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 was broadly steady but inched weaker to AOA912.09/$ from AOA911.98/$, with risks tilted to depreciation as soft oil output keeps FX inflows subdued; recent IMF work highlights lower production and maintenance outages weighing on Angola’s oil receipts. The Central African CFA franc (XAF) gained 0.3% w/w alongside a firmer euro. Near term, the euro’s path hinges on US fiscal headlines and on the ECB, which has held policy steady. Progress toward ending the US shutdown could support the US dollar. However, the EUR/USD will remain range-bound, especially as the US Fed is expected to cut rates, which should imply additional XAF strength. The Congolese franc appreciated roughly 4.4% on the week, supported by strong cobalt export earnings and central bank operations to
