Russian sanctions bring non-dollar currencies to the fore in international trade
Sanctions on Russia have resulted in a marked increase in the attractiveness of China’s renminbi for certain international trade transactions,...
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Ethiopia finalises banking liberalisation rules as foreign currency challenges mount
Ethiopia reached an agreement with bilateral creditors on an interim debt-service suspension in mid-November, and has indicated it will begin talks on the restructuring of a $1bn eurobond that matures in 2024. But what impact will this have on the Ethiopian economy in the immediate future?Since applying for treatment under the Common Framework in early 2021, Ethiopia remained current on its external debt obligations. However, Ethiopia has faced payments pressures recently, compounded by recent and successive global and domestic shocks. The agreed interim debt service suspension will provide a structured mechanism...