The Editorial Team |

Fitch: Global Sovereign Rating Changes From Criteria Update

LONDON, Capital Markets in Africa: Fitch Ratings published on Friday 22 July a review of its entire sovereign rating portfolio, incorporating changes to ratings derived from the application of its revised Sovereign Rating Criteria (dated 18 July 2016). The review focused on the notching relationship between sovereign Long-Term Local Currency (LTLC) and Long-Term Foreign Currency (LTFC) Issuer Default Ratings (IDRs), a review of existing Short-Term Foreign Currency (STFC) IDRs and the assignment of new Short-Term…

African Development Bank Won’t Give Budget Support to Congo

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CONGO, Capital Markets in Africa: The African Development Bank said it will keep working with the Democratic Republic of Congo’s government but won’t be able to give the country budget support until its political and structural conditions are met. Congo’s government in May said it would seek $100 million from the AfDB and as much as $500 million from the World Bank after the collapse in prices for copper and oil cut government revenue for the first four months of 2016….

Zimbabwe Starts $500 Million Program to Boost Corn Output

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HARARE, Zimbabwe, Capital Markets in Africa: Zimbabwe has started rolling out a $500 million program to boost corn production to meet domestic food demand. The three-year plan is aimed at raising plantings and expanding irrigation to increase production of the dietary staple to 2 million metric tons a year, Vice President Emmerson Mnangagwa told reporters on Monday. The country harvested 742,000 tons of corn in the 2014-15 season, less than the 1.8 million tons needed by the Zimbabwean…

Nigeria Pushes Traders to Book All Naira Deals as Currency Falls

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LAGOS, Nigeria, Capital Markets in Africa: The Central Bank of Nigeria’s foreign-exchange trading platform has called on banks to disclose all their naira transactions, including those done with customers that weren’t previously booked, as the regulator eases its grip on the currency and tries to attract inflows. Banks should “update all trades irrespective of the exchange rate,” the chief executive officer of Lagos-based FMDQ OTC Securities Exchange, Bola Onadele, said in an e-mail sent to dealers…

Kenyan Expresses Interest in Buying Troubled Congo Lender

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NAIROBI, Kenya, Capital Markets in Africa: Commercial Bank of Africa Limited, Kenya’s largest closely held lender, expressed an interest in buying struggling Democratic Republic Congo lender Banque Internationale Pour l’Afrique au Congo. Commercial Bank of Africa sent a letter that was signed by the Nairobi-based company’s Group Managing Director Isaac Awuondo and dated June 30 to Congo’s central bank saying it was interested in expanding its footprint into the country by investing in the recapitalization of BIAC, according to a…

Emerging-Market Stocks Become a Smart Bet in a Post-Brexit World

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks are looking like a smart buy as investors begin to view the developed world, from frequent terror attacks to a troubled European Union, as the sometimes riskier proposition. This year, emerging-nation equities have outperformed their developed peers as concern over a hard landing in China subsided and a rebound in commodity prices propped up export-dependent economies. The U.K. vote to quit the world’s biggest trading bloc against a backdrop of…

Kenya Pauses Monetary Easing, Sees Moderate Inflation Pressure

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NAIROBI, Kenya, Capital Markets in Africa: The Central Bank of Kenya maintained its benchmark interest rate at 10.5 percent with an eye on accelerating inflation and concerns that Britain’s exit from the European Union may trigger capital flight. The decision by the monetary policy committee led by Governor Patrick Njoroge was anticipated by seven of eight analysts surveyed by Bloomberg. One economist predicted a 50 basis point reduction at Monday’s meeting, following one percentage point cut at the previous gathering in…

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