Malaysia is set to join the BRICS group of emerging economies, Prime Minister Anwar Ibrahim announced in a recent interview with Chinese media outlet Guancha. This move highlights Malaysia’s efforts to align with a coalition aimed at reshaping the global economic landscape traditionally dominated by Western powers. BRICS, originally comprising Brazil, Russia, India, China, and […]
Nigeria’s official foreign exchange (FX) market is experiencing significant volatility, with turnover dropping sharply by 75.98% to a three-week low of $92.68 million on Thursday, down from $385.91 million at the close of trading on Tuesday. This marked decline, the second in recent weeks, underscores ongoing challenges in the nation’s FX market. On June 6, […]
Kenya’s Finance Minister, Njuguna Ndung’u, outlined today the strategic priorities of the upcoming 2024/25 budget, emphasizing a balanced approach to addressing the country’s debt burden while supporting its fragile economic recovery. The budget aims to build on projected economic growth of 5.5% for the year, following a modest increase from 5.6% in 2023, driven by […]
The Bank of Italy announced on Thursday that the Italian economy is expected to grow by 0.8% both this year and next. This projection aligns with the bank’s previous estimates from April, which anticipated a 0.8% expansion for 2024 and a slightly higher 0.9% growth for 2025. Adjusting for the number of working days, the […]
President Emmerson Mnangagwa has revealed Zimbabwe’s intention to join the BRICS economic bloc, marking a strategic move that could significantly impact the country’s economic trajectory. The announcement was made during Mnangagwa’s visit to Russia, where he attended a high-level economic forum. BRICS: A Key Economic Bloc BRICS, which initially comprised Brazil, Russia, India, China, and […]
BThe latest Global Economic Growth Prospects report highlights Rwanda as the leading economy in East Africa for the remainder of 2024, with a projected GDP growth rate of 7.6 percent. This follows Rwanda’s record high GDP growth of 10.9 percent in 2021, underscoring its robust economic performance in the region. Uganda is expected to follow […]
The Central Bank of the UAE (CBUAE) and Qatar Central Bank (QCB) have decided to keep their interest rates unchanged, following the US Federal Reserve’s recent move to maintain its benchmark lending rate. This decision marks the seventh consecutive time the Fed has held rates steady, keeping the target range for the federal funds rate […]
Africa’s remittance market is on track to expand significantly in the coming years, driven by a projected growth to $500 billion by 2025, according to analysts at a leading investment bank. In 2022, remittances to the continent neared $100 billion, with intra-African flows contributing $20 billion to this total. Despite their economic importance, the cost […]
The Central Bank of Kenya (CBK) has announced its intention to issue payment licenses to fintech startups operating in the country. This represents a significant departure from previous regulatory stances and aims to provide clarity and legitimacy to the operations of these innovative firms. Among the leading candidates for these licenses are prominent players like […]
In its 2024 Mid-Year Investments Outlook, JP Morgan Private Bank reports that the global economy remains robust despite ongoing inflationary pressures. Grace Peters, the bank’s Global Head of Investment Strategy, highlighted the theme “A Strong Economy in a Fragile World,” pointing to a complex interplay of economic strength and significant risks. Economic Resilience Amid Inflation […]
In a significant milestone for water security and community development in Kitui County, more than 2,500 residents have gained access...
Indian exports to the United States have experienced a dramatic downturn, plummeting by 37.5 percent over a four-month period following...
In a significant move to strengthen bilateral development cooperation, the Abu Dhabi Fund for Development (ADFD) has formalized a landmark...
The International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, has committed a comprehensive $62.5...
