You are here

Category: Economy

Political Unrest Shadows Panama's Economic Future 1 International Copper Economy 

Political Unrest Shadows Panama’s Economic Future

Constance
Six months after Panama was rocked by violent protests, the country’s political landscape remains tense, deterring foreign investors. The demonstrations, initially led by local unions and students, led to the abrupt closure of a crucial copper mine in December, causing discomfort among politicians and candidates in the upcoming presidential election. With the mine’s closure, Panama’s economy faces significant challenges, prompting concern among creditors and investors. The country’s investment-grade ratings have been downgraded, and its bonds have underperformed in emerging markets. The closure of the Cobre Panama mine, which contributed about… Read More Here
Gold Surges Amid Escalating Tensions in Middle East 2 International Economy Gold 

Gold Surges Amid Escalating Tensions in Middle East

Constance
Gold prices surged by up to 1.2% following Iran’s recent attack on Israel over the weekend, driving demand for safe-haven assets. The precious metal remained near a record high achieved on Friday as the conflict in the Middle East intensified. Iran launched over 300 drones and missiles against Israel on Saturday, most of which were intercepted, with no reported fatalities. As of 6:20 a.m. in Singapore, spot gold rose by 0.8% to $2,361.92 per ounce, continuing its rally that began in mid-February. Read More Here
IMF Managing Director Urges Global Cooperation for Economic Transformation 3 International Economy 

IMF Managing Director Urges Global Cooperation for Economic Transformation

Constance
In a keynote speech delivered at the IMF-World Bank 2024 Spring Meetings, Managing Director Kristalina Georgieva emphasized the critical need for coordinated policy responses to address the current economic landscape and pave the way for a transformative future. Against the backdrop of geopolitical tensions and lingering pandemic scars, Georgieva painted a nuanced picture of the global economy. While acknowledging marginal improvements in growth, particularly in the United States and select emerging markets, she underscored persistent challenges and growing divergence, especially among low-income countries grappling with severe scarring. Central to Georgieva’s… Read More Here
Kristalina Georgiva re-elected as Managing Director of the IMF 4 International Economy 

Kristalina Georgiva re-elected as Managing Director of the IMF

Constance
On April 12, 2024, the Executive Board of the International Monetary Fund (IMF) reaffirmed its endorsement of Kristalina Georgieva as the sole candidate for the position of Managing Director for a second term, commencing on October 1, 2024. The decision, reached by consensus, followed extensive discussions, including dialogues with Georgieva herself. Coordinators of the Executive Council, Mr. Afonso S. Bevilaqua and Mr. Abdullah F. BinZarah, emphasized Georgieva’s exemplary leadership amidst global challenges. The Board commended Georgieva’s proactive response to major global shocks during her tenure, including facilitating over $360 billion… Read More Here
DRC's Commercial Banks Witness Decline in National Currency Assets 5 Mining in DRC Economy 

DRC’s Commercial Banks Witness Decline in National Currency Assets

Constance
The Central Bank of Congo (BCC) has reported a significant drop in the assets of commercial banks in the Democratic Republic of Congo (DRC) for the week spanning March 29 to April 5, 2024. According to the BCC, the assets in the national currency decreased by 61.8 billion Congolese Francs (CDF), reaching a total of 2,904.2 billion CDF. The BCC’s economic situation note revealed a net position of national currency assets for commercial banks, with a mandatory reserve of 2,376.0 billion CDF. Additionally, the weekly average net position stood at… Read More Here
Zimbabwe's ZiG Currency Trading Commences Amid Lingering Uncertainty 6 International Economy 

Zimbabwe’s ZiG Currency Trading Commences Amid Lingering Uncertainty

Constance
Zimbabwe’s latest attempt to stabilize its economy began on Monday with the introduction of the new gold-backed currency, ZiG, amidst skepticism and economic challenges. The Reserve Bank of Zimbabwe unveiled ZiG as a replacement for the struggling Real Time Gross Settlement Dollar (RTGS), which had experienced significant devaluation, trading at 28,720 to $1 before the transition. Bank balances were automatically converted into ZiG currency over the weekend, with customers given a 21-day window to complete the process. The new ZiG banknotes, available in denominations ranging from 1 to 200, are… Read More Here
China’s central bank adds more gold to its reserves in March 7 International Economy Gold 

China’s central bank adds more gold to its reserves in March

Constance
China’s central bank added 160,000 troy ounces of gold to its reserves in March, it said, in line with the market view that persistent official sector demand had supported gold’s recent rally. Spot gold jumped 9.3% in March, its strongest monthly performance since July 2020, despite a strong dollar and elevated US real interest rates. That rally has continued, with gold hitting successive record highs during the last seven sessions to touch $2,353.79 per ounce on Monday. “China has now been adding gold to its reserves for 17 consecutive months.… Read More Here
Zambia's Govt Urges Public Support for Mopani Copper Mines Revitalization 8 Mining in Zambia Copper Economy 

Zambia’s Govt Urges Public Support for Mopani Copper Mines Revitalization

Constance
The Zambian government has urged citizens to disregard political rhetoric aimed at undermining its efforts to revitalize Mopani Copper Mines (MCM) through a partnership with International Resources Holding (IRH). Minister of Mines and Minerals Development, Paul Kabuswe, emphasized that the decision to allocate 51 percent shares to IRH is solely aimed at rejuvenating operations at the mine and should not be politicized. Kabuswe urged the public to ignore false rumors about the deal, stating that their intentions are solely to discredit the government. He clarified that despite the partnership, the… Read More Here
Gold Ore Prices Show Increment in Early April 2024, Boosting DR Congo's Economy 9 Mining in DRC Economy Gold 

Gold Ore Prices Show Increment in Early April 2024, Boosting DR Congo’s Economy

Constance
Gold ore prices saw a slight increase in the first week of April 2024, continuing a trend that had been progressing well for several weeks. Data from the National Mercurial Commission of the Ministry of Foreign Trade of the Democratic Republic of Congo indicated that during the week of April 1 to 6, a gram of gold sold at 70.45 USD, compared to 69.91 USD the previous week, marking a 0.77% increase. This upward trajectory in gold prices globally is expected to positively impact the economy of the Democratic Republic… Read More Here
Zambia Revenue Authority Exceeds Q1 Revenue Target 10 Mining in Zambia Economy Taxes 

Zambia Revenue Authority Exceeds Q1 Revenue Target

Constance
The Zambia Revenue Authority (ZRA) has reported a revenue collection of 28.4 billion kwacha in the first quarter of 2024, surpassing the targeted 28.1 billion kwacha by 339 million kwacha. ZRA Commissioner General, Dingani Banda, disclosed this in Lusaka today during a presentation at the Economics Association of Zambia (EAZ) Summit, delivered on his behalf by ZRA Acting Commissioner for Business Facilitation, Richard Kapasa. Mr. Banda outlined that ZRA aims to collect 125.3 billion kwacha through various taxes this year, marking a 21.5% increase from last year’s collection of 103… Read More Here

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Copperbelt Katanga Mining will use the information you provide on this form to be in touch with you and to provide updates and marketing.