Police in Busia are holding a 40-year-old Congolese national for being in possession of counterfeit US dollars and fake Congolese currency.

THE rand had its biggest fall in two weeks yesterday as stocks around the world dropped on fear that slower global economic growth could affect demand for commodities and erode company earnings.

There are tough times ahead, especially for the majority poor, as it may just be a matter of time before the inflation rate hits the doubt digits, experts have warned.

The cost of living is spiralling out of control, even as experts debate the accuracy of inflation measures in Kenya.

The Central Bank of Nigeria (CBN), yesterday, increased foreign exchange sales to Bureau De Change (BDCs) by 50 percent from $250,000 to $300,000 per BDC per auction session.

THE Reserve Bank of Zimbabwe has licenced 222 centres countrywide to operate as bureaux de change.

THE trade deficit widened to a near-record R14,3bn in July , after soaring oil prices pushed the cost of imports to a historic peak, data showed last week.

The Kenya shilling weakened slightly against the dollar in quiet trade on Friday and dealers saw it remaining rangebound in coming days.

The rising cost of goods and services is expected to ease in the coming months to settle between 10 and 20 per cent.

The sharp drop in Kenya's earnings from tourism and a sluggish growth in commodity prices is stacking up through the hub of the US dollar to a bonanza for Ugandan buyers of Kenyan goods.

IN continuing with the discussion that commenced last week this contribution seeks to investigate whether or not it is legal to sell goods and services in foreign currency locally.

Business is booming for service stations that are selling fuel in foreign currency, a development that has made them a serious threat to both the black market and service stations that use the coupon system.

The new FCFA 10, 5, 2 and 1 copper coins introduced into circulation early last year are apparently of little use in the market.

Zimbabwe exudes immense potential to earn foreign currency that the US$3 billion required annually is not necessarily a difficult feat for our exporters.

ZIMBABWE'S battered dollar plunged by more than 100% on the parallel market a week after the currency reforms in what analysts say indicate reforms by the central bank were not addressing the country's economic problems.

Local industries fear they will be choked to death by a glut of South African imports as the SADC region opens up to a free trade zone.

The surge in the demand for foreign exchange continued last week as the Central Bank of Nigeria (CBN), attributed the observed increase in demand to the surge in foreign exchange purchases for the importation of fuel (Premium Motor Spirit), by some oil companies coupled with the dividend remittances during the week.

ROOPESH Dhilrajlal Solanki, the former manager of the defunct Lannex Forex Bureau, was on Friday jailed in Luzira prison for embezzling sh254m.

THE Reserve Bank of Zimbabwe has increased the daily cash withdrawal limit from $300 to $500 with immediate effect for both individuals and companies.

Driven by the transport, food and non-alcoholic beverages group indices, the national year-on-year inflation rate for the month of July 2008 stood at 15 percent, up from the 14.5 percent in June, the Central Statistical Office (CSO) has reported.

The economic crisis in Zimbabwe is worsening, with no solution in sight. People are struggling to eke out a living as the rate for the Zimbabwean dollar continues to collapse. UK based money transfer companies were on Tuesday trading the Zimbabwe dollar at $780 to the British pound on the parallel market, when just four days before the rate was Z$210 to £1.

Central Bank of Kenya has moved to ease foreign exchange losses for regional investors and Kenyans abroad who are still waiting for their Safaricom initial public offering (IPO) refunds.