Central Bank | - Part 17

Nigeria’s Emefiele Said to Have Met Bond Investors in U.S., U.K

LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s central bank Governor Godwin Emefiele and Deputy Governor Sarah Alade travelled to the U.S. and U.K. this week to try and entice bond investors to buy assets in Africa’s largest economy, according to two people with knowledge of the talks. Emefiele and Alade met investors in Los Angeles, Boston, New York and London, according to the people, who asked not to be identified as the discussions were private. Several investors in London…

South African Central Bank Champions Choice for Welfare Banking

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South Africa, Capital Markets in Africa: The 16.9 million people receiving welfare payments from South Africa’s government into bank accounts should have the right to choose between financial services companies, according to the country’s central bank. A contract awarded by the South African Social Security Agency to Johannesburg-based Net 1 UEPS Technologies Inc. to pay grants electronically in 2012 has this year been dogged by court battles and criminal charges. Under the contract, which will be taken over by the…

Angola Raises Rates to a Record as IMF Loan Talks Called Off in June

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Luanda, Angola, Capital Markets in Africa: Angola’s central bank raised its benchmark interest rate to a record 16 percent, the third increase this year, as the International Monetary Fund said the southern African nation called off loan talks to help steady the oil-producing nation’s economy. The Banco Nacional de Angola increased the key lending rate from 14 percent after a meeting of its Monetary Policy Committee in the capital, Luanda, on Thursday. The bank has increased the rate by five percentage…

South Africa Ratings Cut Could Complicate Reserve Bank’s Task

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SOUTH AFRICA, Capital Markets in Africa: A cut in South Africa’s credit rating could complicate the Reserve Bank’s challenge of weak growth and accelerating inflation, according to Deputy Governor Francois Groepe. “A sovereign rating can have an impact on monetary policy because of how it influences the availability and cost of external financing, the yields on domestic debt and, in turn, the performance of the rand,” Groepe said in a speech posted on the central bank’s website…

Kenyan Treasury, Central Bank in Turf War Over Capital Rules

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KENYA, Capital Markets in Africa: Kenyan Treasury Secretary Henry Rotich is counting on three bank failures in eight months to help drive through proposals that will reduce the central bank’s oversight of the industry. Rotich, 47, is seeking to persuade lawmakers to accept proposals that will increase the amount of capital banks must set aside as safety buffers and is also pushing amendments to allow the government more influence in the management of financial institutions. Central Bank of…

Brexit Could Hurt South Africa’s GDP Growth, Kganyago Says

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SOUTH AFRICA, Capital Markets in Africa: The U.K.’s vote to leave the European Union will hurt South Africa’s economic growth, according to Reserve Bank Governor Lesetja Kganyago. “We would not venture into a recession at this stage, but there is no doubt that it will slow the South African economy from the weak growth that we already have,” Kganyago said in an interview with Bloomberg TV at the European Central Bank Forum in Sintra, Portugal on Tuesday. The…

Rwanda Sees Accommodative Stance as Prudent Ahead of MPC

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Kigali, Rwanda, Capital Markets in Africa: The Rwandan central bank’s “accommodative” monetary policy stance is prudent because inflation is expected to remain below the government’s target, Governor John Rwangombwa said ahead of a rate-setting committee meeting next week. Consumer-price growth in the tea-growing East African nation is expected to remain below the government’s target of 5 percent this year, Rwangombwa said in an interview June 20 in the Tanzanian commercial capital, Dar es Salaam. Rwanda’s MPC is…

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