Banking | - Part 92

Ghana central bank slashes benchmark interest rate

ACCRA (Capital Markets in Africa) – Ghana’s central bank slashed its benchmark interest rate on Monday by two percentage points to 23.5 percent, noting signs inflation was trending downwards, in a move that may help spur lending and business activity. Ghana was for years one of Africa’s fastest-growing economies but growth slumped in 2014 due to falling commodities prices, high inflation, a big budget deficit and public debt. As inflation eases, the bank can lower…

Reserve Bank of Malawi slashes policy rate to 22 percent

Posted on by The Editorial Team

LILONGWE (Capital Markets in Africa) – The Monetary Policy Committee (MPC) of the Reserve Bank of Malawi on Friday 24th March 2017, agreed to cut the indicative cost of money, technically known as the policy rate, by 200 basis points from 24 percent to 22 percent, a development buoyed by a sharp fall in inflation. It is the second time in five months that the monetary authorities have slashed the policy rate following a 300…

Nigerian Banks Continue To Face Challenges Amidst Foreign Currency Shortage

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LAGOS (Capital Markets in Africa) – Fitch Ratings says Nigerian banks will continue to face challenges this year, following an extremely difficult 2016. Banks faced multiple threats from the operating environment in 2016, including Nigeria sliding into recession, the economy continuing to suffer from low oil prices and severe shortages of foreign currency (FC). Consequently banks struggled with declining operating profitability (excluding translation gains), sluggish credit growth, fast asset quality deterioration, tight FC liquidity and…

Nigerian Central Bank Keeps Key Policy Rate Unchanged at 14%

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LAGOS (Capital Markets in Africa) – Nigeria left its benchmark interest rate unchanged for a fourth consecutive meeting to balance lifting the economy out of its worst slump in 25 years with fighting inflation that’s at almost double the government’s target. The Monetary Policy Committee held the key policy rate at 14 percent, Central Bank of Nigeria Governor Godwin Emefiele told reporters in the capital, Abuja, on Tuesday. That was in line with the forecast of all 17 economists surveyed by Bloomberg. While inflation in Africa’s…

Morocco’s central bank keeps interest rate at 2.25%

Posted on by The Editorial Team

RABAT (Capital Markets in Africa) – Morocco’s central bank maintained its key monetary policy rate at 2.25 percent and raised its forecast for inflation and growth slightly this year due to improved domestic demand and a rise in imported inflation. The Bank Al-Maghrib (BAM), which cut its rate by 25 basis points a year ago in response to declining inflation, added monetary conditions tightened slightly last year due to an appreciation of the real effective…

Egypt’s CIB completes $40 mln sale of investment banking unit

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CAIRO (Capital Markets in Africa) – Egypt’s largest listed bank CIB said on Monday it had finalised the sale of a near 75 percent stake in its investment banking arm to a consortium of local and foreign investors in a deal worth 710.2 million Egyptian pounds ($39.5 million). Commercial International Bank (CIB) signed an agreement in December to sell the majority of its shares in CI Capital to a group of Egyptian and Gulf investors. It…

Nigerian central bank head urges cooperation on monetary, fiscal policy

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s monetary and fiscal authorities must cooperate on their policies to help Africa’s largest economy to develop, the central bank governor said, according to his spokesman. Central Bank Governor Godwin Emefiele made the comments at a two-day retreat for members of the bank’s Monetary Policy Committee and the ministers for finance, budget, and investment. The closed-door meeting, which takes place about three times a year, ended on Saturday. OPEC…

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