February 2020

Overall, real yields are uninspiring across all the African markets considered. The downward trend is likely to continue until the full implications of COVID-19 come to light.

With the rand seen as a proxy for its emerging-market peers, and local factors such as rolling Eskom power cuts and a potential Moody’s downgrade, the rand has weakened against all currencies considered over the last month.

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Categories: Insights

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