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
The Angolan kwanza held flat at AOA912.09/USD, reflecting central bank measures to contain currency pressure amid sluggish oil production and persistent inflation. At the same time, the National Bank of Angola has maintained policy rates around 19.5% to support stabilisation. The XAF (CFA franc) gained about 0.5% w/w to XAF564.46/$, mainly driven by its peg to the euro, as EUR/USD drifted lower amid reduced risk appetite, delayed US data, and renewed safe-haven demand for the dollar. By contrast, the Congolese franc depreciated roughly 3.2%, moving from CDF2,138.96/$ to CDF2,209.20/$. Despite strong cobalt and copper flows, the trade chain remains vulnerable and monetary policy remains constrained. In the near term, Angola may face renewed pressure should oil yields falter or reserves deplete. The XAF’s modest rise
