Central Bank | - Part 22

Ghana Central Bank Leaves Benchmark Rate Unchanged at 26%

ACCRA, Ghana, Capital Markets in Africa — Bank of Ghana retained its benchmark rate at 26 percent, as a result ease in inflation pressures, according to statement issued by Ghana’s central bank at the end of the Monetary Policy Committee meeting held on 21st March 2016. In February, headline inflation declined to 18.5 percent, dragged down by lower non-food inflation. The monthly inflation rates also indicated some slowdown in February, supported largely by stability in…

South Africa’s Reserve Bank Raises Repo rate by 25 basis points in March

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Johannesburg, South Africa, Capital Markets in Africa — The South Africa Reserve Bank’s Monetary Policy Committee (MPC) raised the Repo rate by 25 basis points to 7.00%, as a result of inflation rise concern. This takes the cumulative increases to 2.00 percentage points since the MPC started tightening policy in January 2014. Regarding inflation, the MPC commented that since the previous MPC meeting in January, headline inflation has exceeded the upper end of the target…

Mozambique Central Bank Keeps Benchmark Rate at 10.75% in March

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MAPUTO, Mozambique, Capital Markets in Africa — The Bank of Mozambique has decided to increase key interest rates, and the marginal lending facility was kept at 10.75 percent as well as the deposit facility (the rate the central bank pay to the commercial bank deposit money) remained unchanged at 4.25 percent, the central bank said in a statement released after the Bank’s Monetary Policy Committee on Monday. A statement from the Bank’s Monetary Policy Committee,…

Bank of Ghana to end collection of gold and cocoa proceeds

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ACCRA, Ghana, Capital Markets in Africa — The Bank of Ghana will this year end its policy of forcing cocoa and gold-producers to remit export proceeds to the central bank. The bank will phase out the policy in four steps to prevent disruptions to the foreign-exchange market, the bank stated. Those will include establishing a strong monitoring system to ensure export revenues are released into the market via commercial banks, and sold on a “need…

Angola’s central bank leaves key interest rate unchanged at 12% in February

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Luanda, Angola, Capital Markets in Africa — National Bank of Angola (BNA, Banco Nacional de Angola) kept the Basic Interest Rate unchanged at 12.00 percent, to maintain price stability, and taking into account the economic outlook. In addition, the Interest Rate Standing Facility Liquidity Lending and the Interest Rate Standing Facility Liquidity Absorption to seven days remained unchanged at 14.00 percent and 1.75 percent respectively, the BNA stated in the press release. Regarding evolution of…

Bank of Namibia hikes Repo to 6.75 percent, amid inflation pressure and currency depreciation

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Windhoek, Namibia, Capital Markets in Africa — Bank of Namibia raised the Repurchase (Repo) rate by 25 basis points to 6.75 percent at the Bank of Namibia’s Monetary Policy Committee (MPC) meeting held on the Tuesday 16 February 2016, Bank of Namibia Governor Ipumbu Shiimi said in a press release. The Governor said the rate hike is to align interest rates within the Common Monetary Area which includes South Africa. This is intended to avoid possible capital…

Botswana’s central bank retains rate at 65, inflation falls to 2.7% …

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Gaborone, Botswana, Capital Markets in Africa — Bank of Botswana retains the Bank Rate at 6.0 percent at the meeting of the Monetary Policy Committee (MPC) held on Wednesday, 17 February 2016, Bank of Botswana said in a statement on its website. The Bank’s decision is aligned with the need to safeguard financial stability, to sustain credit growth and to maintain financial stability. In addition, Botswana’s GDP growth is estimated at 1.2 percent in the…

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