Central Bank | - Part 13

Egypt Central Bank keeps key interest rates unchanged at MPC meeting

CAIRO (Capital Markets in Africa) – Egypt’s central bank kept its key interest rates unchanged on Thursday in a meeting of its Monetary Policy Committee, it said in a statement, two weeks after it surprised markets with a 3 percent hike in its key rates. The bank kept its overnight deposit rate at 14.75 percent and its overnight lending rate at 15.75 percent, it said in a statement, meeting expectations of all 15 respondents in a…

African Central Banks Monetary Policy Rates and Foreign Reserves

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LAGOS (Capital Markets in Africa) – Algeria’s foreign exchange reserves dropped by $7.1 billion to $121.9 billion in the third quarter of 2016 due to lower oil prices that have hit the country’s finances, Central Bank Governor Mohamed Loukal said. Oil and gas earnings, which make up 94 percent of total exports and 60 percent of the state budget, fell to $18.8 billion in the first nine months of 2016, down 26.3 percent from the…

Uganda central bank cuts main rate to 13 pct, more easing seen

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KAMPALA (Capital Markets in Africa) – Uganda’s central bank cut its main interest rate on Tuesday to 13 percent from 14 percent to boost growth, and analysts said there was room for another reduction this year. Policymakers in the East African nation began cutting the benchmark rate in April, bringing it back down from the peak of 17 percent reached as the bank battled a surge in prices. Core inflation dipped to 4.8 percent last month…

What are the African Central Banks doing: Keeps, Slashes or Hikes?

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Angola’s central bank leaves benchmark lending rate unchanged at 16 pct The National Bank of Angola (Banco Nacional de Angola, BNA) left its benchmark lending rate unchanged at 16 percent during its latest monetary policy meeting. The Central Bank has raised the Basic Interest Rate three times since the beginning of the year in an effort to combat spiraling inflation; the previous hike was at the monthly meeting in June. Inflation has been soaring due…

Nigeria Central Bank set limits on banks’ investment in govt Islamic bonds

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LAGOS ((Capital Markets in Africa)) – Nigeria’s central bank has set commercial banks’ investment in Islamic bonds issued by state governments to 10 percent of the total amount on offer and fixed a maximum tenor of 10 years for the bonds, it said in a circular. The central bank said it considered the need to issue the guidelines to enhance the quality of sukuk instruments and to grant liquidity status at its discount window as well…

Congo Raises Key Rate to 7% to Check Inflation, Defend Franc

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo raised its key interest rate by 5 percentage points to 7 percent because of accelerating inflation and “tensions” in the foreign-exchange market. The increase marks the first change in the base rate in almost three years and comes after the government’s foreign-exchange reserves dropped below $1 billion for the first time since 2008. Reserves have fallen by a third since the start of the year as a sustained…

Moroccan and Rwandan Central bank keep rate unchanged in Sept

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CASABLACA/KIGALI, Capital Markets in Africa: – Morocco’s central bank kept its benchmark interest rate unchanged at 2.25 percent on Tuesday, saying the inflation forecast was consistent with its price stability objective. The bank, known as Bank al-Maghrib, said it expected inflation to remain around 1.6 percent in 2016 and fall to 1.2 percent in 2017. Expecting agricultural output to rebound in 2017 from the worst drought in decades to hit North Africa, the bank said…

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