Sign in
Download Opera News App

Economy

 

Investing

 

Foreign exchange

Top 7 weakest currencies in Africa

Experts describe currencies all over the world as strong or weak, depending on many factors including GDP, inflation, political stability and so on. 

Some currencies are considered stronger than many others. This article will focus on the 7 weakest currencies in Africa


1. Sao Tome and Principe Dobra (STD):

It is noted to be the smallest country in Africa, and classified as the weakest currency based on the exchange rate to the dollar and its purchasing power. The fact that it is an exporter of cocoa, coffee and coconuts is not enough to support the local economy at an appropriate level. It exchanges for about 21,051STD/USD.


2. Sierra Leone Leon (SLL):

The Sierra Leonean economy has suffered a lot due to civil war, economic struggles, recurring Ebola virus and the present covid19 pandemic. It exchanges for about 9,925SLL/USD.


3. Guinean Franc (GNF):

This currency is considered one of the most inflated in Africa despite the country's natural resources like gold, diamonds and so on. It exchanges for about 9,798GNF/USD.


4. Ugandan Shilling (UX):

The currency continues depreciating against the dollar due to the persistent inflation rate, and a lot of other factors which include high debts. It exchanges for about 3,733UX/USD.


5. Malagasy Ariary (AR):

Madagascar is a newly developed country and its economy is still developing, therefore it's value is still low against the dollar. It exchanges for about 3,940AR/USD.


6. Tanzanian Shilling (TZS):

Like many others, the economy of Tanzania has been affected by widespread corruption in its government, poor management of public finance and many more. It exchanges for about 2,314TZS/USD.


7. Burundian Franc (BIF):

Burundi has a low economy with 53% of its citizens living below the poverty line. Due to unavailability of resources to help, and because the government has no effective development policy, it relies heavily on humanitarian aid from other nations. It exchanges for about 1,901BIF/USD. 


In case you missed the previous article, "Top 5 strongest currencies in Africa", click here, and to know the "Top 7 weakest currencies in the world", click here


Thanks for reading. I hope you learned a new thing or two? Kindly share with others. 

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

Africa Principe Dobra Sao Tome Sierra Leone Leon USD

COMMENTS

Load app to read more comments