Emerging Markets Update: Kenya & South Africa

Market analysts expect Kenya’s economy to grow by less than 2.5% this year as the nation's tourism and SME sectors continue to suffer from the effects of the coronavirus pandemic | Finance Minister Ukur Yatani said the government is forecasting a 6% rebound in the medium term | As the Kenyan shilling remains under pressure despite the country securing $750m from the World Bank earlier this week for developmental projects; it remains to be seen whether the government's forecasts will come true

The Rand gained ground against the U.S. dollar shaking off negative news on the South African economy | This improvement in the Rand's fortunes could swing into reverse if the SARB cuts interest rates next week | Such a cut would be aimed at stimulating the economy, following the historic contraction in the economy in Q2

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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