Banking | - Part 118

Angola’s central bank Raises Basic Interest Rate by 2% in March

Luanda, Angola, Capital Markets in Africa — National Bank of Angola (BNA, Banco Nacional de Angola) Monetary Policy Committee (CPM) held a meeting on 28 March 2016, decided to increase the Basic Interest Rate to by 200 basis points to 14.oo percent, to manage inflation rate and strength the currency, BNA said in a statement on its website on Tuesday. In addition, the central bank raised the standing lending facility rate to 16 percent from 14…

Egypt Approaches JPMorgan, FGB as Bank Markets Local Debt

Posted on by The Editorial Team

CAIRO, Egypt, Capital Markets in Africa — National Bank of Egypt officials met with banks in the United Arab Emirates, including JPMorgan Chase & Co., as the North Africa nation seeks to attract foreign investors to its local-currency debt market after the biggest one-time devaluation of the pound since 2003 last week. Senior executives, including the bank’s treasurer, also met with First Gulf Bank and other investors to “explain” and market its product for hedging foreign-exchange risk aimed…

Morocco central bank cuts benchmark interest rate to 2.25 percent

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CASABLANCA, Morocco, Capital Markets in Africa — The Moroccan central bank cut its benchmark interest rate on Tuesday for the first time since December 2014 in an attempt to stimulate an economy hurt by weak cereal production and non-agriculture activity. The Bank reduced the key rate by 25 basis points to 2.25 percent, Bank Al-Maghrib said in a statement. The central bank also lowered its growth forecast for this year to 1 percent from 3…

Nigeria Surprisingly Raises Benchmark Interest Rate to 12%

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LAGOS, Nigeria, Capital Markets in Africa – Nigeria’s central bank Monetary Policy Committee (MPC) hikes the policy rate by 100 basis points to 12 percent after lowering it from a record 13 percent in November 2015 and kept it in January 2016, Governor Godwin Emefiele informed reporters on Tuesday in Abuja, the capital. The cash-reserve ratio was also increased to 22.5% from 20%, the Governor said. Nigeria’s inflation rate rose to 11.4% in February from a year…

Central Bank of Kenya keeps interest rate at 11.50% in March

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NAIROBI, Kenya, Capital Markets in Africa — The Monetary Policy Committee (MPC) met on March 21, 2016 to review market developments and the impact of its previous monetary policy decisions. The MPC decided to retain the Central Bank Rate (CBR) at its current level of 11.5 percent, to continue to anchor inflation expectations and enhance the credibility of its policy stance. The Bank noted that month-on-month overall inflation fell to 6.8 percent in February 2016,…

Ghana Central Bank Leaves Benchmark Rate Unchanged at 26%

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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…

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