Sign in
Download Opera News App

 

 

The least Strong Currencies In Africa

Fellow readers, in this article we are going to share with you some of the countries which are doing better with their currencies compared to the US Dollar.


SEYCHELLOIS RUPEE 

 Exchange rate: 1 $ = 13.33 SCR currently 


 Seychelles are a country in the Indian Ocean with the Seychelles rupee, one of the most valuable currencies in Africa. The country's strict monetary policy is responsible for the strength of the currency. They are also valued higher because of their market economy. Seychelles regularly import and export raw materials, so the import and export industry powers its economy and maintains its stable currency in Africa. Another reason for the strength of the currency is that the country is a major tourist destination that generates a large amount of foreign exchange. 

 

 Foreign investment has also contributed to the expansion of small industries, agriculture and fishing, and the economy as a whole. As a result, Seychelles' GDP has diversified and its currency has appreciated. 

 

 RAND OF SOUTH AFRICA 

 

 $ 1 Equals ZAR 14.89 at the time of writing. 


 According to the World Bank, South Africa has one of the strongest economies in Africa with a gross national product of 351.4 billion US dollars. Mining, tourism and financial services are important industries. The price of gold, the country's most important export item, has influenced the value of the South African rand for many years. Thanks to recent economic successes, the rand is currently one of the strongest currencies in Africa. 

 

 The development of the rand prices was influenced by world events over time. In Kenya, the ZAR is one of the few African currencies that are used; however, it is prone to significant volatility as it is tied to the rest of the world. In addition, the political environment in South Africa is unstable, which leads to fluctuations in the price of the official national currency. It's worth noting that several South African countries (such as Namibia, Swaziland, and Lesotho) have pegged their currencies to the rand at a 1: 1 ratio. That said, the value of your coins will be based on the value of the ZAR, which is now 14.89 units per USD. 

 


ERITREAN NAKFA 

 

 $ 1 equals 15.00 ERN at this point. 


 Eritrea's official currency, the Nakfa, is one of the most valuable currencies in Africa. The high value of Eritrea's currency is largely due to the country's constant exchange rate, which makes it one of Africa's most valuable currencies. 

 

 Eritrea is an agricultural country with a lot of lands in which a variety of crops can be grown. The currency of Eritrea has one of the highest values ​​in Africa due to the consistently strong demand for food, which means that its economy is growing rapidly. 

 

 9. EGYPTIAN POUND 

 

 $ 1 = 15.71 EGP (at time of writing). 


 The Egyptian pound, used for over 200 years, is the official currency of Egypt. Egypt is a populous African country in the northeast of the continent. Cairo, Africa's largest metropolis, is home to two-thirds of the country's population and generates two-thirds of the gross domestic product. Egypt has one of the oldest economies in the world as well as one of the largest financial sectors in Africa. 

 

ZAMBIAN KWACHA

 

 $ 1 Equals 16.87 ZMW at the time of writing. 

 

 The Kwacha is the official currency of Zambia. It has been the country's official currency for more than 54 years, replacing the Zambian pound. 

 

 Zambia is the largest copper producer in Africa, which is why it has one of the strongest currencies on the continent. The country is rich in mineral resources, and since copper is the most abundant metal, copper is mined on a large scale, so Zambia has a significant increase in foreign exchange income by selling copper metals to other countries. 


 Conclusion 


 Check A Country's Currency To See How Healthy Its Economy Is It is amazing to see that African countries, some of which are not the richest, have currencies that are strong enough to rival the dollar can compete. Currency, the more stable the economy is.


Thanks for reading and I hope you enjoyed reading this article.

Content created and supplied by: MPHNews (via Opera News )

Africa Indian Ocean SEYCHELLOIS Seychelles

COMMENTS

Load app to read more comments