Wednesday, November 18, 2009

Market Intelligence - Currencies

During the week of 9 – 13 November, most African currencies fluctuated within the range of ± 1.8% against the US dollar, with the exception of the Liberian Dollar and the South African Rand.
  • Liberia: The Liberian Dollar appreciated by 5.2% vis-à-vis the US dollar over the week, after a mission of the International Monetary Fund (IMF) positively reviewed the country’s economic outlook. The mission hinted at a possibility of an additional financial assistance of about USD 7 million planned under the Poverty Reduction and Growth Facility (PRGF) program.
  • South Africa: The Rand strengthened by 3% against the US dollar over the week, partly due to high prices of gold one of the main exports and partly due to a weakening US dollar.