Banking | - Part 94

Africa’s Central Banks Reaction Amid Inflation and Growth Concerns

LAGOS (Capital Markets in Africa) – Angola’s central bank left its benchmark BNA rate at 16.0% on 30th January 2017. The National Bank of Angola (BNA), which raised its rate 500 basis points last year – most recently in June – to curb inflation, added its monetary policy committee had also taken note of the trend of declining monetary indicators. Botswana’s central bank left its benchmark lending rate unchanged at 5.5% on 28th February 2017, saying…

Tanzania central bank asks commercial banks to cut lending rates

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DAR ES SALAAM (Capital Markets in Africa) – Tanzania’s central bank has asked commercial banks to consider lowering their lending rates to help spark credit growth in east Africa’s second-largest economy. Bank of Tanzania cut its discount rate to 12 percent from 16 percent effectively from March 6, the first time it has lowered borrowing costs since 2013, after a steep drop in private-sector credit growth last year. There were expectations that the move “will enhance…

StanChart Said to Revamp Investment Banking to Boost Revenue

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JOHANNESBURG (Capital Markets in Africa) – Standard Chartered Plc has revamped its investment banking division in a push to boost income from existing clients, as the Asia-focused lender attempts to restore revenue growth after years of missing targets, two people familiar with the move said. Paul Skelton, who heads global banking, has divided his unit into five industry segments and five regions to simplify and improve relationships with clients, said the people, who asked not to…

Tanzania central bank slashes its discount rate to 12 pct

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DAR ES SALAAM (Capital Markets in Africa) – Tanzania’s central bank cut its discount rate to 12 percent from 16 percent to help spur lending and boost economic growth, the first time it has lowered borrowing costs since 2013. The cut, which the central bank said in a circular to commercial banks seen by Reuters becomes effective on Monday, follows a steep drop in private sector credit growth last year. “The discount rate which is applicable…

Botswana keeps lending rate unchanged at 5.5%, sees low and stable inflation

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GABORONE (Capital Markets in Africa) – Botswana’s central bank maintained its benchmark Bank Rate at 5.50 percent and forecast low and stable inflation in the medium term, consistent with the 3-6 percent target range, that augurs well for accommodative monetary policy that can support lending to businesses and households. Bank Botswana (BB), which cut its rate by 50 basis points in August 2016, also said it aimed for a 0.26 percent upward rate of crawl…

South Africa’s Nedbank slashes value of Ecobank stake

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Nedbank booked a $293 million write-down on the value of its stake in sub-Saharan lender Ecobank on Tuesday and reported its slowest growth in annual profit since 2009. Ecobank Transnational Inc’s operations in central and west Africa are exposed to some economies that have been pressured by the commodity price slide and unfavourable currency swings since Nedbank bought a 20 percent stake for $500 million in 2014….

Nigeria tests waters for possible broad naira devaluation

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ABUJA (Capital Markets in Africa) – Nigeria effectively devalued the naira for private individuals on Monday, paving the way for a possible broader move despite stiff resistance from President Muhammadu Buhari. With Buhari abroad for medical treatment and the country’s currency exchange system in chaos, the central bank said Nigerians wanting dollars for travel or to pay foreign school fees could buy dollars at nearly 20 percent above the official rate. Some Nigerians saw the…

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