The exchange rate risk is still relevant on the African continent, as evidenced by the depreciation of the Angolan kwanza by more than 30% since the partial liberalisation of the exchange rate regime in January 2018. The shock of falling commodity prices, particularly oil prices from summer 2014 onwards, destabilised many African countries. In the wake of the poor performance of its main economies (Nigeria, South Africa, Angola), the region’s growth slowed to its lowest level for 20 years in 2016. In addition to the slowdown in activity, commodity price developments have resulted in deteriorating terms of trade and downward pressure on most African currencies.
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