Tanzania and Ugandan Currencies emerge as the top-performing media of exchange in East Africa against the dollar.
According to a report given by bloom berg, Kenya and Rwandan Currencies declined against the greenback.
The report also indicated that the Uganda Shilling continues to hold steady against the dollar followed closely by the Tanzanian Currency at 2.45 percent and 0.76 percent in that order.
The duo is among six African Currencies that have indicated a positive outlook on the broader continent.
Malawian Kwacha remained the best performing currency by the end of November, appreciating qt 19.64 percent followed closely by Mozambique’s metical and Angola’s Kwanza at second and third, respectively.
Currency policy in parts of Africa has been characterized by what is termed as flexible without pegging against the dollar.
The Uganda shilling, on the other hand, is projected to remain strong to the end of 2021, buoyed by dollar inflows from coffee exports and foreign investors chasing yields.
Uganda is Africa’s biggest coffee exporter. According to the Uganda Coffee Development Authority, its shipment climbed to a record level in June on better yield from new trees, favourable weather and improved prices.
The Kenya shilling and Rwanda franc were ranked 11th and 12th among top African currencies depreciating at -2.93 percent and -3.48 percent, respectively.