Currencies

The African Export-Import Bank (Afreximbank), has launched the Pan-African Payment and Settlement System (PAPSS) credit and debit card in Abuja, Nigeria. The partnership with MercuryPaY, a digital payment solutions firm, at the 2025 Afreximbank Annual Meetings in Abuja, Nigeria is a major milestone in Africa’s financial integration journey, bringing the continent closer to seamless cross-border commerce. The PAPPS card allows holders to spend their national currencies across the 16 countries where the system is currently operational, eliminating the costly need for currency conversion through external intermediaries. The first ever Pan-African...

India's foreign exchange reserves (forex) declined by $1.02 billion this week after extending gains in the previous week stabilising at $697.93 billion, official data released by the Reserve Bank of India showed.The Forex extended their gains, jumping $2.294 billion to $698.950 billion in the week ending June 13. As on June 20, the data shows that the foreign currency assets declined $0.36 billion to $589.07 billion.Gold reserves were down by $5.73 million to stand at $85.74 billion during the week, the apex bank's data shows while the special drawing rights...

ROORKEE: Three people were arrested on Saturday for their alleged involvement in printing counterfeit notes, and according to police, the accused were members of an inter-state fake currency racket.Efforts are now on to apprehend five more members of the gang who remain at large. During the raid, police recovered counterfeit currency worth Rs 6 lakh in Rs 500 denomination notes. The accused were reportedly using computer equipment to produce the fake notes. A printer used in the process was also seized from their possession.The three accused were Baleshwar Singh alias...

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.South Korea’s stock market has been supercharged by an investor frenzy over won-based digital money this month, following newly elected President Lee Jae-myung's pledge to allow crypto assets backed by the national currency.Stocks that have been involved in the Bank of Korea’s digital currency project, including Kakao Pay and LG CNS, have been on a wild ride. Kakao Pay shares more than doubled this month and LG CNS rose almost 70 per...

File picture: The German share price index DAX graph pictured at the stock exchange in Frankfurt, Germany. The DAX index has emerged as one of the surprisingly best performers after a long time. This reflects renewed optimism in Germany’s economy, which is undergoing a reset. | Photo Credit: STAFF If you’d gone into hibernation on January 1 and just woken up, you might assume the global markets, especially the US, had had a smooth ride in H1 of 2025. For example, the 2.9 per cent, 4.51 per cent and 4...

File picture: The German share price index DAX graph pictured at the stock exchange in Frankfurt, Germany. The DAX index has emerged as one of the surprisingly best performers after a long time. This reflects renewed optimism in Germany’s economy, which is undergoing a reset. | Photo Credit: STAFF If you’d gone into hibernation on January 1 and just woken up, you might assume the global markets, especially the US, had had a smooth ride in H1 of 2025. For example, the 2.9 per cent, 4.51 per cent and 4...

KUALA LUMPUR, June 28 — Greater economic integration among the members of the Association of Southeast Asian Nations (Asean) is accelerating efforts to build an independent and resilient regional financial system, aimed at reducing reliance on external currencies and enhancing monetary stability across Southeast Asia, according to a Malaysian analyst.These moves are not meant to target any specific country but rather reflect a desire to move away from external financial volatility and facilitate transactions using local currencies for intra-Asean trade, which will enable seamless cross-border transactions, provide greater market access...

The meme currency market has once again turned traditional money on its head in 2025. In an era when community-driven tokens dominate the headlines and trading charts, meme currencies continue to surprise those who doubt their value and reward those who believe in them. A new generation of meme coins is emerging, thanks to cutting-edge technology, powerful communities, and social media. Little Pepe (LILPEPE), Brett (BRETT), Apecoin (APE), and Pudgy Penguins (PENGU) are four meme coins making a notable impact this month. Their excitement and distinct value propositions might make...

President Bola Tinubu, on Friday, urged African countries to embrace the Pan-African Payment and Settlement System (PAPSS) for deeper financial integration across the continent.He made the call at the Afreximbank 32nd Annual Meetings, attended by Nairametrics.He urged all African countries to embrace the technology.“I urge all Africans, all African nations, to embrace PAPSS because deeper financial integration strengthens our collective resilience,” he said.President’s Remarks  Highlighting Oramah’s impact on Nigeria, Tinubu stated that the nation has benefited from over $52 billion in support directed into energy, agriculture, infrastructure, manufacturing, healthcare, and creative...

The Bank for International Settlements issued its starkest warning yet on the risks posed by stablecoins and urged countries to move rapidly towards the tokenisation of their currencies. The BIS, often dubbed the central bankers’ central bank, outlined its concerns, including stablecoins’ potential to undermine monetary sovereignty, transparency issues and the risk of capital flight from emerging economies. It comes less than a week after the US Senate passed a bill to create a regulatory framework for US-dollar-pegged stablecoins, a move which, if rubberstamped by the House, is expected to...