Banking

South Africa Central Bank Opposes Gupta Associate’s Bank Bid

Posted on by The Editorial Team
South Africa Central Bank Opposes Gupta Associate’s Bank Bid

JOHANNESBURG (Capital Markets in Africa) – South Africa’s central bank has recommended rejecting a bid to buy Habib Overseas Bank’s local unit because of concerns about the source of the two businessmen’s income and tax declarations, according to government officials with knowledge of the matter. The Reserve Bank has written a letter to Finance Minister Pravin Gordhan recommending that the merger between the Habib Overseas Bank unit and a South African company be blocked, said the officials…

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Banks Bashed in Battle Over South African Financial System

Posted on by The Editorial Team
Banks Bashed in Battle Over South African Financial System

JOHANNESBURG (Capital Markets in Africa) – New allegations by President Jacob Zuma’s supporters that South Africa’s biggest banks are frustrating efforts to address racial inequality signal an escalation of a battle for control of the nation’s financial system including the Treasury. Protestors from the ruling African National Congress’s youth wing invaded aBarclays Africa Group Ltd. branch on Jan. 26. Then, on Monday, the ANC’s top leaders said the four biggest lenders can’t be allowed to continue dominating…

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Kenya Warns ‘Trump Effect’ Poses Threat to Its Economy

Posted on by The Editorial Team
Kenya Warns ‘Trump Effect’ Poses Threat to Its Economy

NAIROBI (Capital Markets in Africa) – Uncertainty surrounding U.S. policies on trade and immigration poses a major external threat to East Africa’s biggest economy, Central Bank of Kenya Governor Patrick Njoroge said. The lack of predictability on policy is stoking fears of abrupt changes that may affect trade between the U.S. and Kenya, some of which may end up eroding sources of foreign currency, Njoroge told reporters Tuesday in Nairobi, the capital. While Kenya has sufficient buffers,…

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Nigeria Central Bank Hits Out at ‘Unpatriotic’ Policy Critics

Posted on by The Editorial Team
Nigeria Central Bank Hits Out at ‘Unpatriotic’ Policy Critics

LAGOS (Capital Markets in Africa) – Nigeria’s central bank lashed out at critics of its efforts to prop up the naira and said that weakening the currency would only harm poor people. “Intelligence reports at the disposal of the bank reveal the involvement of some unpatriotic elements funding the push to have the Central Bank of Nigeria and the federal government reverse its foreign-exchange policy,” Isaac Okorafor, a spokesman, said in a statement on the Abuja-based central…

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Kenya May Hold Off Further Easing on Weak Shilling, Rate Cap

Posted on by The Editorial Team
Kenya May Hold Off Further Easing on Weak Shilling, Rate Cap

NAIROBI (Capital Markets in Africa) – Kenya’s interest-rate cap that has failed to stimulate private-sector lending and the nation’s falling currency may force the central bank to hit the brakes on its loosening monetary policy stance. The Central Bank of Kenya’s Monetary Policy Committee led by Governor Patrick Njoroge may adopt a “wait-and-see approach” at its meeting on Monday in order to further assess the effect of a law passed in August that limits how much banks can…

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Tunisian banks pressurise amid significant asset risk and challenging operating conditions

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TUNIS (Capital Markets in Africa) – Moody’s Investors Service says that subdued economic growth, evolving regulation and significant asset risk pressure will maintain pressure on Tunisian banks’ performance. Moody’s report, entitled “Banks – Tunisia: Subdued economic growth, evolving regulation and significant asset risk will maintain pressure on banking performance,” is available on www.moodys.com. “Asset risk is a major issue facing Tunisian banks, and we expect non-performing loans to remain at high levels — at around…

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Nigerian Central Bank Leaves Key Lending Rate Unchanged at 14%

Posted on by The Editorial Team
Nigerian Central Bank Leaves Key Lending Rate Unchanged at 14%

LAGOS (Capital Markets in Africa) – Nigeria left its policy rate unchanged for a third consecutive meeting to support growth in an economy at its weakest in more than two decades and in which inflation is accelerating. The Monetary Policy Committee held the benchmark interest rate at 14 percent, Governor Godwin Emefiele told reporters from the Abuja-based Central Bank of Nigeria on Tuesday. That was in line with the forecast of all 16 economists in a Bloomberg survey. Nigerian President Muhammadu Buhari proposed…

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