African foreign exchange reserves are a source of economic prestige to many of its countries. Countries with good foreign exchange reserves tend to attract foreign trade and investment opportunities.
RELATED:10 Best countries for investment in Africa – Africa is the future
Foreign exchange reserves, also known as Forex reserves, are often only foreign currency deposits held by national central banks and monetary authorities. They include gold reserves, international monetary fund positions, and special drawing rights.
According to a report published by Statista in August this year, the total foreign exchange reserve of Africa is estimated at about 500 billion US dollars.
The deposits made at Central Banks or to other monetary authorities are kept in different currencies such as the United States dollar, the Japanese yen, the Chinese Yuan, the Swiss franc, the pound sterling, and others.
RELATED:VIDEO The 10 Businesses That Will Create Africa’s Next Billionaires.
At the moment when the country’s currency is about to be devalued, their foreign exchange reserves serve as a backup to prevent fiscal problems.
In this video, you will discover the 10 African countries with the largest foreign exchange reserves this year. Please endeavor to watch till the end.
RELATED:Top 10 Real Estate Companies in Kenya in 2022
Watch”10 African Countries with the Largest Foreign Exchange Reserves in 2022”,below
VIDEO 10 African Countries with the Largest Foreign Exchange Reserves in 2022
Here is Where We Share Source Of Knowledge #Life Hacks & #Life Style #Entertainment, #Technology, #Fashion, #E-News and updates all over the World.
Keep on visit our Website for more updates.