Digital Banking and Financial Performance Review
Global Currency Review
In 2022, the U.S. dollar strengthened against nearly every other major currency, as the Federal Reserve (Fed) aggressively increased interest rates amid a stubbornly high
inflation rate. As a result, most developing economies saw huge capital flow reversal with adverse impacts on current account balances and debt servicing. We anticipate that
some of the outsized gains of the dollar in 2022 reverse this year as the outlook for global growth remains optimistic.
UK, Eurozone, & China
West Africa
8
7
6
5
4
3
2
1
0
Jan-22
Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
USD/GBP
USD/EUR
-USD/CNY
Source: Bloomberg, GTCO IR analysis
2,500
2,000
1,500
1,000
500
Jan-22
Feb-22 Mar-22 Apr-22 May-22 Jun-22
- USD/TZS
700
600
500
400
300
200
100
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22
USD/GMD
Jul-22 Aug-22 Sep-22
Oct-22 Nov-22 Dec-22
USD/RWF
USD/KES
East Africa
USD/GHS
Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
USD/CFA
=USD/NGN
40
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