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Which African countries have a currency shortage?

A number of African countries, including Kenya, Egypt, Zimbabwe, Nigeria, Ghana and Zambia, are currently experiencing shortages of US dollars. The dollar is the dominant currency in international transactions. These countries rely on the US currency to pay for foreign debts, essential goods and industrial inputs.

Why is the dollar so strong in Africa?

The dollar’s strength comes as Africa is being hit hard by surging global food and energy prices incited by Russia’s war in Ukraine. Central banks across the region have been tightening interest rates to tackle the war-driven rise in inflation.

Should African countries raise interest rates to fend off depreciation pressures?

Unfortunately, African countries have few options for responding to the strong dollar. And most are challenging. They could keep raising interest rates to fend off currency depreciation pressures from the strong dollar.

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