African currencies keeping steady performance
For a while now, Morocco has been grappling with the issues of illegal immigrants from their country to other countries, especially Europe. As a result, there has been a fallout in relations between Morocco and many countries in the European continent which in turn has affected the performance of Moroccan Dirham against the Euro. Currently, one Euro is trading at 10.6544 against Moroccan Dirham(MAD). This currency has maintained a steady standing against other currencies within Africa even though it had dropped sharply to US dollar to a low of 10.122 last year.
The Egyptian Pound
Despite its political and economic confusion, Egypt has been struggling to maintain a lot of its country’s currency value and strength against other internationally competitive currencies such as the Euro and US dollar. So far 1 Egyptian Pound goes for 0.05355 US dollars while for the Euro, it stands at 0.5113. This depicts a significant stability and economic stability.
Due to the fact that Tunisia was the epicenter for the adverse Arab Spring, it was not only affected politically but also on its social and economic spheres. Its financial market hasn’t been as stable as such though the country has been struggling to keep it afloat. Presently the dinar is trading at 2.4 dinars against one Euro and 2.2 against a single US dollar.
It is undisputable that Botswana Pula is one of those currencies that has been doing so well in the African currency market. The Pula has been stronger than many currencies including the famed South African Rand with one so far 1 Pula going for R1.20. Meanwhile, it’s trading at 10.8 BPW against the US Dollar and 13.53 against the Euro
Libya is another African country that has been going through strong political upheaval in the recent past, which is a situation that isn’t healthy for any economy. Unbelievable though is how this country has been able to maintain the strength of its currency despite the skirmishes; which led to a total shutdown of major economic pillars and massive closure of businesses across the country. Some economic analysts, however, argue that probably it’s because of oil rich reserves in the country. Libyan Dinar-LD is currently trading at 1.44 per US dollar and 1.52 against single Euro making it the strongest African currency so far.
Sudan has been revaluing its currency since independence with the most recent revaluation being done on 2011. This can be compared to Ghana which had also revalued its currency in 2017. Sudanese pound has remained strong through this period which is partly attributed to the oil-rich Southern half of the country. The pound is now trading at 6.47 per US dollar.
The Zambian Kwacha
Zambia revalued its Kwacha in 2013 and until then it has maintained its strength in the currency markets even though historically the country has been known to be doing good economically. The Kwacha is now trading at 9.89 per dollar. The stability has been recurrent and it’s one of the most celebrated currencies in the South African region.