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Morocco’s Tanger Med Port ranked sixth best worldwide

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Morocco’s Tanger Med Port which is reputed to be the largest in Africa and the Mediterranean, has made history as the sixth best and most efficient ports in the world.

The Tanger Med Port which has access to almost 180 ports and 70 countries across the five continents of the world, placed sixth out of 370 ports in the second phase of the global container port performance ranking for 2021 in a study assessing the efficiency of the world’s largest ports.

The study conducted by the World Bank and Standard & Poor’s Global Market Intelligence and the Container Ports Performance Index (CPPI), showed that ports in the Middle East and East Asia have efficiently adapted to the substantial volume rise and service unpredictability induced by the effects of the global pandemic.

The only ports that outperformed the Tanger Med Port were the King Abdullah Port in Saudi Arabia, Salalah Port in Oman, Hamad Port in Qatar, Yangshan Port in Shanghai, and Khalifa Port in Abu Dhabi, all in the Middle East, according to the CPPI ranking by volume of trade and profitability.

The CPPI is a comparative index of worldwide container port performance designed to serve as a reference point for major stakeholders in the global economy.

The report index monitors and compares the performance of port infrastructures throughout the world and is used as a standard for the major players in the global economy.

Being the largest seaport in Africa and the Mediterranean coasts to the north and south, the Moroccan Tamger Med Port has become the first commercial port of the African continent and an essential crossing for global commerce ships between Latin America and some of the world’s biggest ports on the Asian coasts.

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Zimbabwe continues battle to save currency, introduces gold coins as legal tender. Will that work?

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South African country, Zimbabwe has continued its battle at fighting inflation as its central bank will start issuing gold coins as legal tender in late July.

Soaring inflation has weakened the local currency and the central hopes the gold coin, named ‘Mosi-oa-Tunya’, after Victoria Falls, can be converted into cash in the bid to strengthen its legal tender.

Last month, Zimbabwe raised its key rate to 200 percent after it was raised from raised to 80% in April from 60%. The decision made the country’s rate the highest in the world as it battles with soaring inflation persist. The rate was last

The central bank governor, John Mangudya in a statement on Monday, said that the gold coins will be available for sale to the public in both local currency and US dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost production”.

The coins are expected to act as a ‘store of value and to reduce the demand for US dollars’ – something that has been blamed for the weakening value of the local currency.

In another move 2 months ago, the Zimbabwean government has ordered commercial banks in the country to stop lending money to government at all levels, businesses and individuals with immediate effect.

Will the introduction of the coins be the final answer to Zimbabwe currency crises the possibility is low as its current inflation situation is a product of many factors which cannot be turned over night but hopefully the coins will be the flip that leads a new path.

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Somalia gives foreign banks licence to operate in decades

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The Somali government has announced the licensing of foreign banks for the first time in over two decades six weeks after President Hassan Sheikh Mohamoud was sworn into office following an elections that took years to conduct following a lingering political crisis.

The announcement which was made on Monday by the governor of the Central Bank of Somalia (CBS) Abdirahman Mohamed Abdullahi, said the war-ravaged country has granted banking licenses to two foreign institutions to operate in the country after President Mohamoud had promised to open the country to international investment during his campaigns for the elections.

The first foreign banking institutions to benefit from the decision are Egyptian bank, Banque Misr, and Turkish bank, Ziraat Katilim, who have been allowed to operate in Somalia.

“The review of the applications of these two banks has been the subject of a lengthy process of several months.

“These are two strong banks that will add value to the development of Somalia’s financial sector and contribute to the growth of our economy,” the CBS governor said

Ranked one of the poorest countries in the world by the World Bank, the average Somalian lives on less than $1.90 a day as the country struggles to recover from decades civil war and and opening its doors to foreign investments is seen as President Mohamoud fulfilment of his pledge to improve the economic situation and provide basic banking services to the population.

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