Namibia Cuts Rate for First Time in 5 Years as Inflation Slows

Namibia Cuts Rate for First Time in 5 Years as Inflation Slows

WINDHOEK (Capital Markets in Africa) – Namibia’s central bank reduced its key rate for the first time since 2012 as consumer prices rose at the slowest pace in almost two years last month and the economy contracts. The Monetary Policy Committee reduced the repo rate by 25 basis points to 6.75 percent, Bank of Namibia Deputy Governor Ebson Uanguta told reportersWednesday in capital, Windhoek. Inflation in the southwest African nation, the world’s biggest producer of marine diamonds, was 5.4…

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Nigerian Central Bank to Keep Tight Monetary Policy, Nnanna Says

Nigerian Central Bank to Keep Tight Monetary Policy, Nnanna Says

LAGOS (Capital Markets in Africa)- Nigeria’s central bank will keep monetary policy tight as dollar shortages persist, Deputy Governor Joseph Nnanna said Now is not the time to ease policy, he said in an interview Thursday in the capital, Abuja. Inflation slowed for a third month in April, but at 17.2 percent remains almost double the upper limit of the bank’s 6 percent to 9 percent target. “We are battling with liquidity as it were, so tight monetary…

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Ghana central bank slashes benchmark interest rate

Ghana central bank slashes benchmark interest rate

ACCRA (Capital Markets in Africa) – Ghana’s central bank slashed its benchmark interest rate on Monday by two percentage points to 23.5 percent, noting signs inflation was trending downwards, in a move that may help spur lending and business activity. Ghana was for years one of Africa’s fastest-growing economies but growth slumped in 2014 due to falling commodities prices, high inflation, a big budget deficit and public debt. As inflation eases, the bank can lower…

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Nigerian Central Bank Keeps Key Policy Rate Unchanged at 14%

Nigerian Central Bank Keeps Key Policy Rate Unchanged at 14%

LAGOS (Capital Markets in Africa) – Nigeria left its benchmark interest rate unchanged for a fourth consecutive meeting to balance lifting the economy out of its worst slump in 25 years with fighting inflation that’s at almost double the government’s target. The Monetary Policy Committee held the key policy rate at 14 percent, Central Bank of Nigeria Governor Godwin Emefiele told reporters in the capital, Abuja, on Tuesday. That was in line with the forecast of all 17 economists surveyed by Bloomberg. While inflation in Africa’s…

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Morocco’s central bank keeps interest rate at 2.25%

Morocco’s central bank keeps interest rate at 2.25%

RABAT (Capital Markets in Africa) – Morocco’s central bank maintained its key monetary policy rate at 2.25 percent and raised its forecast for inflation and growth slightly this year due to improved domestic demand and a rise in imported inflation.    The Bank Al-Maghrib (BAM), which cut its rate by 25 basis points a year ago in response to declining inflation, added monetary conditions tightened slightly last year due to an appreciation of the real effective…

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Tanzania central bank slashes its discount rate to 12 pct

Tanzania central bank slashes its discount rate to 12 pct

DAR ES SALAAM (Capital Markets in Africa) – Tanzania’s central bank cut its discount rate to 12 percent from 16 percent to help spur lending and boost economic growth, the first time it has lowered borrowing costs since 2013. The cut, which the central bank said in a circular to commercial banks seen by Reuters becomes effective on Monday, follows a steep drop in private sector credit growth last year. “The discount rate which is applicable…

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INTO AFRICA March 2017 Edition: Africa’s Lions: Trust in Fundamentals

INTO AFRICA March 2017 Edition: Africa’s Lions: Trust in Fundamentals

LAGOS, Nigeria, Capital Markets in Africa: Welcome to March edition of INTO AFRICA, the publication with fresh insight into Africa’s emerging capital markets. Please download by clicking: INTO AFRICA PUBLICATION: MARCH 2017 EDITION.  Recent years have been challenging for Africa: so is the honeymoon over or did the wedding even take place? The oil price crash has had a serious impact on several African countries; the strength of the dollar is causing financing and FX issues; incidences of terrorism…

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