(3 minutes read)
· More than 60% of global transactions are taking place using the US dollar. So is the case with most of the African countries
· Most of the African currencies have become weaker in terms of dollar. But there are a few currencies, which have become stronger
· The Libyan Dinar has maintained its strong position for many years as the strongest currency vis a vis the dollar
· Despite the ongoing conflict after the toppling of the longtime ruler Muammar Gaddafi, the North African country has maintained a low turnover of its currency to the US dollar
More than 60% of global transactions are taking place using US dollar. So is the case with most of the African countries. Most of the African currencies have become weaker in terms of dollar. But there are a few currencies, which have become stronger.
The Libyan Dinar has maintained its strong position for many years as the strongest currency vis a vis the dollar. Despite the ongoing conflict after the toppling of the longtime ruler Muammar Gaddafi, the North African country has maintained a low turnover of its currency to the US dollar.
Tunisia has shown quite some resistance to the US dollar and is ranked as the second strongest currency in the continent thanks to its proactive import and export policies. Ghanaian currency Cedi backed by its solid growth in GDP per capita, ha a comparatively stronger position vis a vis dollar and comes to the third position after Libya’s Dinar and Tunisia’s Dinar. Morocco has in many years pegged its currency at 60% to the Euro and 40% to the US and enjoys direct trade with various European nations given its closeness to Europe.
Next comes Botswana’s Pula, thanks to the country’s exemplary economy and political structure. Not to fall behind is Zambian Kwacha led by the strong copper mining and the ruling copper prices. Seychelles has a very strict monetary policy that has seen its currency strengthened.
