Banking | - Part 117

Central Bank of Egypt Keeps Policy Rate Unchanged at 10.75% in April

CAIRO, Egypt, Capital Markets in Africa — In its meeting held on April 28, 2016, the Monetary Policy Committee (MPC) decided to keep the overnight deposit rate, overnight lending rate, and the rate of the Central Bank of Egypt’s (CBE) main operation unchanged at 10.75 percent, 11.75 percent, and 11.25 percent, respectively. The discount rate was also kept unchanged at 11.25 percent. Annual headline CPI remained at around 9 percent in February and March 2016,…

S&P sees South Africa’s banks up against growing credit risks

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa — South Africa’s banks will find it tougher to turn a profit as the economy remains feeble for the next few years and credit risks rise, credit ratings agency Standard & Poor’s said on Thursday. Consumers, squeezed by rising interest rates, unemployment of around 25 percent and high debt levels, are a growing headache for lenders in Africa’s most advanced economy which is forecast by the government to…

Family Bank Plans Share Sale to Fund East African Expansion

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NAIROBI, Kenya, Capital Markets in Africa — Family Bank Limited, a closely held Kenyan lender, plans to raise 4 billion shillings ($40 million) in a share sale to existing investors by June that will be used to fund an East African expansion. The company wants to make a “cautious entry” into markets in the region over the next year, outgoing Managing Director Peter Munyiri told reporters in Nairobi on Friday, without identifying any countries. The lender, which has 1.7…

Kenya Regulators Help Investment Bank Free Funds Held in Lender

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NAIROBI, Kenya, Capital Markets in Africa — Kenyan regulators are working with Genghis Capital Ltd. to help the investment bank free up cash locked in Chase Bank Kenya Ltd., an associated company which is being nursed back to health after collapsing following a run on deposits. Authorities are collaborating with the caretakers of Chase Bank so that clients of Genghis wanting to redeem some of their mutual fund holdings can access their money, Capital Markets Authority acting Chief…

Mozambique Central Bank Hikes Policy Rate to Curb Inflation in April

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MAPUTO, Mozambique, Capital Markets in Africa —The Bank of Mozambique has decided to increase key policy interest rates to the highest level in four years , in its efforts to curb inflationary pressure. The Bank’s Monetary Policy Committee, which met in Maputo on 20 April, announced that the Standing Lending Facility (the interest rate paid by the commercial banks to the central bank for money borrowed on the Interbank Money Market) will rise immediately by…

Central Bank of Kenya Warns About Bad Loans in Banking System

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NAIROBI, Kenya, Capital Markets in Africa — The amount of non-performing loans in Kenya’s financial system and the inadequate funds set aside to cover them are hampering the industry, Central Bank Governor Patrick Njoroge said, adding his office would conduct more stringent surveillance of the sector. NPLs rose to 6.8 percent of total credit in February from 5.7 percent a year earlier, Njoroge, who’s been in the job for less than a year, told reporters in the capital,…

Bank of Uganda cuts key rate amidst improved inflation outlook in April

Posted on by The Editorial Team

KAMPALA, Uganda, Capital Markets in Africa — Bank of Uganda (BOU) reduces its benchmark lending rate on Monday, because of the fact that demand pressures on inflation are more subdued than at the time of the last and indications are that domestic demand is likely to remain constrained. The central bank Governor Emmanuel Tumusiime-Mutebile informed a news conference the bank had dropped the rate to 16 percent from 17 percent previously, adding that real growth…

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