Economy - Currency
  • 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...

  • Zambia's kwacha currency continues to weaken
    16 november 2001 21:37:00
    Lusaka- Zambia (PANA) -- The Zambian currency, the kwacha, continued to weaken Friday and reached an all time low for almost a year when it exchanged for more than 4,000 units to the US dollar. Full text...

  • European Commission introduces Euro currency to Namibians
    15 november 2001 21:55:00
    Windhoek- Namibia (PANA) -- The European Commission Thursday introduced its Euro currency to Namibians less than two months before it goes into full circulation on 1 January 2002 in most European Union countries. Full text...

  • Kenyan minister rules out printing election cash
    15 november 2001 16:16:00
    Nairobi- Kenya (PANA) -- Kenya's Finance Minister Chris Okemo Thursday refuted claims that the government intended to print money to aid the ruling party's election campaigns in the 2002 polls. Full text...

  • Nigeria to introduce more coins
    07 november 2001 12:06:00
    Lagos- Nigeria (PANA) -- The Central Bank of Nigeria (CBN) is to introduce more coins as part of a currency reform scheme aimed at promoting a pricing mechanism, especially of goods and services, at the retail level. Full text...

  • Fake 50 pula notes in circulation
    03 november 2001 17:21:00
    Gaborone- Botswana (PANA) -- Fake 50-pula currency notes are in circulation in Botswana, according to a notice issued by the Bank of Botswana. Full text...

  • Zambia auctions 3.4 million dollars to shore up kwacha
    30 october 2001 17:34:00
    Lusaka- Zambia (PANA) -- The Bank of Zambia on Tuesday auctioned 3. Full text...

  • Mozambique tightens forex rules
    18 october 2001 22:08:00
    Maputo- Mozambique (PANA) -- The Bank of Mozambique is tightening the rules governing foreign exchange operations in the country, the national news agency (AIM) reported Thursday. Full text...

  • Kwacha stabilises
    12 october 2001 15:35:00
    Lusaka- Zambia (PANA) -- The Zambian kwacha struck a rare balance between supply and demand Friday as the Central Bank off-loaded some one million US dollars at its dealing window. Full text...

  • Zambian Kwacha comes under fresh threats
    09 october 2001 17:25:00
    Lusaka- Zambia (PANA) -- The Bank of Zambia flew to the rescue of the kwacha Tuesday, offloading 2. Full text...

  • Tanzania shilling remains stable
    03 october 2001 08:38:00
    Dar es Salaam- Tanzania (PANA) -- Tanzania's shilling remained stable over the past two weeks, making a slight gain against the U. Full text...

  • Angola's exchange rates for Friday
    28 september 2001 17:14:00
    Luanda- Angola (PANA) -- Below is Friday's exchange rate of the Angolan kwanza against some of the world's currencies, as provided by the National Reserve Bank. Full text...

  • Zambia records deficit between inflows and needs
    28 september 2001 16:32:00
    Lusaka- Zambia (PANA) -- Zambia recorded a deficit of 111. Full text...

  • South African rand continues plunge
    28 september 2001 10:02:00
    Cape Town- South Africa (PANA) -- The South African rand has come under renewed attack, dropping below nine to the dollar for the first time, amid market jitters over how the US would respond to this month's terror attacks. Full text...

  • South African rand plunges to new record lows
    28 september 2001 09:32:00
    Cape Town- South Africa (PANA) -- The South African rand has come under renewed attack, dropping below nine to the dollar for the first time, amid market jitters over how the US would respond to this month's terror attacks. Full text...

  • BCEAO governor says no monetary slavery in CFA franc zone
    25 september 2001 21:55:00
    Paris- France (PANA) -- France is not holding the CFA franc zone economies in "monetary slavery" as it has often been perceived to be the case, the West African Central Bank, or BCEAO, governor Konan Banny said here Tuesday. Full text...

  • Euro circulation not to affect CFA franc
    25 september 2001 19:31:00
    Paris- France (PANA) -- French finance minister Laurent Fabius has assured francophone African countries using the CFA franc that the monetary unit would not be affected by circulation of the euro as from January 2002. Full text...

  • Kwacha depreciates by 2.14 percent
    25 september 2001 14:04:00
    Lusaka- Zambia (PANA) -- The Bank of Zambia, the country's central bank, Tuesday auctioned 4. Full text...

  • Zambia's kwacha sags under forex pressure
    21 september 2001 14:46:00
    Lusaka- Zambia (PANA) -- The Bank of Zambia returned to the foreign exchange market Friday with a 1. Full text...

  • Kwacha tumbles by 17 units after auction
    12 september 2001 15:54:00
    Lusaka- Zambia (PANA) -- Demand continued to bear on the Zambian kwacha and this forced it to depreciate by 17 units at the end of a foreign exchange auction conducted by the country's Central Bank. Full text...

  • Pressure Mounts On Zambian Kwacha
    07 september 2001 11:32:00
    Lusaka- Zambia (PANA) -- Demand weighed down heavily on the kwacha Friday as the Bank of Zambia decided to return to the foreign exchange auction window with an offer of 2. Full text...

  • Police alert public over circulation of fake cedi
    04 september 2001 20:22:00
    Accra- Ghana (PANA) -- Ghanaian police Tuesday alerted the public over the circulation of fake 5,000 cedi notes in the country. Full text...

  • Kwacha remains vulnerable from persistent import demands
    20 august 2001 19:58:00
    Lusaka- Zambia (PANA) -- The Zambian kwacha was Monday still under pressure from hard currency demand as foreign exchange supplies from sources other than the central bank remained a trickle of their former selves. Full text...

  • Kwacha buckles under severe pressure from importers
    17 august 2001 13:16:00
    Lusaka- Zambia (PANA) -- The Zambian kwacha has finally caved in to the intense pressure from importers whose total demand for hard currency reached 11. Full text...

  • Zimbabwe introduces higher denomination banknote
    11 august 2001 15:30:00
    Harare- Zimbabwe (PANA) -- Zimbabwe's Central Bank Friday unveiled a new 500-Zimdollar banknote, the country's highest currency denomination, expected to come into circulation by the end of August. Full text...

  • Defective banknotes trigger criticism
    09 august 2001 20:03:00
    Dar es Salaam- Tanzania (PANA) -- Tanzania's Central Bank is facing a serious criticism after a German firm it had contracted to print the country's currency reportedly delivered a consignment of defective banknotes worth millions of shillings. Full text...

  • Botswana gleeful over weakening rand
    06 august 2001 20:32:00
    Gaborone- Botswana (PANA) -- The Bank of Botswana said Monday that the weakening of the South African rand against the pula and US-dollar might have an overall positive effect on the Botswana economy. Full text...

  • Kwacha under threat from resurgent forex demands
    03 august 2001 13:21:00
    Lusaka- Zambia (PANA) -- The effects of high demand for foreign exchange allocations began to manifest Friday on the Zambian market as the Central Bank kept its dealing window shut for the second day running. Full text...

  • Dollar supply exceeds demand in Zambia
    26 july 2001 15:57:00
    Lusaka- Zambia (PANA) -- Supply of hard currency from the Bank of Zambia this week has exceeded demand from importers of essential goods, leading the kwacha to pick up some fragile strength against the US dollar. Full text...

  • Kwacha gains on greenback
    21 july 2001 16:46:00
    Lusaka- Zambia (PANA) -- The Zambian kwacha continued to gain ground against the greenback to close the financial week at 3676 units against the US dollar. Full text...

  • Kenyan currency circulating in Botswana
    21 july 2001 11:24:00
    Gaborone- Botswana (PANA) -- The Bank of Botswana has issued a fresh warning to the public following reports that Kenyan currency coins are circulating the country to the detriment to local businesses. Full text...

  • Jammeh launches 100 dalasi legal tender
    20 july 2001 22:48:00
    Banjul- Gambia (PANA) -- Gambian President Yahya Jammeh on Friday launched a new 100-Dalasi banknote, the highest denomination since the country created its national currency in July 1971. Full text...

  • Foreign currency rates soar in Zimbabwe
    20 july 2001 20:27:00
    Harare- Zimbabwe (PANA) -- Foreign currency rates on Zimbabwe's black market, the country's chief source of hard currency, soared Friday amid reports that the government was "formally and informally" on the market, looking for foreign currency for food imports. Full text...

  • Mboweni upbeat about South African economy
    19 july 2001 10:15:00
    Cape Town- South Africa (PANA) -- Compared to the euro and other major world currencies, the South African rand has fared well despite the dramatic lows notched up during the past few weeks, Reserve Bank governor Tito Mboweni said Wednesday night. Full text...

  • Zambian unit regains strength
    18 july 2001 10:06:00
    Lusaka- Zambia (PANA) -- After weeks of slumber, the Zambian kwacha at the start of business Wednesday was five points stronger against the Greenback at 3680 units, regaining the marginal losses of four points it suffered last week. Full text...

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