{"id":50773,"date":"2024-06-03T16:18:39","date_gmt":"2024-06-03T16:18:39","guid":{"rendered":"https:\/\/www.africa-press.net\/eswatini\/all-news\/how-mtn-bushfire-brings-investments-through-dollarisation"},"modified":"2024-06-03T17:06:13","modified_gmt":"2024-06-03T17:06:13","slug":"how-mtn-bushfire-brings-investments-through-dollarisation","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eswatini\/all-news\/how-mtn-bushfire-brings-investments-through-dollarisation","title":{"rendered":"HOW MTN BUSHFIRE BRINGS INVESTMENTS THROUGH DOLLARISATION"},"content":{"rendered":"

Africa-Press – Eswatini. <\/strong><\/span>The MTN Bushfire Festival plays a vital role in bringing in foreign investments into Eswatini, through the process of what is known as the dollarisation.<\/b><\/p>\n

Yesterday (Saturday, June 1, 2024), Prime Minister Russell Mmiso Dlamini described this entertainment showpiece as the one that brought dollars into the country. He further said Bushfire put the country on the global map because it was now known all over the world, as people from many countries and almost all the continents took part in this event.<\/p>\n

The event was attended even by the likes of former Botswana\u2019s President Lieutenant General Ian Khama. Artists came from countries such as South Africa, USA, Mozambique, Spain among other countries.<\/p>\n

The process of accepting dollars or any foreign currency into any country has become widely known as dollarisation, according to Western Union (westernunion.com). This process can happen informally (when businesses decide amongst themselves to accept the dollar as a medium of exchange) or formally (when a country adopts the dollar or any foreign currency as an official medium of exchange).<\/p>\n

The advantages of dollarisation include the following, according to Western Union:<\/p>\n

\u2022 Faster development \u2013 dollarisation promotes economic stability. Investors may feel more secure when investing in that country, a process that can spur more investments.<\/p>\n

\u2022 Improve global economy \u2013 the introduction of the US dollar into a country can help that country\u2019s economy to be integrated into the world markets, because of its wide acceptability.<\/p>\n

\u2022 Prevent speculative attacks on foreign currency \u2013 by using a foreign currency, countries\u2019 domestic currencies could be less susceptible to speculative foreign attacks. A speculative attack happens when there is massive selling of a currency, leading to its drastic devaluation.<\/p>\n

However, the dollarisation process comes with its own disadvantages, according to Western Union. The disadvantages may need to be managed. They are the following:<\/p>\n

\u2022 Loss of seigniorage \u2013 when a country undergoes dollarisation, it first reduces its domestic currency by buying it back. Seigniorage, or the profit a country makes when issuing its currency, funds this activity. After dollarisation, a country loses its ability to print its own currency and loses future seigniorage.<\/p>\n

\u2022 Loss of monetary autonomy \u2013 when a country dollarises, it loses control over its money supply and its ability to affect the lending rate. It also loses the direct control over its own economy.<\/p>\n

\u2022 Subject to economy of a foreign currency \u2013 if a country uses a foreign currency for transactions, the economy of that country will be subject to the economy of the respective country.<\/p>\n

For More News And Analysis About Eswatini<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eswatini. The MTN Bushfire Festival plays a vital role in bringing in foreign investments into Eswatini, through the process of what is known as the dollarisation. Yesterday (Saturday, June 1, 2024), Prime Minister Russell Mmiso Dlamini described this entertainment showpiece as the one that brought dollars into the country. He further said Bushfire […]<\/p>\n","protected":false},"author":84,"featured_media":50772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,4],"tags":[234,248,249],"class_list":["post-50773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-culture-and-art","tag-africa-press","tag-africa-press-eswatini","tag-eswatini"],"yoast_head":"\nHOW MTN BUSHFIRE BRINGS INVESTMENTS THROUGH DOLLARISATION - Eswatini<\/title>\n<meta name=\"description\" content=\"The MTN Bushfire Festival plays a vital role in bringing in foreign investments into Eswatini, through the process of ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/how-mtn-bushfire-brings-investments-through-dollarisation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HOW MTN BUSHFIRE BRINGS INVESTMENTS THROUGH DOLLARISATION\" \/>\n<meta property=\"og:description\" content=\"The MTN Bushfire Festival plays a vital role in bringing in foreign investments into Eswatini, through the process of ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/how-mtn-bushfire-brings-investments-through-dollarisation\" \/>\n<meta property=\"og:site_name\" content=\"Eswatini\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-03T16:18:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-03T17:06:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2024\/06\/sm_1717421668.89633.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"680\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/how-mtn-bushfire-brings-investments-through-dollarisation#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/how-mtn-bushfire-brings-investments-through-dollarisation\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"HOW MTN BUSHFIRE BRINGS INVESTMENTS THROUGH DOLLARISATION\",\"datePublished\":\"2024-06-03T16:18:39+00:00\",\"dateModified\":\"2024-06-03T17:06:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/how-mtn-bushfire-brings-investments-through-dollarisation\"},\"wordCount\":431,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/how-mtn-bushfire-brings-investments-through-dollarisation#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2024\/06\/sm_1717421668.89633.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eswatini\",\"Eswatini\"],\"articleSection\":[\"all news\",\"culture and art\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eswatini\/all-news\/how-mtn-bushfire-brings-investments-through-dollarisation#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/how-mtn-bushfire-brings-investments-through-dollarisation\",\"url\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/how-mtn-bushfire-brings-investments-through-dollarisation\",\"name\":\"HOW MTN BUSHFIRE BRINGS INVESTMENTS THROUGH DOLLARISATION - 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