The Editorial Team |

Tunisia Can’t Defend the Dinar, Central Bank Governor Says

TUNIS (Capital Markets in Africa) – Tunisia can’t defend its currency “even if it wanted to,” and must instead focus on narrowing its trade deficit to revive the economy, according to central bank Governor Marouane El Abassi. El Abassi, in his first news conference since being appointed last month, said the central bank raised its benchmark interest rate by 75 basis points this week to curb inflation, which he said risked becoming “uncontrollable.” The dinar has weakened…

Trump’s Derogatory Comment Dogs Tillerson’s First Day in Africa

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LAGOS (Capital Markets in Africa) – It didn’t take long for President Donald Trump’s derogatory comment about African nations to come up in Secretary of State Rex Tillerson’s first visit to the continent as top U.S. diplomat. At a press conference with African Union Commission Chairman Moussa Faki in the Ethiopian capital, Addis Ababa, a journalist asked Faki and Tillerson whether the U.S. should apologize for the remark. The reporter said the comment, which Trump has denied,…

SAP Paid $11 Million to Gupta-Linked Companies for Contracts

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JOHANNESBURG (Capital Markets in Africa) – SAP SE said it paid 128.6 million rand ($11 million) to companies linked to South Africa’s Gupta family, which is headed by three brothers accused of using their friendship with former President Jacob Zuma to defraud state-owned entities. The findings represent the first time that an international company has given details on specific payments made to Gupta entities. Other global businesses to become embroiled in the corruption allegations include U.S. consultancy McKinsey…

Egypt Inflation Enters Post-Float Target Range for First Time

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TUNIS (Capital Markets in Africa) – Inflation in urban parts of Egypt slowed to a 17-month low, for the first time entering a broad target range the central bank set after floating the currency in November 2016. The annual rate eased to 14.4 percent in February, from 17.1 percent a month earlier, the state-run statistics agency said. As prices soared following the decision to lift currency controls, the central bank had announced a target of…

UniBank Clarifies MD After Confusion Over Ghana Bank Deal

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ACCRA (Capital Markets in Africa) – UniBank Ghana Ltd. said it is not buying the country’s Agricultural Development Bank Ltd. as it clarified comments by its top executive on Wednesday that were interpreted even by regulators as a takeover offer. UniBank Managing Director Kwabena Duffuor told an Accra-based radio station that Belstar Capital Ltd. is leading a group of shareholders who have pledged to sell 53 percent of their holdings in ADB, as the agricultural…

Kenya Requests Six-Month Extension of Standby Loan, IMF Says

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NAIROBI (Capital Markets in Africa) – Kenya asked the International Monetary Fund for a six-month extension to a $1.5-billion standby facility to allow more time to complete delayed reviews of an IMF-supported program. The government committed to reducing its fiscal deficit and “substantially modifying” controls on commercial interest rates to achieve the objectives of the program, the Washington-based lender said in an emailed statement. The request for a six-month extension of the precautionary financing will be presented to…

Saudi Crown Prince Dismisses Feud With Qatar as `Trivial’

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CAIRO (Capital Markets in Africa) – Saudi Arabia’s crown prince brushed off a festering dispute with Gulf neighbour Qatar as “very trivial,” though one that might drag on for a long time, and claimed the kingdom was succeeding in blocking Iran’s regional ambitions, according to Egyptian media. Mohammed Bin Salman, in an interview with newspaper editors in Cairo this week, also accused the Muslim Brotherhood of exploiting democracy in the region and said Turkey,…

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