Currencies continue to tumble

The Zambian kwacha has become the latest African currency to come under fire, and has this month slumped to an all-time low against the US$. This follows similar falls in the Ghanaian cedi and Nigerian naira earlier in the year. The gradual tightening of global monetary conditions, combined with growing domestic vulnerabilities in some countries, mean that currencies across the region are likely to come under further pressure over the coming months.