African FX market needs ‘kick up the backside’, say local banks

Currency controls still inhibit market

africa

The FX market in sub-Saharan Africa needs urgent reform if it is to take advantage of renewed interest from foreign and domestic participants, according to local bankers, as tight currency controls in many countries and limited product innovation hamper volume growth.

"We definitely need something to come along and give it a kick up the backside," says one senior trader at a large South African bank. "The level of FX market growth has been lower than we'd hoped in the last year or so, despite an

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