Top 10 African countries with the strongest currencies in Aug 2024
The benefits of a strong currency in Africa, as well as worldwide, go beyond just financial metrics, impacting commerce, investment, regional integration, and geopolitical influence. Africa, with its rapidly developing nations, also showcases some of the best-performing currencies globally.
One example is the Kenyan Shilling, which saw a significant rebound in the first half of the year after a period of decline. A strong currency often signifies a robust economy with low inflation, a stable balance of payments, and effective monetary policies.
Moreover, a strong currency can prevent hyperinflation and safeguard the purchasing power of citizens, boosting consumer and investor confidence and driving economic activity and growth. As Africa moves towards greater economic integration through initiatives like AfCFTA, the strength of national currencies becomes crucial for facilitating smoother trade and promoting regional economic cohesion.
By reducing reliance on external currencies like the US dollar or Euro, strong currencies can lower transaction costs, enhance price stability, and support intra-African trade, benefiting the continent as a whole. With this in mind, here are the top 10 African countries with the strongest currencies in August 2024, according to Forbes Currency Converter:
1. Tunisia – 3.05 Tunisian Dinar (TND)
2. Libya – 4.78 Libyan Dinar (LYD)
3. Morocco – 9.64 Moroccan Dirham (MAD)
4. Botswana – 13.36 Botswanan Pula (BWP)
5. Seychelles – 13.69 Seychellois Rupee (SCR)
6. Eritrea – 15.0 Eritrean Nakfa (ERN)
7. Ghana – 15.65 Ghanaian Cedi (GHS)
8. South Africa – 17.92 South African Rand (ZAR)
9. Eswatini – 17.94 Swazi Lilangeni (SLZ)
10. Lesotho – 17.95 Lesotho Loti (LSL)
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