The Editorial Team |

Nigerian Central Bank Gives Lenders Forbearance on Bad Loans

LAGOS, Nigeria, Capital Markets in Africa: The Central Bank of Nigeria granted lenders permission to write off any fully provided non-performing loans without waiting for the full year required by regulations, as authorities seek ways to boost lending and avert a recession in Africa’s biggest economy. The decision follows a request by banks for an amendment to the rule that requires lenders to retain bad debt in their books for 12 months before they are…

Toshiba to Work With Djibouti to Develop Geothermal Power

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DJIBOUTI, Capital Markets in Africa: Toshiba Corp., the world’s biggest supplier of geothermal turbines, plans to work with the government organization responsible for developing geothermal power in Djibouti, to promote the energy source. The Tokyo-based company and the Office Djiboutien de Developpement de l’Energie Geothermique, or ODDEG, signed a memorandum of understanding to develop the African country’s geothermal resources and provide training for plant workers, Toshiba said in a statement Tuesday. Toshiba will help ODDEG put…

Burundi Cracks Down on Currency-Changers Amid Dollar Shortage

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BURUNDI, Capital Markets in Africa: Burundi’s police said they closed 15 foreign-exchange offices and arrested 12 money-changers as the East African country, struck by more than a year of unrest, struggles with a dollar shortage. The actions were taken against speculators who committed “economic crime” by not complying with the official exchange rate, police spokesman Pierre Nkurikiye said Tuesday on his Twitter account. An inadequate supply of dollars from Burundi’s central bank has forced companies…

OPEC Still Faces Same Obstacles to Agree on Oil-Output Limit

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LAGOS, Nigeria, Capital Markets in Africa: An informal OPEC meeting next month is unlikely to deliver any agreement to limit production because several members including Iran are still pumping below capacity. Members of the Organization of Petroleum Exporting Countries are planning to hold talks in Algeria next month when they gather for a meeting of the International Energy Forum, the group’s president Mohammed Al Sada said Monday. But the same obstacles that prevented an agreement on proposals to freeze…

Egypt Has Proposed 18-month Reform Program to IMF

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CAIRO, Capital Markets in Africa: Three Egyptian dailies said Monday that Cairo was proposing to IMF delegates an 18-month reform program in return for a $12 billion loan over three years to shore up its economy, but that differences remained between the two sides on how to proceed. The reports by the privately-owned Al-Shorouk, Al-Masry Al-Youm and Al-Watan said the two sides were at odds over the size of a proposed devaluation of the Egyptian…

Republic of Congo bond jumps 7 cents after missed payment made

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CONGO, Capital Markets in Africa: The Republic of Congo’s 2029 dollar bond jumped by as much as 7 cents on Tuesday after trade body Emerging Markets Trade Association (EMTA) said the country had transferred funds to make an overdue payment on the issue. The bond, in which $478 million is outstanding, traded as high as 71 cents in the dollar after closing at 64 cents on Monday, its lowest level on record, according to Tradeweb…

Tanzania’s current account benefits from strong gold prices, tourism boost

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DAR ES SALAAM, Capital Markets in Africa: Tanzania’s current account deficit shrank by 55 percent in the year to May, central bank data showed on Tuesday, as the country benefited from a jump in tourist arrivals and rising gold prices, and paid less for oil imports. Tanzania is Africa’s fourth-largest gold producer and gold and tourism are its main sources of foreign income. The current account gap narrowed to $1.9 billion in the 12 months…

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