Emerging market currencies are extremely volatile, as world markets struggle with growth and recovery. The Rand has been at a tipping point amid Covid-19, driven by global sentiment and now most recently domestic issues. Joining CNBC Africa to unpack risk appetite for emerging markets currencies is Charles Robertson, Global Chief Economist at Renaissance Capital.
Zimbabwe's central bank left its benchmark interest rate at 35% on Monday, citing moderating inflation, as it looks to print more local currency and limit the use of foreign currencies.
The eight member states of the West African Economic and Monetary Union (Waemu) and France have agreed to rename the CFA franc and implement a range of reforms to the long-standing regional currency.
South Africa’s rand strengthened against the dollar on Monday, with momentum reignited by upbeat remarks from the U.S. Federal Reserve chairman and a Chinese economic stimulus package.
South Africa’s rand was flat early on Monday, holding on to its brief recovery from last week as traders and investors continued to weigh heightened global growth risks against local uncertainty.
Traders say Nigerian Treasury Bill (NTB) yields rose about 70 basis points over escalating trade tensions between the U.S and China. For more details on this week’s activities at the Money market in Nigeria, Nnamdi Olisaeloka, fixed income, currencies and commodities Analyst at Zedcrest Capital joins CNBC Africa for more.