Kenya wants to keep the shilling’s value artificially high, but it will soon realise that foreign currency reserves, used for intervention, are not limitless
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The system’s promoters must figure out how to compensate the African countries that run trade surpluses.
Nigeria’s new foreign exchange policy promises to discourage rent-seeking, attract foreign investment, boost exports and prevent the dollarisation of the economy but consistency is key to success.
Slow growth of exports and tourism and a resurgence of global inflation have created dollar shortages in some African economies.
A radical tightening of exchange controls against corporations and wealthy individuals offers a short-term solution to South Africa’s balance of payments crisis.
