The World Bank reports that Nigeria lost over $8 billion due to the Central Bank of Nigeria’s (CBN) refusal to float the naira between 2021 and 2023. This foreign exchange subsidy, along with the fuel subsidy, deprived the government of revenue. The World Bank acknowledges the suffering caused by the government’s policies but insists they…
A Zimbabwean professor has highlighted the BRICS New Development Bank (NDB) as a crucial alternative to the International Monetary Fund (IMF), offering better financial terms to developing nations. He emphasized the NDB’s role in helping countries like Zimbabwe escape debt cycles and discussed the introduction of Zimbabwe Gold (ZiG), a currency backed by mineral wealth,…
The U.S. share of the global economy has fallen below 15% during President Joe Biden’s term, according to Sputnik’s analysis of World Bank and International Monetary Fund (IMF) data. Once peaking at over 21% in 1999, the U.S. has seen a steady decline, with China now commanding a larger share at 18.76%. This downward trend…
XRP’s World Bank recognition highlights its efficiency, speed, and low cost in cross-border transactions, elevating its role in global payments. XRP’s design as a bridge currency positions it as a strong alternative to traditional banking systems, potentially shaping future international payments. In line with the update on XRP’s new status, the World Bank has designated…
XRP is a prominent subject of discourse in global cross-border and payment solutions. The coin is linked to the Ripple Labs ecosystem, with a rich payment solution record. With its growing popularity, XRP is now linked with Tesla CEO Elon Musk, the International Monetary Fund (IMF), and the World Bank. As a result, there is…