The US dollar is getting stronger: African countries are feeling the pain and have few policy options

By Jonathan Munemo, Professor of Economics, Salisbury University

The US dollar has been advancing rapidly in response to the Federal Reserve’s resolve to keep raising policy rates for longer to regain control of stubbornly high inflation. This has far reaching consequences. The US dollar is prominently used around the world as an international medium of exchange and as a global reserve currency.

The dollar is strengthening as Africa is already being hit hard by rising inflation triggered by war in Ukraine. As dollar power…

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