Banking | - Part 118

Central Bank of Kenya Warns About Bad Loans in Banking System

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

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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…

Tunisia’s central bank holds key rate unchanged at 4.25 percent in March

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TUNIS, Tunisia, Capital Markets in Africa — Tunisia’s central bank kept its key interest rate unchanged at 4.25 percent, the bank said on Thursday. The bank last cut its main interest rate in October, from 4.75 percent, in a bid to boost economic growth as inflation fell. The inflation rate was 4.9 percent in 2015, down from 5.5 percent in 2014. The central bank said tourism revenue in first two months in 2016 fell by…

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

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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

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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…

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