Central Bank | - Part 15

Ghana’s Central Bank Keeps Benchmark Interest Rate in Sept

ACCRA, Capital Markets in Africa: Ghana’s central bank kept its benchmark interest rate unchanged for a fifth consecutive meeting after inflation accelerated in August. The Bank of Ghana held the rate at 26 percent, Governor Abdul Nashiru Issahaku told reporters Monday in the capital, Accra. That was in line with the forecast of six of the eight economists in a Bloomberg survey. One said the rate would be cut by 100 basis points and another forecast a 200 basis-point…

Mozambique delays MPC meeting by a month

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MAPUTO, Capital Markets in Africa: The Mozambique central bank’s Monetary Policy Committee (MPC) will hold its next meeting in October and not September as earlier planned, the bank said on Friday, without giving reasons. The MPC will hold its ninth meeting of the year on Oct. 21, the central bank said in a statement. The bank lifted its main lending rate by 300 basis points to 17.25 percent in July due to soaring inflation and…

Kenyan Central Bank Sets CBR as the Base Rate for Loan Charges

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NAIROBI, Capital Market in Africa: Kenya’s central bank said lenders should peg their loans to its Central Bank Rate, or CBR, in line with a new law capping costs and as the International Monetary Fund warned that legislation limiting how much lenders charge for credit risks impeding access to loans. East Africa’s biggest economy has introduced restrictions on borrowing costs that set commercial rates at 400 basis points above a central bank base rate. Most…

Kenyan Lawmakers Escalate Battle Against Banks to Cap Rates

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NAIROBI, Kenya, Capital Markets in Africa: Kenyan lawmakers are threatening to overrule President Uhuru Kenyatta if needed to force the country’s banks to lower their lending rates. The country’s parliament on July 28 approved a bill that will limit the amount of interest banks can charge on loans, with the proposal only needing Kenyatta’s signature to become law. The proposals jolted lenders into signing a memorandum of understanding with the Central Bank of Kenya that commits them to…

Kenya Banks Commit to Cutting Rates After Lawmakers Threaten Cap

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NAIROBI, Kenya, Capital Markets in Africa: Kenyan banks committed to lowering commercial lending rates after lawmakers proposed imposing a limit on how much interest lenders can charge. Lenders in East Africa’s biggest economy signed a memorandum that sets out measures to boost lending, including allocating 30 billion shillings ($295 million) to small- and medium-sized enterprises and women at concessionary rates, Lamin Manjang, chairman of the Kenya Bankers Association said Wednesday. Banks will also enhance their business…

Nigerian Central Bank Gives Lenders Forbearance on Bad Loans

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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…

Egyptian Stocks Rise as Investors Prepare for Pound Devaluation

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CAIRO, Egypt, Capital Markets in Africa: Egyptian stocks rallied to the highest level in more than a year as investors increased their holdings on bets that a currency devaluation would lure foreigners to the nation’s assets. The EGX 30 Index advanced 1.9 percent, the most in the world among more than 90 indexes tracked by Bloomberg globally after Argentinian equities. Commercial International Bank Egypt, the country’s biggest listed company, climbed to a record and was the biggest contributor to the gauge’s gains….

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