Forex exchange shortages in Africa
Update: 2024-02-08
Description
🎙 What are the reasons and outcomes of the forex exchange shortages in Africa?
🎙South Africa's gross foreign exchange reserves fell to $61.188 billion in January 2024, down from a record high of $62.518 billion in the previous month.
🎙The Central Bank of Kenya raised its benchmark rate by 50 bps to 13% at its meeting on February 6th 2024, following a massive 200 bps hike in December.
🎙Kenya and Japan’s motor vehicle giant Toyota have entered into a vehicle manufacturing deal that will see the firm set up a base locally. Toyota commits an initial investment of Sh800 million.
🎙Safaricom’s M-Pesa Ethiopia operations recorded Sh44.9 million in revenue.
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