SSA currencies under renewed pressure

Standard Bank Group's Trader, Kaneja Amani, shared insights on the current state of Southern African currencies in a recent CNBC Africa interview. Amani discussed the challenges and opportunities facing the region amidst global market uncertainties. He highlighted the impact of the Federal Reserve's hiking cycle on local markets and the potential for attractive yields as inflation eases. While acknowledging concerns in markets like Mozambique and Angola, Amani pointed to bright spots such as Zambia's restructure potential and strong interest from local investors supporting market stability. Amani also addressed the regulatory and governmental efforts to enhance investor-friendliness in Central Africa. Despite recent Rand depreciation and high inflationary pressures, Amani expressed optimism about the region's resource-rich economy and the potential for currency stabilization with concrete monetary and FX policies. It is evident that Standard Bank Group remains committed to serving the continent's financial needs with a growth-driven strategy. Amani emphasized the importance of staying optimistic and focusing on bright spots amid challenging times, citing Angola and Zambia's previous resilience in the face of economic turmoil.