Emerging Markets Update - InFocus: Zimbabwe, Nigeria & Indonesia,

Zimbabwe Official government figures show an expectation of GDP contraction of 4.5% in 2020 mainly due to the pandemic and drought | A CNBC report out today points to economic shrinkage of 10.4% which is more in line with South Africa's GDP forecast fall of 7.2% | SA accounts for 75% of Zimbabwe's exports | Annual inflation of 786.5% and the current closure of the stock market also point to a larger (than official forecast) economic contraction Nigeria The IMF has warned that Nigeria’s government revenue is too low to fund their budget, increasing pressure on the economy and further scrutiny on the country’s muddy FX set-up | The central bank has been under pressure from the World Bank and IMF to carry out reforms to qualify for budge-support loans Indonesia The Rupiah dropped to a seven-week low against the dollar after the central bank cut its policy rate and indicated that more easing is likely to follow down the line | The currency has lost over 5% in value against the greenback since the start of June To discuss how the above may affect your money transfer requirements, please contact your Currency Dealer at Heritage Pay on +44 (0) 207 117 2934. None of the information in this article is, nor should be construed as financial advice. All foreign exchange transactions involve risk and you should always seek your own independent financial advice before entering into any foreign exchange transaction.

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