Kenyan Central Bank Rejects Deputy President Rigathi Gachagua’s Claims Countr...
The Central Bank of Kenya appeared to rebuke the country’s new deputy president Rigathi Gachagua, after it rejected the latter’s claims the East African nation lacks enough foreign exchange to import oil. According to the bank, all the foreign exchange used in private transactions and for oil imports is sourced from commercial banks. Central Bank Only Sources Forex for the Government The Kenyan central bank has pushed back against remarks made by the country’s deputy president Rigathi Gachagua which implied the East African nation lacks foreign exchange....
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Dmitry Medvedev, Russia’s former president and prime minister, has expressed his displeasure with the Central Bank of Russia’s decision to ban crypto transactions. Medvedev Pushes Against Crypto Ban The proposal by the Central Bank of Russia to exempt a variety of crypto-related operations from the legislation has caused a storm of criticism in Moscow. The […]
The global lending institution, the International Monetary Fund (IMF) has told the Kenyan central bank that its proposed digital shilling must “do no harm” to existing private sector digital money. The lender insisted the proposed central bank digital currency (CBDC) must “not stifle such welcome digitalisation developments by taking away customers of banks and other digital finance providers.”
Keeping Payment System Open and Competitive
The International Monetary Fund (IMF) has reportedly said the Kenyan central bank’s proposed digital....
A deputy governor of India’s central bank, the Reserve Bank of India (RBI), likens cryptocurrencies to Ponzi schemes, emphasizing that they cannot be regulated. “It would be futile to regulate cryptocurrencies,” he claims, stating that they should be banned. RBI’s Deputy Governor Sees Crypto Ban as ‘the Most Advisable Choice Open to India’ A deputy governor of the Reserve Bank of India (RBI), T. Rabi Sankar, shared his view on cryptocurrency and what Indian crypto policy should be during his keynote address at the Indian Banks Association 17th....
The monetary policy committee of the Kenyan central bank recently revealed it increased the central bank rate by 75 basis points from 7.5% to 8.25%. Justifying its decision to act, the committee cites growing inflationary pressures and increased global risks, as well as their likely impact on the domestic economy. Growing Inflationary Pressures Following its latest meeting, the monetary policy committee (MPC) of the Central Bank of Kenya (CBK) announced it approved increasing the central bank rate (CBR) from 7.50 percent to 8.25 percent. The MPC, which is chaired by the central bank....
The Kenyan central bank governor Patrick Njoroge has described as “craziness” the calls to convert Kenya’s reserves into bitcoin. He added that he would have to be out of his mind before agreeing to this. Njoroge argued that cryptocurrencies like bitcoin are not only volatile, but are hardly solving any problem. CBK Governor Says Converting Kenya’s Reserves to Bitcoin Deserves a Jail Term The Central Bank of Kenya (CBK) governor, Patrick Njoroge, has described the idea of putting the country’s reserves into bitcoin as “craziness.” Njoroge,....