Friday, January 15

Tag: South African rand

Most Valuable Currencies In Africa (see Nigeria’s Position)
Business

Most Valuable Currencies In Africa (see Nigeria’s Position)

A country’s currency tells a lot about its economy and living standards of the people. There is a common misconception that the biggest and most popular nations often have the best currencies; this is false – especially when Africa is concerned. How do you think the big countries rank concerning their currency in Africa today? Most people believe that countries like South Africa and Nigeria have the most valuable currencies in the African continent. But in reality, it is not true. Many other currencies are more valuable, especially from countries, you would least expect. The South African Rand comes 8th on the list, while the Nigeria which is popularly known as the so called " gaint of Africa " didn't even make it to the top 10. Many critics have argued that the dependence of ...
Zimbabwe Bans Use Of U.S. Dollars, Others
News

Zimbabwe Bans Use Of U.S. Dollars, Others

In a bid to defend its fledgeling new currency against black market speculation, Zimbabwe‘s Finance Minister Mthuli Ncube has outlawed the use of the US dollar and a host of other foreign currencies in local transactions. In 2009, Zimbabwe allowed the US dollar and other foreign currencies to be used as legal tender in the country after hyperinflation decimated the value of the Zimbabwean dollar. Earlier this year, to pave the way towards ending so-called “dollarisation”, the country laid the foundations for a new Zimbabwean dollar by introducing an interim currency, the Real Time Gross Settlement dollar (RTGS) or “zollar”. But since its launch in February, the RTGS has struggled amid black market speculation that has seen its value slide sharply against the US dollar. Mond...