13 Highest And Strongest Currencies in Africa 2024 | Comparison with the United States Dollar

[Music] having a strong currency means that the value of the currency is high relative to other currencies this can be seen as a reflection of a country's economic stability and strength when currency is weak that can be really good for jobs but it's bad for people who want to travel abroad or use imported products and with the world getting more and more Global more and more products are imported so that affects people's disposable income ideally it's important to maintain a balance here is the list of the 13 highest and strongest currencies in Africa 2024 based on their relative value against the US [Music] dollar the DAR code tnd is the national currency of Tunisia it is subdivided into 1,000 MIM or millones the abbreviation DT is often used in Tunisia although writing dinar after the amount is also acceptable Tunisia sits on the northernmost point of Africa and has fertile agricultural lands it has an export oriented economy which is highly dependent on its petroleum and agricultural exports it also has strong tourism and Mining Industries the Tunisian Dinar ranks first it is the strongest currency in Africa and is one of the best performing currencies globally the din is the most St stable African currency against foreign inflation rates and has low volatility compared to other [Music] currencies the dinar code code lyd is the official currency of Libya the dinar is divided into 1,000 durhams it is issued by the Central Bank of Libya which also supervises the banking system and regulates credit the economy of Libya depends primarily on revenues from the petroleum sector which represents over 95% of export earnings and 60% of GDP these oil revenues in a small population have given Libya one of the highest nominal per capita GDP in Africa after 2000 Libya recorded favorable growth rates with an estimated 10.6% growth of GDP in 2010 this development was interrupted by the Libyan Civil War which resulted in contraction of the economy by 62.1% in 2011 after the war the economy rebounded by 10.5% in 2012 it crashed again following the second Libyan Civil War as of 2017 Libya's per capita PPP GDP stands at 60% of its pre-war level [Music] the Moroccan Durham code mad is the official monetary currency of Morocco it is issued by the bank al- magre the Central Bank of Morocco one Moroccan Durham is subdivided into 100 santim the economic system of the country is characterized by a large opening towards the outside world in the Arab world Morocco has the second largest non-oil GDP behind Egypt as of 2017 from 2018 the country's currency the Moroccan Durham is fully convertible for current account transactions reforms of the financial sector have been implemented and state Enterprises are being privatized Morocco is the world's third largest producer of phosphates after the United States and China and the price fluctuations of phos phosphates on the international market greatly influence Morocco's economy the high cost of imports especially of petroleum Imports is a major problem Morocco suffers both from structural unemployment and a large external debt [Music] the sedi code ghs is the unit of currency of Ghana it is the fourth historical and only current legal tender in the Republic of Ghana one CD is divided into 100 pesas GP the economy of Ghana has a diverse and Rich resource base including the manufacturing and exportation of digital technology Goods automotive and ship construction and exportation and the exportation of diverse and Rich resources such as hydrocarbons and Industrial Minerals Ghana is Africa's largest gold producer after overtaking South Africa in 2019 and the second largest cocoa producer after Ivory Coast it is also rich in diamonds manganese or manganese ore boxy and [Music] oil [Music] the rupe is the currency of the SE shells it is subdivided into 100 cents in the local Cella creol Cela language it is called the rupe and rupe in French the iso code iscr the abbreviation Sr is sometimes used for distinction by population SE shells is the smallest country to have an independent monetary policy several other currencies are also called rupe the economy of SE shells is based on fishing tourism processing of coconuts and vanilla Coy rope boat building printing furniture and beverages agricultural products include cinnamon sweet potatoes cassava tapioca bananas poultry and tuna the public sector comprising the government and state-owned Enterprises dominates the economy in terms of employment and gross revenue employing 2third of the labor force government consumption absorbs over 1/3 of seel's [Music] GDP the Pula also known as the batswana dollar is the currency of batswana it has the iso 4217 code bwp and is subdivided into 100b Pula literally means rain in set swana because rain is very scarce in batswana home to much of the Kalahari Desert and therefore valuable and a blessing the word also serves as the national motto of the country a subunit of the currency is known as the or Shield and represents defense the names were picked with the help of the public the economy of Botswana is currently one of the world's fastest growing economies averaging about 5% perom over the past decade growth in private sector employment averaged about 10% perom during the first 30 years of the country's Independence botswana's impressive economic record compared to some of its neighbors has been built on a foundation of diamond mining prudent fiscal policies and a cautious foreign policy botswana's economy is mostly dependent on diamond mining it has the fourth highest gross national income per capita in purchasing power in Africa and above the world [Music] average [Music] the nakfa code Ern is the currency of arria and was introduced on 15th of November 1997 to replace the Ethiopian beer at par the currency takes its name from the arrian town of Naka site of the first major victory of the atrian war of independence the naka is divided into 100 cents the economy of Atria has undergone extreme changes after the war of independence it experienced considerable growth in recent years Atria's economy is predominantly agricultural with over 80% of the population engaged in subsistence farming and animal husbandry the country also has mineral resources particularly gold and copper granite marble and potash which have become increasingly important for the economy however a Tria faces various economic challenges such as high levels of poverty underdeveloped infrastructure and a lack of foreign investment due to its isolationist policies and ongoing conflicts with neighboring countries Additionally the country is vulnerable to external shocks such as droughts and fluctuations in global commodity [Music] prices [Music] thei plural meoi is the currency of the kingdom of loso it is subdivided into 100 lente it is pegged to the South African rand on a one basis through the common monetary area and both are accepted as legal tender within loso the loadi was first issued in 1966 albe it as a non-circulating currency in 1980 loto issued its first coins denominated in both Loi and lente dated 1979 to replace the South African rand the LOI is at par with the Rand but the Rand remains legal tender the name derives from the ceso LOI Mountain while sente is from English scent the the economy of loso is based on agriculture livestock manufacturing Mining and Depends heavily on inflows of workers remittances and receipts from the southern African Customs Union SACU loso is geographically surrounded by South Africa and is economically integrated with it as well the majority of households subsist on farming the formal sector employment consists of mainly female workers in the apparel sector while male migrant laborers work Prim primarily as miners in South Africa for 3 to 9 months and employment in the government of loso go half of the country's population work in informal crop cultivation or animal [Music] husbandry [Music] the Namibia dollar code n has been the currency of Namibia since 1993 it is divided into 100 cents Namibia is the fourth largest exporter of non-fuel minerals in Africa the world's fourth largest producer of uranium and the producer of large quantities of lead zinc tin silver and tungsten Namibia has two uranium mines that are capable of providing 10% of the world mining output the country's sophisticated formal economy is based on Capital intensive industry and farming however namibia's economy is heavily dependent on the earnings generated from primary commodity exports in a few vital sectors including minerals especially diamonds livestock and fish furthermore the namibian economy remains integrated with the economy of South Africa as 47% of miia's Imports originate from [Music] there the South African rand or simply the Rand code ZR is the official currency of the Southern African common monetary area South Africa Namibia alongside the namibian dollar loso alongside the loso LOI and eswatini alongside the swasi lini it is subdivided into 100 cents and the Rand and sents are separated by a comma the South African rand is legal tender in the common monetary area member states of n lib Theo and eswatini with these three countries also having their own National currency the dollar the LOI and the Lil engine respectively pegged with the Rand at parody and still widely accepted as substitutes the economy of South Africa is a mixed economy emerging market and upper middle- inome economy one of only eight such countries in Africa the economy is the most industrialized technologically advanced and diversified economy in Africa [Music] the quaa code zmw is the currency of Zambia it is subdivided into 100 mu way the quaa was first introduced in 1968 replacing the Zambian pound the name quaa means Dawn in the nanja language one of Zambia's major languages one of the reasons it is one of the strongest currencies in Africa is that Zambia is the largest copper producer in Africa the country has Rich mineral resources and with copper being the most dominant metal mining of copper is done on a large scale Zambia is a developing country and it achieved middle inome status in 2011 through the first decade of the 21st century the economy of Zambia was one of the fastest growing economies in Africa and its capital laka the fastest growing city in the southern African development Community sadc Zambia's economic performance has stalled in recent years due to declining copper prices significant fiscal deficits and energy shortages [Music] the Egyptian pound code EGP is the official currency of Egypt it is divided into 100 piasters or chers or 1,000 Milli but Milli are no longer used the economy of Egypt used to be a highly centralized economy focused on import substitution under President Gamal abdal Nasser 1954 to 1970 during the rule of President abdal F Eli 2014 present the economy follows Egypt's 2030 Vision the policy is aimed at diversifying Egypt's economy the country's economy is the largest in Africa by nominal GDP and 38th in worldwide ranking as of [Music] 2023 [Music] the Ethiopian Burr code ETB the national currency of the federal Democratic Republic of Ethiopia is issued by the National Bank of Ethiopia which manages its value through a dirty float taught one each bur subdivides into 100 sanm the Ethiopian Burr takes its name from a local word for silver the economy of Ethiopia is a mixed and transition economy with a large public sector the government of Ethiopia is in the process of privatizing many of the state-owned businesses and moving toward a market economy the banking telecommunication and transportation sectors of the economy are dominant ated by government-owned companies Ethiopia has one of the fastest growing economies in the world and is Africa's second most populous country Ethiopia expects itself to reach a middle- inome status Nation within a couple years primarily expected to be in [Music] 2025 [Music]

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Id: _lkLYyoVnVo

Length: 19min 45sec (1185 seconds)

Published: Thu Mar 28 2024