Banking | - Part 121

Malawi Central Bank Policy Interest Rate at 25% in February

LILONGWE, Malawi, Capital Markets in Africa — Reserve Bank of Malawi Monetary Policy Committee (MPC) met on 4th February 2015 and decided to maintain the Policy Rate at 25 percent and Liquidity Reserve Requirement (LRR) at 15.5 percent, according to statement on the central bank website. The Bank estimated the country real GDP growth at 6.3 percent for 2014, largely driven by the agricultural sector. For 2015, economic growth was earlier projected at 5.8 percent,…

National Bank of Angola Raises BNA Rate by 1% to 12.00% in January

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Luanda, Angola, Capital Markets in Africa — National Bank of Angola (BNA, Banco Nacional de Angola) Monetary Policy Committee (CPM) raised the Basis Interest Rate (BNA rate) by 100 basis points to 12.00%, to curb inflation pressure and to support the weakening Angolan kwanza amid declining oil revenues. Furthermore, the CPM increase the Marginal Lending Rate by 100 basis points from 13.00% to 14.00% and retained the seven-day maturity Liquidity Absorbing Rate at 1.75 percent….

South Africa’s Reserve Bank hikes repo rate by 50 basis points

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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 to 6.75% from 6.25%. This takes the cumulative increases to 1.75 percentage points since the MPC started tightening policy in January 2014. Governor Lesetja Kganyago stated that, although the impact of the weaker exchange rate on inflation had remained muted in recent years, renewed rand weakness and the likelihood of higher food inflation had…

Nigerian Central Bank keeps interest rate at 11%, turns deaf hear to currency devaluation …

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ABUJA, Nigeria, Capital Markets in Africa — Nigeria’s central bank Monetary Policy Committee (MPC) held the policy rate at 11 percent after lowering it from a record 13 percent in November 2015, Governor Godwin Emefiele informed reporters on Tuesday in Abuja, the capital. That was in line with economists and analysts expectations. Emefiele said the twelve members of the bank’s Monetary Policy Committee voted unanimously to keep the rate unchanged. The bank also held the cash reserve…

Bank of Ghana retains policy rate at 26 percent, slower inflation …

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ACCRA, Ghana, Capital Markets in Africa — The Bank of Ghana kept its policy rate unchanged at 26 percent on Monday, citing a slower pace of consumer price inflation, the central bank governor Dr Kofi Wampah stated in a press conference at the end of the Monetary policy Committee Policy meeting. Dr Kofi Wampah, announced that inflation rose to 17.7 percent in December 2015, up marginally from 17.6 per cent in November. “This indicates some…

Central Bank of Kenya Retains CBR at 11.5% and KBRR at 9.87%

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Nairobi, Kenya, Capital Market in Africa — The Central Bank of Kenya (CBK) Monetary Policy Committee (MPC) met on Wednesday 20 January 2016 to review market development and the outcome of its previous monetary policy decision. The MPC decided to keep the Central Bank Rate (CBR) at 11.5 percent for the fifth time in a row. The rate has been retained since early July. It was first raised in May 2015 to 10 per cent,…

Central Bank of Egypt hikes benchmark rates to curb inflationary pressures

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Cairo, Egypt, Capital Markets in Africa — Central Bank of Egypt raised interest rates for the first time in more than a year in an attempt to curb inflation, according to press release by the central bank. The last change to the benchmark rate was a half percentage point cut in January, when the central bank cited a weaker inflation outlook following the plunge in global energy prices. The Monetary Policy Committee, headed by Governor Tarek…

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