The Editorial Team |

BOE’s Saunders Sees No Rush to Hike Rates as Brexit Fog Persists

LONDON (Capital Markets in Africa): The Bank of England doesn’t need to rush to raise interest rates until the uncertainty of Brexit lifts, according to policy maker Michael Saunders. In a speech in London Wednesday, Saunders, considered one of the most hawkish members of the Monetary Policy Committee, said that tame inflation and a slowdown in growth meant officials could adopt a wait-and-see approach as Brexit plays out. BOE officials voted unanimously last month to hold…

South Africa Determined to Nationalize Central Bank, Ramaphosa Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling party has taken a decision to nationalize the central bank and it will be implemented, President Cyril Ramaphosa said. “We have got to go through processes,” Ramaphosa told parliament in Cape Town on Thursday. “There is no hidden agenda.” Ramaphosa’s comments come a day after he was scheduled to meet with Reserve Bank Governor Lesetja Kganyago in Cape Town. Kganyago on Wednesday emphasized the importance of central bank independence in…

South African Authorities Finally Closing in on Biggest Fraud

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JOHANNESBURG (Capital Markets in Africa) – It’s been a long 16 months for investors who were devastated when global retailer Steinhoff International Holdings NVshocked markets with its accounting scandal, but now South African police and regulators are finally saying their investigations have progressed. With four separate cases lodged, the police’s serious commercial crimes unit has taken 21 statements to probe potential fraud and theft involving Steinhoff directors. While the cops are closing in, South Africa’s Financial Sector Conduct…

South Africa’s ANC Support Drop Risks Richest Province, Poll Shows

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JOHANNESBURG (Capital Markets in Africa) – Support for South Africa’s ruling African National Congress has slipped ahead of May elections and the party could lose its majority in the Gauteng province, home to the country’s industrial hub and capital, a quarterly poll conducted by the South African Institute of Race Relations shows. Of 1,611 registered voters surveyed last month, 54.7 percent said they supported the ANC on the national ballot, down from 56 percent in…

Zimbabwe’s Ncube Touts Economy Amid Shortages, Inflation Surge

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HARARE (Capital Markets in Africa) – Zimbabwe’s Finance Minister Mthuli Ncube touted the health of his country’s economy even as the southern African nation experiences fuel shortages and the highest inflation rate since 2008. The government has put in place measures to liberalize the currency, curb spending and improve the management of state-owned companies he said in an interview with Bloomberg TV in Washington. Last month the country scrapped its insistence that local securities known as bond…

Nigeria’s Buhari Said to Be Mulling a New Central Bank Chief

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LAGOS (Capital Markets in Africa) -Nigerian President Muhammadu Buhari has come under pressure from his political allies to replace central bank Governor Godwin Emefiele when his term ends in June, according to people familiar with the matter. While Buhari has yet to make a final decision, he is mulling replacing Emefiele, a southerner, with a northerner, according to two people, who asked not to be identified as the matter is private. Emefiele would want a second term if he…

U.S. Probe and Credit Suisse Lawsuit Roil Mozambique Tuna Bonds

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MAPUTO (Capital Markets in Africa) – Mozambique’s Eurobonds have taken a turn for the worse. After ending 2018 as the biggest gainers among more than 70 countries in the Bloomberg Barclays Emerging Markets USD Sovereign Bond Index, they’re at the bottom so far this year. The $727 million of securities due in 2023 have lost 6.9 percent in price terms, which compares with the average return in emerging markets of 3.3 percent. The bonds have been in default…

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