Emerging Markets Update In-Focus: Nigeria, South Africa and Zimbabwe
Annual inflation rose to a near two year high as the closure of the country’s borders continues to impact the economy | Inflation hit 12.2% in February rising for the sixth straight month | The news follows the Central Bank of Nigeria’s pledge to create a 50 billion Naira ($163mi) fund to combat the effect of the coronavirus
South Africa The Rand rebounded in early trading following a day of panic where the country’s currency, government bonds and stocks all plunged | The South African Reserve Bank (SARB) are expected to cut interest rates though easing is likely to be less aggressive than seen from other central banks | Finance Minister Tito Mboweni said the government would need to shift spending to free up funds to tackle the pandemic
Zimbabwe Annual inflation shot up to 540.16% in February, the country's statistical agency has said in its first consumer price data release since June 2019 | When reporting was suspended inflation was 176% | The latest inflation figures have raised fears of a return of the kind of hyperinflation last seen about 10 years ago when prices doubled every 24 hours.
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