Banking

MAPUTO (Capital Markets in Africa) –  Credit Suisse Group AG agreed to pay almost $475 million to resolve multiple investigations into its role in a fundraising scandal that saw hundreds of millions looted from Mozambique and tipped the country into economic crisis. The Zurich-based bank said it expects to take a $230 million charge in the third quarter as a result of the settlement, a further hit for shareholders after the bank was buffetted by…

LONDON (Capital Markets in Africa) – Bank of England Governor Andrew Bailey moved to strengthen the case for raising interest rates, saying the central bank will “have to act” to curb inflationary forces and warning higher energy costs mean price pressures will linger. Speaking to an online panel organized by the Group of 30, Bailey said that while central banks don’t have the tools to counter supply disruptions and he still believes the recent acceleration…

LUANDA (Capital Markets in Africa) – Angola’s central bank will focus on inflation and then financial stability from the start of next year after lawmakers agreed to change its mandate, Governor Jose de Lima Massano said.  Parliament on Sept. 1 approved a law to boost the central bank’s independence by changing the way the governor is appointed and the mandate of the bank. At a meeting of the central bank’s monetary policy committee on Thursday, the first since the…

CASSABANLA (Capital Markets in Africa) – Morocco’s central bank is expected to keep its benchmark interest rate at a record low as subdued inflation gives policymakers space to focus on a priority set by the king — reviving an economy battered by Covid.  Tuesday’s rate decision comes 10 days before a highly anticipated address by King Mohammed VI to the newly elected parliament, in which he’s expected to put economic growth at the top of…

LUSAKA (Capital Markets in Africa) – Zambian President Hakainde Hichilema named Denny Kalyalyaas central bank governor, returning the highly-regarded economist to the job 13 months after his shock dismissal hit the nation’s currency and dollar bonds. Kalyalya’s appointment is effective immediately and subject to lawmakers’ approval, the presidency said in an emailed statement Monday. His placement follows Hichilema’s selection of other seasoned officials to fill key economic posts, including that of Situmbeko Musokotwane as finance minister and…