Banking | - Part 84

Mozambique Central Bank Trims Rates for Second Time This Year

MAPUTO (Capital Markets in Africa) – Mozambique’s central bank cut rates for the second time this year as price growth continued to moderate. The Monetary Policy Committee reduced the permanent lending facility rate to 22.5 percent from 22.75 percent, Governor Rogerio Zandamela said in a statement on the Maputo-based bank’s website. Inflation slowed to 16.2 percent in July, the lowest since April 2016, having peaked at 26.8 percent in November. “The prevalence of risks to the inflation outlook requires…

Zambia Central Bank Reduces Key Rate to Lowest Since 2014

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LUSAKA (Capital Markets in Africa) -Zambia’s central bank cut its benchmark lending rate for a third time this year as inflation remained below the government’s target. The Bank of Zambia lowered the rate to 11 percent from 12.5 percent, Governor Denny Kalyalya told reporters Thursday in Lusaka, the capital. That’s the lowest level since February 2014. The southern African nation’s consumer inflation rate is near the lowest since 2013, with this year’s record harvest of corn, which is used to make…

Moody’s: Angolan Banks FAQ answers investors’ questions on correspondent banking pullback

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London (Capital Markets in Africa) – In a new report Moody’s Investors Service answers investors’ questions about the credit implications for Angolan Banks, such as Banco Angolano de Investimentos, S.A. (BAI, BCA b3, LT local currency bank deposits B1, Negative), of the recent reduction in correspondent banking services. The report, “Banco Angolano de Investimentos, S.A. (BAI) Case Study: Angolan banks face challenges meeting dollar obligations following loss of correspondent bank relationships,” is now available on…

Fitch affirms African Development Bank at ‘AAA’; outlook stable

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ABIDJAN (Capital Markets in Africa) – Fitch Ratings has affirmed the African Development Bank’s (AfDB) Long-Term Issuer Default Rating (IDR) at ‘AAA’ with a Stable Outlook and Short- Term IDR at ‘F1+’. The ‘AAA’ rating primarily reflects extraordinary support from AfDB’s shareholders, assessed by Fitch at ‘aaa’, which provides a three-notch uplift over the bank’s intrinsic rating. AfDB enjoys strong support from its 80 member states, which include 26 non-African countries with high average ratings….

Moody’s affirms EADBs Baa3 long-term issuer rating; outlook stable

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NAIROBI (Capital Markets in Africa) – Moody’s Investors Service has today affirmed the East African Development Bank’s (EADB or the bank) Baa3 long-term issuer rating and maintained the stable outlook. EADB is a regional multilateral bank that serves the East African Community (EAC) with the aim of promoting sustainable socio-economic development as well as the regional integration of its shareholder member states: Uganda (B2 stable), Kenya (B1 stable), Tanzania (unrated) and Rwanda (B2 stable). It…

Kenya’s Central Bank Holds rate at 10.0 percent, Likely to Sell Dollars

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NAIROBI (Capital Markets In Africa) – At its Monetary Policy Committee meeting this month, Kenya’s central bank held its rate at 10.0 percent. Its Monetary Policy Committee will next meet to set lending rates on Sept.18. While the currencies of Kenya, Nigeria and Tanzania are expected to hold steady, traders said Uganda’s shilling and Zambia’s kwacha are forecast to weaken against the dollar in the next week to Thursday, while Ghana’s cedi will firm. KENYA…

Nigeria Holds Key Rate at 14% as It Seeks Currency Stability

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LAGOS (Capital Markets in Africa) – Nigeria’s central bank left its main lending rate unchanged for a sixth consecutive meeting as it seeks to hold on to gains it’s made in inflation and exchange-rate stability. The Monetary Policy Committee held the key policy rate at 14 percent, Central Bank of Nigeria Governor Godwin Emefiele told reporters on Tuesday in the capital, Abuja. That was in line with the forecast of all but two of 19 economists in a Bloomberg survey. While inflation in…

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