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In Quito and Harare, advice and warnings about dollarization for Argentina

In Quito and Harare, advice and warnings about dollarization for Argentina

FROM Zimbabwe's capital Harare to Quito in Ecuador, green bills circulating on the streets and in shops with images of U.S. presidents reflect a big choice that has been made: picking the dollar over the local currency to bring economic stability. The two countries offer a lesson - and warnings - for Argentina, the latest nation globally to toy with the idea of ditching an embattled local tender in favour of the greenback, a signature campaign pledge of President-elect Javier Milei. Dollarization or the part-way option of a peg to the dollar has generally been triggered as a last-ditch option to…
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Starved of dollars, Nigerian businesses struggle for survival

Starved of dollars, Nigerian businesses struggle for survival

ALEXIS AKWAGYIRAM and CHIJIOKE OHUOCHA AS women in hairnets and anti-coronavirus masks sort through folded nappies coming off a conveyor belt, the head of the Nigerian firm they work for wonders how much longer he can afford to keep them in employment. Around 80% of the materials that go into Lagos-based diaper and sanitary towel manufacturer Wemy's products are imported. To buy them, Paul Odunaiya needs dollars, which he can no longer find. "We're pleading with our suppliers to wait a bit longer so that we can source dollars and pay them," Odunaiya told Reuters. With the price of oil,…
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