Currency:quarkchain articles
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Republicans fight back against central bank digital currencies
On May 23, 2024, the Republican-controlled U.S. House of Representatives struck a major blow to the implementation of central bank digital currencies, passing the CBDC Anti-Surveillance State Act (H.R. 5403), which prohibits the Federal Reserve from: Directly issuing a CBDC without explicit approval from Congress; Using a CBDC to set monetary policy; Maintaining financial accounts for individuals (something failed Biden nominee Saule Omarova had proposed). Rep. Patrick McHenry (R-N.C.),...
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IEA urges BoG to implement currency board system
The Institute of Economic Affairs (IEA) has proposed that the Bank of Ghana (BoG) consider replacing the existing central bank system with a currency board.
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BoG spent GH¢675.4m to print currencies in 2023
The Bank of Ghana spent GH¢675.4 million to print currencies in 2023. According to its 2023 Annual Report and Financial Statement, this is a 107.4% increase over the GH¢325.64 million recorded in 2022. The report also said the Central Bank also spent ¢7.32 million in 2023 on other currency management operations, as against ¢6.54 million […]