The Stears Weekly Macroeconomic Report highlights the macroeconomic trends and policy shifts shaping the African investment landscape, helping you make informed decisions in dynamic markets.
Country updates
Central Africa
Foreign exchange
Last week, the Angolan kwanza held steady at AOA912/$, supported by sustained foreign exchange inflows, primarily from oil exports, and a tight monetary stance. On July 18, the Monetary Policy Committee of the National Bank of Angola (BNA) maintained its benchmark interest rate at 19.5%, helping anchor the exchange rate amid ongoing global uncertainties. Although short-term stability remains likely, the currency remains vulnerable to fluctuations in oil prices. Stears projects the kwanza to trade at AOA912.8/$ by the end of Q3 2025.
The Central African CFA franc (XAF), shared by six CEMAC countries, depreciated by 1.1% w/w to FCFA568.2/$, driven by tight liquidity across the region and a modest decline in the euro. The US Consumer Sentiment Index rose to 61.8 in July from 60.7
