The Editorial Team |

Pound Slumps as Egyptian Banks ‘Scrape Barrel’ Over FX Shortage

CARIO, Egypt, Capital Markets in Africa: The Egyptian pound extended a record low on the black market, as tighter restrictions on the use of local debit and credit cards overseas and comments by the central bank governor stoked speculation of a devaluation. The pound fell to 12.99 per dollar on Tuesday from 12.02 last week, according to the average quote of five currency traders in Cairo and Alexandria. That’s the lowest since Bloomberg started tracking black…

Top Tips For Independent Day Traders

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Day trading can seem like an impossible struggle for the newcomer. Yet by following a few simple guidelines it very quickly becomes a way of life and a great way to earn money and success. To the outsider, it all seems very risky, yet with patience and dedication, the process can be very rewarding. In this article, we will give some top tips to traders with financial knowledge looking to start trading independently. These points…

Ghana Bond Yields Rise Most in Four Months as Deficit Widens

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ACCRA, Ghana, Capital Markets in Africa: Yields on Ghana’s bonds surged the most in four months after Finance Minister Seth Terkper said the West Africa nation will increase spending even as a budget deficit is seen widening due to lower revenues from oil. Yields on Ghana’s $1 billion of Eurobonds due August 2023 rose 35 basis points to 10.06 percent at 2:37 p.m. in the capital, Accra, the most on a closing basis since April 5. The country’s…

Nigeria Raises Key Interest Rate to Lure ‘Lukewarm’ Investors in July

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria raised its monetary policy rate to lure foreign investors and prop up its currency, even as the economy risks slipping into recession. The Monetary Policy Committee increased the key lending rate to 14 percent from 12 percent, Central Bank of Nigeria Governor Godwin Emefiele told reporters in the capital, Abuja, on Tuesday. That was in line with the forecast of two of the 15 economists in a Bloomberg survey. Two predicted a 100 basis-point…

South Africa Is a ‘Fire Sale’ for Tourists After Rand Rout

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South Africa, Capital Markets in Africa: Tourists are flocking back to South Africa’s game parks, beaches and vineyards as a weaker currency and easing of visa rules make holidays cheaper and more accessible. The number of visitors to South Africa from outside the continent increased by 19 percent over the five months through May, the Tourism Ministry said on July 20. The surging popularity among travelers from markets including the U.S. and Germany can be largely attributed…

South Africa Local-Currency Debt Rating Downgraded by Fitch

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South Africa, Capital Markets in Africa: Fitch Ratings downgraded South Africa’s local-currency debt one level to move it into line with the foreign-currency rating, bringing the nation’s 1.7 trillion rand ($118 billion) of domestic debt a step closer to junk level. The one-step cut to BBB-, the lowest investment grade, was part of a review of Fitch’s local-currency assessments, applying new criteria that resulted in downgrades for 23 issuers, the company said in a report that was…

Mozambique | Plunging Tuna Bonds Wreck Africa’s Most Promising Economy

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MAPUTO, Capital Markets in Africa: Even by the standards of Africa, it’s been a wild ride for Mozambique. There’s little sign it will end well. Blowing through more than $2 billion of borrowed money just as the currency and the price of commodity exports plunged has left the former Portuguese colony with near-empty coffers. Its creditors, which bought debt sold by Credit Suisse Group AG and VTB Group, may be left holding the bag. Nor does it help…

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