Interbank Market News Scan: Remittances, foreign exchange; Africa sees average cost of remittances at 8.2% …

Foreign exchange rates of interest…

Currency PairsRates as of 8:13 am EST 17 May 2021
USD/AOA652.8280
USD/GMD50.9478
USD/GHS5.7535
USD/NGN379.9410
USD/KES108.0900
USD/SLL10134.0000
USD/RWF979.3480
USD/ZAR14.1119
USD/MZN58.3200
Source: OANDA

Links to follow …

Remittances. According to the bank’s latest Migration and Development Brief, officially recorded remittance flows to low- and middle-income countries reached US$540 billion in 2020, 1.6 per cent below the 2019 total of US$548 billion. Remittance flows remained strong during COVID-19 in 2020, says World Bank (jamaicaobserver.com)

Remittances, Philippines. Remittances continued to grow in March as more countries eased travel restrictions and reopened borders to foreign workers, the Bangko Sentral ng Pilipinas (BSP) reported Monday. Remittances up 4.9% in March (msn.com)

Remittances, Ghana. Remittances from Ghanaians grew by five per cent from $3.39 billion in 2019 to $5.57 billion in 2020, a World Bank report has said.
This was in spite of the grim economic outlook presented by the COVID-19 pandemic, which affected people’s earnings and the economies of nations worldwide last year. Remittances From Ghanaians Abroad Increase | Social | Peacefmonline.com

Remittances, Nigeria. Pan-African credit rating agency, Agusto & Co has projected that Nigeria’s diaspora remittances will reach $22 billion by 2021, representing a year-on-year (y-o-y) rise of five per cent. Agusto & Co Forecasts $22bn Diaspora Remittances for Nigeria in 2021 | THISDAYLIVE

Remittances, Kenya. Kenya is targetting to collect at least Sh700 billion from over four million Kenyans working abroad, Labour Cabinet Secretary Simon Chelugui has said. Kenya targets Sh700 billion in diaspora remittances annually (the-star.co.ke)

Foreign exchange rates in Bezos’ Africa play …

Last November, it was reported that Jeff Bezos, via his personal venture capital fund, would be investing in the Uganda-based financial technology firm Chipper Cash. In an effort to monitor the progress of capital flows into African countries within Chipper Cash’s footprint, we are beginning a series of blog posts documenting foreign exchange rates in these countries.

As of 8:24 am AST 4 December 2020, here are the exchange rates with Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya based on the U.S. dollar.

GHS/USD=0.17061 USD/GHS=5.82987

UGX/USD=0.00027 USD/UGX=3,668.06

NGN/USD=0.00262 USD/NGN=377.448

TZS/USD=0.00043 USD/TZS=2308.76

RWF/USD=0.00100 USD/RWF=974.557

ZAR/USD=0.06551 USD/ZAR=15.2518

KES/USD=0.00895 USD/KES=110.008

Source: OANDA

Legal/Political events impacting African currencies:

U.S. releases jobs report today

The U.S. Department of Labor today will release its jobs situation report which is expected to provide the U.S. and its trading partners with insights into the spending power of Americans. More individuals entering the labor market along with increases in wages should provide African nations trading with the U.S. a gauge on the capacity of the American consumer.

Foreign exchange: For businesses and individuals buying the US …

As of 9:02 AM EST, here is the price of the US dollar in particular foreign currencies:

1 Euro= $1.19 USD

1 Angolan Kwanza= $0.0015 USD

1 South African Rand=$0.061 USD

1 Nigerian Naira= $0.0026 USD

1 Indian Rupee = $0.014

1 Kenyan Shilling = $0.0092

1 Chinese Yuan= $0.15

1 Eastern Caribbean Dollar=$.37

Source: Morningstar