In January 2023, out of 36 African currencies reviewed, 29 currencies depreciated against the USD on annual basis, while 7 currencies recorded appreciations (see Table 19). The highest currency depreciation against USD was recorded for the Zimbabwean Dollar at 57.5 percent. Of the seven currencies that recorded appreciations against the USD, the highest appreciation at 5.0 percent was recorded for the Guinea Franc. On a monthly basis, between January 2023 and December 2022, 19 currencies depreciated against the USD, one remained unchanged, while the rest appreciated. The highest monthly depreciation against the USD was recorded for the Egyptian pound at 22 percent, while the highest appreciation against USD was for Madagascar’s Ariary at 4.4 percent.