Ten most valuable currency in Africa (2)

Ten most valuable currency in Africa (2)

6.Zambian Kwacha (1 USD = ZK 13.14): The Zambian Kwacha has an attractive value because the country is the largest producer of copper in Africa.

Copper is a commodity. That means the currency can experience volatility depending on the shifts in the commodity prices on the global copper market.

7. Seychellois Rupee (1 USD =SR 13.64): The Seychellois Rupee is the legal tender for Seychelles.

It is among the highest currencies in the continent because of the country’s strict monetary policy.

Also, SCR is more valuable due to the country’s market-based economy. That has diversified Seychelles’ GDP, hence its valuable currency.

8. South African Rand (1 USD = R 14.87): For many years, the price of gold determined the value of the ZAR because it was the country’s main export.

But developments throughout the world over the years have determined the price trajectory of the Rand.

Although it is valuable, and one of the few African currencies used in Kenya, the ZAR experiences some volatility as it is linked to the rest of the world.

Also, South Africa’s political landscape is not as stable and that subjects the legal tender to price fluctuations. Note that several countries in South Africa have pegged their currencies to the rand at a rate of 1.

The Namibian Dollar, the Lesotho Loti, and the Swazi Lilangeni are all pegged to the rand at the same rate.

9. Eritrean Nakfa (1 USD = Nfk 15.00): The Eritrean Nakfa is the legal tender for Eritrea.

It has enjoyed stability over the years because the country’s government does not float the currency.

10.Egyptian Pound (1 USD = E£ 16.30): The Egyptian Pound has been gaining value over the years because of its unofficial use in Sudan and the Gaza Strip.

Also, the EGP has gained in value after the government reduced interest

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Which country is the largest exporter of copper?