Banking | - Part 123

Kenya holds Lending Rate Unchanged at 11.5% as Kenyan Shilling Stabilizes, Inflation Ease …

Nairobi, Kenya, Capital Market in Africa — The Central Bank of Kenya (CBK) kept its key Central Bank Rate (CBR) unchanged as the Kenyan shilling stabilized against the US dollar and easing pressure on inflation, according to the statement signed by Governor Patrick Njoroge. The Monetary Policy Committee retained the lending interest rate for a third consecutive meeting at 11.5 percent after an increase of 150 basis points each in June and July to cushion the effect of Kenya…

Bank of Mozambique hikes Marginal Lending Facility rate by 50bps to 8.25% to curb inflation …

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MAPUTO, Mozambique, Capital Markets in Africa — Mozambique’s central bank raised its benchmark standing facility rate by a further 50 basis points to 8.25 percent, citing the need for “redoubled caution” in light of the prospects for short and medium-term inflation at a time of growing foreign and domestic risks, according to stated issued by the Bank of Mozambique. The bank has raised its rate by 75 basis points so far in 2015 following an…

Bank of Ghana Unexpectedly hikes Policy Rate by 100 basis points to 26%

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ACCRA, Ghana, Capital Markets in Africa — The Bank of Ghana (BoG) announced a hike in its benchmark policy rate from 25 per cent to 26 per cent following at the end of the 67th Monetary Policy Committee (MPC) meeting held on Friday 13 November 2015. The central bank Governor, Dr Henry Kofi Wampah, told a media briefing on Monday 16 November that the inflation stood at 17.4 per cent in October, unchanged from September…

Bank of Mauritius cuts the Key Repo Rate by 25 basis points to 4.40 per cent

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Port Louis, Capital Markets in African — The Monetary Policy Committee (MPC) of the Bank of Mauritius (Bank) has unanimously decided to cut the Key Repo Rate by 25 basis points to 4.40 per cent per annum to boost domestic economic activity, at its meeting on Monday 9 November 2015. The Key Repo Rate had been kept at 4.65 percent since June 2013 when it was reduced by 25 basis points from 4.9 percent. See…

Nigeria’s Access Bank to remain resilient over next 12-18 months, despite significant challenges

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Lagos, Nigeria, Capital Markets in Africa — Nigeria’s Access Bank Plc has high capital levels that boost its resilience in the face of weaker Nigerian economic growth that has led to potential asset quality pressure and weakened liquidity conditions, Moody’s Investors Service said in a report on November 5th 2015. “Weaker economic growth in Nigeria and tighter liquidity within its banking system are among the challenges exerting pressure on Access Bank’s core profitability,” said Akintunde…

Reserve Bank of Malawi Raises Policy Rate by 2% as Inflation Surge in November

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LILONGWE, Malawi, Capital Markets in Africa — Reserve Bank of Malawi Monetary Policy Committee (MPC) met on 4th November 2015 and examined the external and domestic economic developments and decided to raise the Policy rate to 27 percent from 25 percent in order to contain second round effects of rising inflation, according to statement signed by the Reserve Bank of Malawi governor Mr Charles S.R. Chuka. The Liquidity Reserve Requirement (LRR) at 7.5 percent having adjusted…

Moody’s says Nigeria’s Sterling Bank’s credit profile likely to be resilient to downside risks

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London, Capital Markets in Africa — Nigeria’s Sterling Bank Plc is likely to remain resilient to downside risks despite its rising problem loans, says Moody’s Investors Service in a report published today. Moody’s outlook on the bank is stable for the next 12-18 months. “The bank reported 1H2015 results that show a continued upward trend in the bank’s non-performing loans (NPLs) and highlights vulnerabilities in the bank’s asset quality given its rapid loan growth in…

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