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Foreign exchange market: The Guinean franc loses its value against foreign currencies

29/04/2021
Categories: Index/Markets

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The Guinean currency is still struggling to hold up against major foreign currencies such as the Euro, the dollar and the FCFA. For some time now, inflation has been on  the rise.

The Guinean currency falters according to circumstances. Inflation is spread upwards and food prices are exploding. 1 EUR = 11.945 GNF while 1 USD = 9.890 GNF. In the informal currency market, 1 euro varies between 11,500 and 12,000. According to the Central Bank, the main factors of inflation are : "the increase in the cost of maritime transport, the adjustment cost related to the implementation of the operations of the single window for foreign trade, the restriction of travel, road infrastructure, the closure of borders and the unrest related to the electoral deadlines". But for some economists, the causes would be bad governance, printing money and extrabudgetary spending.

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