Africa Beats Yellen in Raising Rates as Currencies Tank

Five sub-Saharan African central banks have bucked a global trend by increasing borrowing costs this year to ward off inflation and defend their currencies. They’ve had little success.

On Tuesday, Uganda’s central bank boosted its benchmark rate by 100 basis points for the second time this year, while Namibia raised its repurchase rate by 25 basis points on Wednesday. Angola, Kenya and Ghana have also tightened monetary policy and South Africa has indicated it will follow suit soon. Brazil is the only major emerging market outside Africa to have increased rates in 2015.