CHECK: The top 10 African countries with the weakest currency exchange rates in 2023
Top 10 African nations in 2023 with the weakest currency exchange rates
Business Insider presents the top 10 African nations in 2023 with the weakest currency exchange rates.
This list is courtesy of Trading Economics
The list shows Africa’s 10 worst currencies compared to the dollar.
Exchange rates are important in the global economy because they influence international trade, investments, and tourism. Understanding how exchange rates function and how they affect different sectors of the economy is critical for businesses, tourists, and governments.
Exchange rates show how valuable a currency is in relation to other currencies. The strength of a country’s exchange rate, particularly when compared to the dollar, emphasizes its impact on international commerce since they determine the rate at which one currency may be exchanged for another in the foreign exchange market.
A weak exchange rate refers to a situation where a country’s currency has depreciated in value relative to other major currencies. It can be influenced by various factors, including market forces, economic indicators, investor sentiment, and government policies.
A weak exchange rate can pose significant challenges to a country’s economy, affecting various sectors and the overall financial stability.
Exchange rates fluctuate and show how different economic and geopolitical forces interact. For companies involved in international commerce, individuals planning overseas travel, and governments developing economic plans, understanding exchange rates and their effects is crucial.
A lot of African currencies have poor values; and below are ten of them. This list is courtesy of Trading Economics daily currency indicators. The indicator is updated to reflect the latest currency exchange rates for countries across the globe.
The Trading Economics platform, (a platform that provides economics indicators for 196 countries and historical/delayed/live quotes for exchange rates, stocks, indexes, bonds and commodity prices), features a total of 43 countries in its currency exchange rate indicator, leaving out 11. The currency rates below reflects rates as of 18th of July, 2023.
Rank Country Currency Exchange rate
1. Sierra Leone Leone 1 USD = 19995.0 SLL
2. Guinea Guinean Franc 1 USD = 8509.00 GNF
3. Madagascar Malagasy Ariary 1 USD = 4430.00 MGA
4. Uganda Ugandan Shilling 1 USD = 3665.00 UGX
5. Burundi Burundian Franc 1 USD= 2806.96
6. Congo Congolese Franc 1 USD = 2476.00 CDF
7. Tanzania Tanzanian Shilling 1 USD = 2440.00 TZS
8. Rwanda Rwandan Franc 1 USD = 1159.60
9. Malawi Malawian Kwacha 1 USD = 1043.020 MWK
10. South Sudan South Sudanese Pound 1 USD = 979.067 SSP