A market guide published earlier this year by First Abu Dhabi Bank highlighted the disparate nature of the SSA FX market, which should come as no surprise given the economic differences between the more than 50 countries that make up the region.
So while the Kenyan shilling, the Zambian kwacha and the Ugandan shilling are all free-float currencies, the Zambian and Ugandan central banks are prone to market intervention, and the Ghanaian cedi is actively managed by the country’s central bank.
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