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FED Rate Hikes 2022-2023
The US dollar has become the dominant and the de facto global reserve currency as the world’s most widely used currency for international trade and transactions.
Unfortunately, when the US is hurting, the pain spreads out across the world.
This also means that when the US is facing major inflationary pressures, such as what we have been seeing over the past year, and decides to continue increasing interest rates to bolster the US dollar, it simultaneously weakens emerging market currencies.
We learned from the IFC’s Kareem Aziz, that this leaves many emerging markets vulnerable, and likely negatively affects emerging markets disproportionately. “Unfortunately, until the US gets a hold of inflation, the continued increase in interest rates will lead to vulnerabilities in markets like Nigeria, Turkey, Egypt and Pakistan.”
Related Report
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The Future of Fintech in Africa
Eighteen percent of the world’s population lives in Africa, and 57% of Africans are ‘unbanked’, without a bank account or a digital wallet. This presents a massive opportunity, making fintech the most dominant and funded tech sector in Africa today. This special report highlights how African fintechs not only have one of the largest total addressable markets globally but are also crucial for achieving financial inclusion and empowering unbanked populations. The potential impact of a successful fintech in Africa is unparalleled. To learn more about the drivers, barriers, and opportunities in African fintech, as well as progress toward financial inclusion, read the special report.
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