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10.08.25 - 16:54
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Africa Set To Test Critical-Minerals-Backed Currency (ZeroHedge)
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Africa Set To Test Critical-Minerals-Backed Currency
Authored by Darren Taylor via The Epoch Times (emphasis ours),
Major countries and regional blocs in Africa are throwing their weight behind an ambitious plan to establish a “non-circulating” currency backed by critical minerals, which are crucial to technological development, defense, and economic growth.
A miner displays diamonds dug out of a disused mine in Komaggas, South Africa, in June 2012. Alexander Joe/AFP/Getty Images
Analysts say a denomination based on commodities could reduce Africa's reliance on foreign currencies—especially the U.S. dollar—and decrease its dependence on loans from China, Europe, the United States, and global financial institutions like the World Bank.
The proposed monetary unit is provisionally called the African Units of Account (AUA), according to a plan formulated by the African Development Bank (AfDB) and KPMG South Africa.
The new currency is supported by the African Union and South Africa, the ...
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09.08.25 - 09:12
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Africa VC Sees FX Volatility as a Feature, Not a Burden (Bloomberg)
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LoftyInc Capital's Idris Ayodeji Bello takes a deep dive into his investment strategy, giving his view on why Africa is the most undercapitalized region in the world. Speaking to Bloomberg's Mohamed Elmeshad, he also discusses the way local fund managers navigate FX market volatility, saying that it's a feature and not a burden. (Source: Bloomberg)...
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