Emerging Markets Update In-Focus: Nigeria, South Africa and Zimbabwe

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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.

To discuss how the above may affect your foreign currency requirements, please contact Heritage Pay on +44 (0)207 117 2934.

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