Money cowries were used for thousands of years as currency across the Indo-Pacific world but introduced into Atlantic commercial networks relatively late.
The agreement marks a key milestone in strengthening bilateral financial cooperation between the world’s largest exporter, China, and Southeast Asia’s largest economy, Indonesia.
Zimbabwe wants to issue a sovereign bond to raise $3.5 billion it has agreed to pay as compensation to white farmers, but the economic and political conditions aren’t conducive to such an issuance.
Most countries manipulate their currencies – at least a little – but at the moment that’s not the real reason they are undervalued relative to the dollar.
The rupiah exchange rate will remain stable at around Rp14,000 per US dollar in the near future. There are at least three key reasons supporting this prediction.
While the euro’s survival for two decades is evidence of its success, it was born with fundamental problems that have weakened it, leading to near-constant crisis.
Ongoing volatility is causing intense debate about how to manage relations between the two powerful nation, which is only likely to become more challenging.
Venezuela recently devalued its bolivar by 95 percent to tame rabid hyperinflation that has been sending prices on everyday goods through the roof. If history is a guide, it won’t work.
US sanctions announced earlier this month may have triggered the plunge in the lira, but the government has been mismanaging Turkey’s economy for years, creating severe vulnerabilities.