Deutsche Bank strategists are increasingly focusing on currencies of frontier markets grappling with issues, including high debt-servicing costs and soaring inflation. The research team introduced a “frontier FX monitor” to offer investors a comprehensive framework to evaluate valuations, liquidity, and policy across ten frontier markets in Africa, the Middle East, Central Asia, and Eastern Europe. The monitor highlights Central Asian currencies as the most appealing, owing to a robust credit environment, low FX liquidity risks, and favorable valuations. In contrast, the Ugandan shilling, Ghanaian cedi, and Zambian kwacha face vulnerabilities due to weak liquidity and fiscal indicators, although the cedi is deemed undervalued.