Banking | - Part 114

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

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…

Investment | Nedbank Group Hunting for Kenyan Acquisition as Parent Mulls Exit Plan

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Johannesburg, South Africa, Capital Markets in Africa: Nedbank Group Limited, the South African lender being spun off from parent Old Mutual Plc, said it’s in talks that may lead to the acquisition of a Kenyan bank as it seeks to benefit from an economic growth rate that’s double the average for the rest of the continent. “Within the next 12 months we’ll certainly be looking to do a deal,” Mfundo Nkuhlu, chief operating officer of Johannesburg-based Nedbank,…

Private Equity | Barclays Africa Said to Attract Abraaj-Led Group for Stake

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LAGOS, Nigeria, Capital Markets in Africa: Buyout firm Abraaj Group is leading a group of investors planning to bid for a minority stake in Barclays Plc’s African unit, according to people familiar with the matter. Abraaj is working with financial advisers and is in discussions to team up with other investors including a Middle Eastern sovereign wealth fund, the people said, asking not to be identified as the information is private. The private equity firm may bid for as…

FBN Says Director Questioned as Nigeria Probes Bank Transactions

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LAGOS, Nigeria, Capital Markets in Africa: FBN Holdings Plc, Nigeria’s biggest lender by assets, said one of its directors was invited and questioned by the Economic and Financial Crimes Commission as part of a wider probe into alleged illegal transactions by the country’s banks. Executive Director Dauda Lawal was questioned about sums allegedly distributed by a former minister of petroleum, and is cooperating fully with the agency, the Lagos-based lender said in a statement Friday on the Nigerian…

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