to meet 14 April
    10 april 2002 17:50:00
    Paris- France (PANA) -- Finance ministers from the Franc zone will meet on 14 April in Yaounde, a source said at the French ministry of Economy and Finance in Paris. Full text...

  • Africans adjusting to euro after some frustrations (Feature)
    10 april 2002 16:08:00
    Paris- France (PANA) -- Three months after launching the euro, the European Union single currency, the confusion over the use of the unfamiliar currency has eased somewhat but not entirely, according to African traders in Paris. Full text...

  • Zambian currency markets re-open with depressed kwacha
    02 april 2002 12:53:00
    Lusaka- Zambia (PANA) -- Zambian money markets returned to business Tuesday after the long Easter weekend with indications the Zambian kwacha could lose considerable ground against major currencies later in the week. Full text...

  • Fake currency alert in Botswana
    13 march 2002 11:54:00
    Gaborone- Botswana (PANA) -- The Bank of Botswana has warned the public about the circulation of forged 100 Pula notes bearing serial number 0/15 999 243. Full text...

  • Zambian kwacha opens week on stronger footing
    11 march 2002 15:14:00
    Lusaka- Zambia (PANA) -- The Bank of Zambia Monday adopted some measures that it hoped would compel commercial banks to trade on their published rates, failure to which they will be expelled from the wholesale dealing window. Full text...

  • Monday's exchange rate of the Angolan Kwanza
    04 march 2002 23:33:00
    Luanda- Angola (PANA) -- Following is Monday's exchange rate of the Angolan kwanza to the world's main currencies, according to the national reserve bank, even as the American dollar traded at 35. Full text...

  • Zambian kwacha tumbles
    04 march 2002 15:47:00
    Lusaka- Zambia (PANA) -- Zambia's kwacha Monday opened the week with a sudden fall on the foreign exchange market at 4,400 units to the US dollar (bid) and 4,500 units (offer). Full text...

  • Central Bank fails to halt slide of Zambian Kwacha
    28 february 2002 14:11:00
    Lusaka- Zambia (PANA) -- The Zambian kwacha has depreciated a further four units in spite of the Central Bank off-loading a total of 5. Full text...

  • Exchange rate of Angolan Kwanza as at Friday
    23 february 2002 16:38:00
    Luanda- Angola (PANA) -- Following was the exchange rate of Angola Kwanza to main world currencies as of Friday, according to the Central Bank (BNA), even as the US dollar was bought in the black market at 34. Full text...

  • Zambian currency depreciates despite Central Bank intervention
    23 february 2002 15:49:00
    Lusaka- Zambia (PANA) -- The Zambian kwacha closed the business week Saturday 0. Full text...

  • Zambian kwacha collapses under severe demand pressure
    15 february 2002 18:14:00
    Lusaka- Zambia (PANA) -- The Zambian kwacha has sunk by a significant 7. Full text...

  • Zambian kwacha extends bearish rally
    07 february 2002 13:28:00
    Lusaka- Zambia (PANA) -- The Zambian kwacha has extended its bearish rally in the absence of long awaited support from the Central Bank dealing window. Full text...

  • Central bank in Nigeria to shore up national currency
    31 january 2002 15:42:00
    Lagos- Nigeria (PANA) -- The Central Bank of Nigeria (CBN) will shortly introduce measures to strengthen and stabilise the naira, its governor, Joseph Sanusi, told an Economic and Financial Policies Management workshop Thursday in Lagos. Full text...

  • Zambia's kwacha opens week at low point
    22 january 2002 10:41:00
    Lusaka- Zambia (PANA) -- Zambia's kwacha started the week depressed after suffering a marginal depreciation of 0. Full text...

  • Zambian kwacha depreciates against Forex demand
    18 january 2002 17:01:00
    Lusaka- Zambia (PANA) -- The Bank of Zambia on Friday off loaded more than one million US dollars through its dealing window but the move failed to halt the continued depreciation of the kwacha. Full text...

  • Zambian kwacha slumps
    16 january 2002 15:37:00
    Lusaka- Zambia (PANA) -- The Zambian kwacha has depreciated by 3. Full text...

  • Hard currency demand rises in spite of apex bank's intervention
    15 january 2002 11:53:00
    Lusaka- Zambia (PANA) -- The Bank of Zambia Tuesday returned to the foreign exchange market with a parcel of only one million US dollars and traders were getting the jitters over the widening rift between demand and supply. Full text...

  • Namibian body expresses doubt over inquiry into currency drop
    09 january 2002 20:28:00
    Windhoek- Namibia (PANA) – The Namibian Economic P-olicy Research Unit (NEPRU) said Wednesday that a commission of inquiry set up by the South African government to look into the reasons behind the rand's fall will not come up with vital recommendations to improve the battered currency. Full text...

  • Business leaders welcome move to protect South African rand
    09 january 2002 08:05:00
    Cape Town- South Africa (PANA) -- South African business leaders have welcomed President Thabo Mbeki's decision to set up a commission of inquiry to probe the rand's sudden decline late last year. Full text...

  • Mbeki orders probe on depreciation of South African rand
    08 january 2002 21:25:00
    Johannesburg- South Africa (PANA) -- President Thabo Mbeki Tuesday authorised an inquiry into the continuing depreciation of the rand against the US dollar and the British pound. Full text...

  • Business leaders call for stern action to stabilise the rand
    04 january 2002 15:40:00
    Cape Town- South Africa (PANA) -- Kevin Wakeford, Chairman of the South African Chamber of Business (SACOB), on Friday called on the relevant authorities to establish a commission to investigate the rapid demise of the rand currency. Full text...

  • Apex bank resumes currency trading after long lull
    03 january 2002 22:07:00
    Lusaka- Zambia (PANA) -- The Bank of Zambia on Thursday returned to the foreign exchange dealing window and off-loaded a cache of 2 million US dollars a day after business in Lusaka was disrupted by sporadic rioting. Full text...

  • Banks refuse European currencies in advent of Euro
    30 december 2001 10:19:00
    Addis Ababa- Ethiopia (PANA) -- Private banks in Ethiopia have followed suit after the state-owned Commercial Bank of Ethiopia (CBE) began refusing currencies set for replacement by the Euro on 1 January 2002. Full text...

  • Zambian elections subdue monetary activity
    27 december 2001 16:58:00
    Lusaka- Zambia (PANA) -- Zambia's finance houses closed for business from midday Thursday to allow their staff to vote in presidential and general elections. Full text...

  • ECOWAS yet to agree a name for new currency
    21 december 2001 16:50:00
    Dakar- Senegal (PANA) -- The five-nation West African Monetary Zone (WAMZ), has deferred the choice of a new name for the currency to be used under the second monetary Zone, to be created in 2003 within ECOWAS. Full text...

  • Zambian currency holds against the US dollar
    21 december 2001 16:07:00
    Lusaka- Zambia (PANA) -- Zambia's kwacha currency was holding out against the US dollar Friday as the Central Bank came to its rescue with the off-loading of a cache of one million dollars from its dealing window. Full text...

  • S. African rand's free-fall sparks fears of high interest rates
    20 december 2001 13:13:00
    Cape Town- South Africa (PANA) -- The rand currency this week tumbled to a new all time worst level against major currencies, sparking fears that South Africa will inevitably face interest rate hikes in the New Year. Full text...

  • Advent of Euro booms parallel currency market in Algiers
    19 december 2001 22:30:00
    Algiers- Algeria (PANA) -- The parallel foreign currency market of in Algiers is experiencing an unprecedented boom in the advent of the unique European currency, economic observers reported. Full text...

  • Zambia's apex bank fails to dampen demand, depreciation
    18 december 2001 14:13:00
    Lusaka- Zambia (PANA) -- The Bank of Zambia, the country's central bank, has opened the week determined to stamp out excessive demand for foreign exchange in the market and halt depreciation of the local unit against the US dollar. Full text...

  • Integration possible without single currency -- UEMOA chairman
    17 december 2001 16:35:00
    Dakar- Senegal (PANA) -- Moussa Toure, chairman of the West African Monetary Union (UEMOA) Commission, says a desired single currency would further boost economic integration within the sub-region. Full text...

  • African economists to discuss Euro/CFA link in Paris
    12 december 2001 17:39:00
    Paris- France (PANA) -- African economists and intellectuals are scheduled to meet in Paris Saturday to discuss the advantages and disadvantages of the link between the Euro/CFA. Full text...

  • S. African foundation calls for cool heads over currency crisis
    07 december 2001 13:36:00
    Cape Town- South Africa (PANA) -- The Board of Governors of the South Africa Foundation says that while political and economic shortcomings inevitably affect the value of a currency, the recent sharp depreciation of the rand is not a sign of political or economic failure. Full text...

  • Zimbabwe foreign exchange earnings dip
    06 december 2001 13:17:00
    Harare- Zimbabwe (PANA) -- Zimbabwe's monthly foreign currency earnings have dipped by more than half to 30 million US dollars in October, dealers said Thursday. Full text...

  • South African Rand likely to fall further
    05 december 2001 12:33:00
    Cape Town- South Africa (PANA) -- South African economists say the beleaguered rand would trade even lower against the US dollar next year. Full text...

  • Kwacha extends bullish stance against major foreign currencies
    04 december 2001 15:27:00
    Lusaka- Zambia (PANA) -- The Bank of Zambia Tuesday off-loaded a cache of 1. Full text...

  • Burundi's banking sector prepares for euro
    03 december 2001 13:49:00
    Bujumbura- Burundi (PANA) -- Commercial banks in Burundi have announced the gradual conversion of their foreign accounts from various European currencies into euro, ahead of 1 January 2002 when the new currency comes into full force. Full text...

  • Central Bank measures help Zambian kwacha regain strength
    29 november 2001 19:22:00
    Lusaka- Zambia (PANA) -- The kwacha has put a skid on depreciation and begun to recover, by a significant appreciation of 7. Full text...

  • Zimbabwe's central bank tightens foreign exchange rules
    25 november 2001 13:05:00
    HARARE- Zimbabwe (PANA) -- Zimbabwe's central bank has tightened foreign currency trading rules to stem leakage to the parallel market, which is blamed for an acute shortage of hard currency in the country. Full text...

  • Economists worry over currency depreciation in Sudan
    24 november 2001 12:18:00
    Khartoum- Sudan (PANA) -- Economists in Sudan have raised alarm over the steep depreciation of the national currency, the Dinar, against the greenback and other convertible currencies in recent weeks, and urged the government to promptly remedy the situation. Full text...

  • Zambian apex bank sells $2 million as kwacha depreciates
    20 november 2001 15:39:00
    Lusaka- Zambia (PANA) -- The Bank of Zambia Tuesday opened its dealing window to sell two million US dollars against a backdrop of a severe depreciation of the local unit. Full text...

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