Central Bank | - Part 19

Central Bank of Kenya to hold rates on Monday, cut next quarter

JOHANNESBURG, South Africa, Capital Markets in Africa: Kenya’s central bank will wait a few more months before cutting its benchmark interest rate as inflation, while slowing, is still above target and so allows it room to wait, a Reuters poll found on Friday. Eight of 12 analysts polled this week said rates would be left on hold on Monday at 11.5 percent while two said they expect a 50 basis point cut. The other two…

South Africa Maintains Rate at 7% Despite Inflation Risk in May

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Johannesburg, South Africa, Capital Markets in Africa: The pause in the South African central bank’s policy tightening cycle may be short-lived as it forecast increasing risks for inflation from a weaker rand and food prices. The repurchase rate was left unchanged at 7 percent, Governor Lesetja Kganyago told reporters on Thursday in the capital, Pretoria. Nineteen of the 25 economists in a Bloomberg survey predicted no change to borrowing costs. Five of the six members Monetary Policy Committee members preferred to keep the rate unchanged…

Kenya Cuts Rates for First Time Since 2013 on Slow Inflation in May

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NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank cut its key rate by 100 basis points to 10.5 percent, the first reduction in three years, as the rate of inflation decelerates to within the government’s target corridor. Only two of nine economists and analysts polled by Bloomberg expected the decision. Central bank Governor Patrick Njoroge said in an interview in Kigali, Rwanda, earlier this month falling consumer prices, which are now within the government’s 2.5 percent…

Ghana’s Central Bank Holds Benchmark Rate as Inflation Burden Eases

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s central bank maintained its benchmark interest rate as the cedi stabilized and inflation eased. The monetary policy committee of the Bank of Ghana held the rate at 26 percent, Governor Abdul Nashiru Issahaku, who chaired the meeting for the first time, told reporters in Accra, the capital, on Monday. This was in line with the forecast of all eight economists in a survey compiled by Bloomberg. Former governor Kofi Wampah didn’t…

Ghana Interest Rates Seen Steady as Issahaku Holds First Meeting

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s new central bank governor, Abdul Nashiru Issahaku, will probably keep policy unchanged at his debut interest-rate announcement after inflation started to slow and the cedi stabilized. Issahaku, 54, appointed last month after the early retirement of Kofi Wampahin March, will probably leave the benchmark rate at 26 percent when he announces the first Monetary Policy Committee decision under his leadership on May 16, according to the median of eight economist estimates compiled by Bloomberg….

South Africa | SARB Serves Economy Best With Price Stability, Mminele Says

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Johannesburg, South Africa, Capital Markets in Africa: The Reserve Bank can best serve the South African economy by ensuring price stability, even if higher interest rates affect growth over the short term, Deputy Governor Daniel Mminele said. “The long-term interests of the South African economy are served by focusing on that price stability mandate and avoiding any temptation to try and play a short run trade-off between inflation and growth,” Mminele said Friday in an interview at the World…

Angola’s Central Bank Maintains Rates on stable inflation in April 2016

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Luanda, Angola, Capital Markets in Africa — National Bank of Angola (BNA, Banco Nacional de Angola) Monetary Policy Committee (CPM) held a meeting on 29 April 2016, decided to maintained the Basic Interest Rate at 14.oo%, BNA said in a statement on its website on Thursday. In addition, the central bank left the standing lending facility rate at 16% and kept the overnight standing liquidity absorption facility rate at 2.25%. In March 2016, the monthly inflation…

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