Banking | - Part 120

Moody’s puts three Nigerian banks on review for downgrade

LAGOS, Nigeria, Capital Markets in Africa — Moody’s Investors Service has placed on review for downgrade the long-term ratings of three Nigerian banks—Access Bank plc (Ba3/B1 RUR down, b2 RUR down), Sterling Bank plc (B2 RUR down, b3 RUR down) and Bank of Industry (Ba3 RUR down). In a statement, the ratings agency said that the reviews are driven by the potential weakening of the Nigerian Government’s capacity and willingness to provide support to the…

Angola’s central bank leaves key interest rate unchanged at 12% in February

Posted on by The Editorial Team

Luanda, Angola, Capital Markets in Africa — National Bank of Angola (BNA, Banco Nacional de Angola) kept the Basic Interest Rate unchanged at 12.00 percent, to maintain price stability, and taking into account the economic outlook. In addition, the Interest Rate Standing Facility Liquidity Lending and the Interest Rate Standing Facility Liquidity Absorption to seven days remained unchanged at 14.00 percent and 1.75 percent respectively, the BNA stated in the press release. Regarding evolution of…

Bank of Namibia hikes Repo to 6.75 percent, amid inflation pressure and currency depreciation

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Windhoek, Namibia, Capital Markets in Africa — Bank of Namibia raised the Repurchase (Repo) rate by 25 basis points to 6.75 percent at the Bank of Namibia’s Monetary Policy Committee (MPC) meeting held on the Tuesday 16 February 2016, Bank of Namibia Governor Ipumbu Shiimi said in a press release. The Governor said the rate hike is to align interest rates within the Common Monetary Area which includes South Africa. This is intended to avoid possible capital…

Botswana’s central bank retains rate at 65, inflation falls to 2.7% …

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Gaborone, Botswana, Capital Markets in Africa — Bank of Botswana retains the Bank Rate at 6.0 percent at the meeting of the Monetary Policy Committee (MPC) held on Wednesday, 17 February 2016, Bank of Botswana said in a statement on its website. The Bank’s decision is aligned with the need to safeguard financial stability, to sustain credit growth and to maintain financial stability. In addition, Botswana’s GDP growth is estimated at 1.2 percent in the…

Bank of Mozambique hikes benchmark interest rates

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MAPUTO, Mozambique, Capital Markets in Africa — The Bank of Mozambique has decided to increase key interest rates, and the marginal lending facility was increased by 100 basis points to 10.75 percent and the deposit facility by 50 basis points to 4.25 percent, the central bank said in a statement released after the Bank’s Monetary Policy Committee on Monday. This is the highest interest the Bank of Mozambique has charged since September 2012. The rate…

Bank of Uganda retains central bank rate at 17 percent in February

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KAMPALA, Uganda, Capital Markets in Africa —Uganda’s central bank kept the Central Bank Rate (CBR) at 17 percent on Wednesday, saying inflation outlook has improved slightly, mainly duly to the exchange rate, according to the Monetary Policy Committee (MPC) Statement for February 2016 signed by Professor Emmanuel Tumusiime-Mutebile, Governor Bank of Uganda. The MPC believes that the decision to keep the CBR will curb the rise on core inflation over the next two or three quarters and…

Bank of Zambia Keeps Policy Rate Unchanged at 15.50%

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Lusaka, Zambia, Capital Markets in Africa — The Bank of Zambia Monetary Policy Committee (MPC), at its meeting on 11 February 2016, decided to maintain the Policy Rate at 15.5% partly to address volatility in FX market, Bank of Zambia Governor Denny Kalyalya stated at presentation in capital, Lusaka. The MPC noted that although the annual rate of inflation at 21.8% in January 2016 was significantly above single digits, previous measures to tighten monetary policy…

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