Banking | - Part 109

Kenyan Expresses Interest in Buying Troubled Congo Lender

NAIROBI, Kenya, Capital Markets in Africa: Commercial Bank of Africa Limited, Kenya’s largest closely held lender, expressed an interest in buying struggling Democratic Republic Congo lender Banque Internationale Pour l’Afrique au Congo. Commercial Bank of Africa sent a letter that was signed by the Nairobi-based company’s Group Managing Director Isaac Awuondo and dated June 30 to Congo’s central bank saying it was interested in expanding its footprint into the country by investing in the recapitalization of BIAC, according to a…

Kenya Pauses Monetary Easing, Sees Moderate Inflation Pressure

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NAIROBI, Kenya, Capital Markets in Africa: The Central Bank of Kenya maintained its benchmark interest rate at 10.5 percent with an eye on accelerating inflation and concerns that Britain’s exit from the European Union may trigger capital flight. The decision by the monetary policy committee led by Governor Patrick Njoroge was anticipated by seven of eight analysts surveyed by Bloomberg. One economist predicted a 50 basis point reduction at Monday’s meeting, following one percentage point cut at the previous gathering in…

South Africa May Move Rate Focus to Recession Risk

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Johannesburg, Capital Markets in Africa: South Africa’s rate-hiking cycle may be coming to an end amid the threat of the country’s first recession in seven years. After increasing the benchmark rate six times since the start of 2014, policy makers in Africa’s only Group of 20 economy are poised to keep it unchanged this week as a stronger currency gives them room to focus on the risks to growth. Those headwinds include weak export demand, the worst drought in…

Mauritius Cuts Rates by Biggest Margin Since 2012 on Brexit in July

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Mauritius, Capital Markets in Africa: The Bank of Mauritius reduced its benchmark interest rate by the biggest margin in more than four years, saying Britain’s decision to leave the European Union has damaged the Indian Ocean island nation’s growth outlook. The Monetary Policy Committee unanimously decided to lower its benchmark rate to 4 percent from 4.4 percent, Governor Rameswurlall Basant Roi told reporters Wednesday in the capital, Port Louis. The gauge had remained unchanged since November 2015,…

Nigeria’s Skye Bank Gains on Report Power Firm May Pay Debts

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LAGOS, Capital Markets in Africa: Skye Bank Plc, whose top management was replaced by regulators this month, surged for a second day following a report that a major debtor reached an agreement that may help it repay the Nigerian lender. The stock closed up 9.1 percent to 72 kobo in Lagos, the best performer on the 171-member Nigerian Stock Exchange All-Share Index. Almost 58 million shares were traded, about four times the three-month daily average. Skye plunged…

Ghana May Hold Rate to Aid Economy Growing Slowest Since ’83

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ACCRA, Ghana, Capital Markets in Africa: Slowing inflation could give Bank of Ghana Governor Abdul Nashiru Issahaku room to continue supporting an economy forecast to expand at the slowest pace since 1983. The Bank of Ghana will probably leave its benchmark interest rate unchanged at 26 percent for a fourth consecutive meeting on July 18, all four analysts surveyed by Bloomberg said. The central bank raised the rate four times by a total of 500 basis points last year to prop…

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

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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…

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