Banking | - Part 85

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

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…

Ghana Cuts Key Rate to Lowest Since 2015 as Inflation Slows

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ACCRA (Capital Markets in Africa)- Ghana’s central bank reduced its key interest rate for a third straight meeting as consumer prices rose at the slowest rate in four years and the currency strengthened. The Bank of Ghana cut the rate to 21 percent from 22.5 percent, Governor Ernest Addison told reporters Monday in Accra, the capital. That’s the lowest rate since early 2015. The median of nine economists’ estimates was for a cut to 21.5 percent. Bank surveys on…

Weak Naira, Inflation Leave Nigeria Little Room to Cut Rates

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – A weak naira and stubborn inflation may prevent Nigeria’s central bank from following South Africa and Ghana in cutting interest rates. Only two of 19 economists in a Bloomberg survey predicted the Monetary Policy Committee will reduce borrowing costs on Tuesday. The rest said the key rate will stay at a record high of 14 percent, where it’s been for a year. Governor Godwin Emefiele, who is scheduled to announce the…

Why Ghana Central Bank May Cut Key Interest Rate

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s central bank may cut its key interest rate for a third straight meeting with inflation at its slowest in four years and a strengthening currency. Consumer-price growth has tumbled 7.1 percentage points since reaching an all-time high of 19.2 percent in March last year. While the cedi weakened to a record low against the dollar on March 2, it has strengthened 8.2 percent since then. The median of seven economists’ estimates…

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