December 2025 saw notable currency movements driven by policy changes, seasonal market dynamics, and global economic pressures. Belarus experienced appreciation of the ruble, supported by domestic growth policies and external geopolitical factors. In Ghana, the cedi faced depreciation amid increased demand for foreign currency and monetary easing. Venezuela’s bolivar continued to depreciate sharply as the country struggled with severe economic instability and high inflation.
The Belarusian ruble appreciated sharply over the past month, driven by a combination of domestic monetary policy actions and shifting market conditions. Recently implemented measures aim to stimulate GDP growth, though they also raise the risk of heightened inflationary pressures. Additionally, the U.S. lifted sanctions on Belarusian potash, providing further support for the currency. Overall, the ruble’s appreciation reflects both internal efforts to boost economic growth and external geopolitical developments influencing currency performance.
The Ghanaian cedi depreciated over the past month, largely due to seasonal demand for foreign currency as businesses settled year-end obligations and import payments. Policy rate adjustments intended to support economic growth reduced the appeal of cedi-denominated assets, prompting some investors to shift toward the U.S. dollar. Profit-taking by exporters and investors following earlier gains also added to selling pressure. Meanwhile, the transition toward a more market-driven foreign exchange framework introduced short-term volatility, underscoring the cedi’s sensitivity to domestic policy shifts and global market dynamics.
The Venezuelan bolívar continued to weaken over December amid ongoing economic instability and political uncertainty. Businesses and households increasingly rely on the U.S. dollar and stablecoins (digital currencies pegged to the U.S. dollar) to preserve purchasing power. Limited dollar availability has fueled inflation, as goods priced in bolívars become more expensive. Venezuela’s oil sector—traditionally a major source of foreign currency—remains constrained by U.S. sanctions and longstanding structural challenges, further limiting dollar inflows and weighing on the currency.
In 2025, a combination of economic and political forces drove significant currency movements across key markets, underscoring the growing complexity facing global mobility programs. Sharp volatility in the Venezuelan bolívar, Argentine peso, Zambian kwacha, and Ghanaian cedi highlighted how policy shifts, geopolitical pressures, and commodity trends can quickly influence assignment costs and employee purchasing power. While currencies such as the Zambian kwacha benefited from rising copper prices, others continued to face sustained depreciation amid inflation and political uncertainty.
For mobility teams, these fluctuations reinforce the importance of timely, data-driven insights when managing compensation, allowances, and cost projections. AIRINC supports you with up-to-date benchmarks, trusted data, and advisory expertise to help inform mobility decisions. Our approach enables programs to respond more effectively to currency volatility while maintaining cost control and supporting employee experience.