Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Central Bank’s Twitter Response Highlights Struggle in Emerging Markets and the Declining Value of Old Paper Money

by Daily Hodl Staff
May 13, 2020
in Blockchain, Futuremash
[the_ad id="93550"]

Emerging market currencies are facing fresh record lows against the US dollar. With central banks taking extreme measures to combat the economic fall-out from the coronavirus outbreak, along with the severe impact of slumping oil prices, people in South Africa, Iran, Mexico, Brazil and elsewhere are facing devalued or collapsing currencies as well as massive foreign debt.

For the first quarter of 2020, the MSCI Emerging Market Currency Index, which tracks emerging market currencies, showed a 6% drop, the biggest quarterly decline since 2015. Heading into April, several currencies posted sharp declines in value against the US dollar.

  • South Korean Won -5%
  • Turkish Lira -14%
  • Brazilian Real -23%
  • Mexican Peso – 24%
  • South African Rand -32%

Last week, Iran passed a bill to rename the rial, slashing four zeros from its currency. The new “toman” will equal 10,000 rials or 100 “gheran” which is yet another new currency denomination.

Abdolnaser Hemmati, governor of Iran’s central bank, says the dramatic reform is imminent. He told parliament on Monday that the currency’s latest downward spiral is part of a long-standing systemic problem, reports the Financial Times.

“Currently, our money has a horrifying difference with euro and [one rial] equals €0.000006. The efficiency of the national currency has declined due to chronic inflation over five decades.”

The Central Bank of Kenya highlighted its inability to offer any guidance on old paper money that has depreciated, telling a holder they had “no advice to give”.

Sorry, we have no advice to give. https://t.co/wxEKElJqY5

— Central Bank of Kenya (@CBKKenya) May 13, 2020

In Miyani, a small village in Kenya, consumers are seeing an uptick in the number of people using a blockchain-based digital currency called sarafu to make daily purchases of food and other household goods. By sending the currency through smartphones, users avoid Kenya shillings. According to Will Ruddick, a board member at Grassroots Economics which runs the sarafu network, activity has surged over 500% since 2019.

Emerging markets are also coping with the crippling effects of the tourism industry which has been wiped out by Covid-19. Speaking on Wednesday at a conference hosted by the Financial Times, the IMF’s chief economist Gita Gopinath says she expects the global economy to continue its downward spiral due to a collapse in consumption.

“If anything, it looks like the outlook will worsen.”

The IMF is forecasting a recovery for both advanced economies and emerging and developing economies in 2021.

[the_ad id="95413"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Walid Kilonzi

Submit a Press Release

Industry Announcements

  • DAM Finance Receives Strategic Investment From Arrington Capital Moonbeam Growth Fund
    August 11, 2022
  • Metaverse, Web 3.0 Disruption and Blockchain Advancement To Be Discussed at MetaWeek in Dubai
    August 11, 2022
  • DeFiChain Community Brings Attractive Rewards for DFI ERC-20 Pairs on Uniswap
    August 8, 2022
  • Bware Labs Announces the Blast Incentivized Testnet, Code-Named Houston
    August 8, 2022
  • Aurigami Collects $12 Million War Chest To Grow Aurora-Based Lending Protocol
    August 2, 2022
  • Impel Adds Bitcoin to ISO 20022 Financial Messaging on XDC Network
    August 2, 2022
  • Serenity Shield and Digital Insights Announce Strategic Partnership
    August 2, 2022
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$24,513.57
$24,513.57
0.23%
Ethereum
$1,985.44
$1,985.44
0.17%
Cardano
$0.58323
$0.58323
4.35%
XRP
$0.385451
$0.385451
1.36%
Dogecoin
$0.078009
$0.078009
6.38%

Spotlight

  • The Bank of Thailand Will Launch Retail CBDC Pilot Test in a Small Group by the End of This Year
    August 8, 2022
  • Analyst Predicts Imminent Regulations Will Trigger Crypto ‘Cleansing’ – Here’s The Silver Lining
    August 11, 2022
  • Solana, Avalanche, and Polygon Breaking Out as One DeFi Altcoin Carves Bear Market Bottom: Top Crypto Analyst
    August 14, 2022
  • Banking Titan Citi Says Ethereum Merge Could Boost Crypto Exchange Coinbase Stock Price: Report
    August 7, 2022
Finance Magnates London Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2022 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2022 The Daily Hodl