News | - Part 37

South African Reserves Bank to keep rate at 6.50% says Merrill Lynch

Johannesburg, South Africa, Capital Markets in Africa — The South African Reserve Bank (SARB) will be meeting tomorrow to determine policy rate. Given the current outlook of the economy, threatened with recession and inflation above the 3 percent to 6 percent target, economists and traders are divided which way SARB will go interest rate move. Some economists predict the Monetary Policy Committee will keep the benchmark rate unchanged at 6.75% and some expect a 25 basis-point of tightening. Matthew…

Mozambique Rating Downgrade by S&P, Moody’s on Debt Swap

Posted on by The Editorial Team

MAPUTO, Mozambique, Capital Markets in Africa — Mozambique’s credit rating was downgraded by Standard & Poor’s and Moody’s Investors Service because a proposed restructuring of about $700 million of bonds issued by a state-owned Tuna-fishing company could be equivalent to a default, according to the firms. S&P’s rating for the south-east African nation was lowered to CC, 10 levels below investment grade, from B-, the company said in a press statement released on Tuesday. While Moody’s…

IMF Doubles Kenya’s Standby Loans to $1.5 Billion

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NAIROBI, Kenya, Capital Markets in Africa — The International Monetary Fund approved $1.5 billion in precautionary funding for Kenya, East Africa’s biggest economy, the Washington-based lender said on March 15. The agreement comprises a $989.8 million so-called standby arrangement and a $494.9 million standby credit facility, both for two years, the IMF said in a statement on its website. Kenya is now entitled to access about $757.5 million of the total, with the remainder available in four portions…

Mozambique Central Bank Keeps Benchmark Rate at 10.75% in March

Posted on by The Editorial Team

MAPUTO, Mozambique, Capital Markets in Africa — The Bank of Mozambique has decided to increase key interest rates, and the marginal lending facility was kept at 10.75 percent as well as the deposit facility (the rate the central bank pay to the commercial bank deposit money) remained unchanged at 4.25 percent, the central bank said in a statement released after the Bank’s Monetary Policy Committee on Monday. A statement from the Bank’s Monetary Policy Committee,…

South Africa national budget remains one of the most transparent in the world.

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa — The Open Budget Index (OBI) is the world’s only independent, comparative measure of central government budget transparency. The OBI assigns countries covered by the Open Budget Survey a transparency score on a 100-point scale. The survey focuses specifically on whether the government provides the public with timely access to comprehensive information in accordance with international good practice standards. According to the findings of the latest survey (2015), the…

Angola President Dos Santos to Quit Politics in 2018, Angop Says

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Angolan President Jose Eduardo dos Santos will retire from “active politics” in 2018, the state-run Angop news agency reported, citing a statement he made to the ruling party’s central committee. The Russian-educated Dos Santos, 73, has ruled the southern African nation since 1979 making him the continent’s second-longest serving leader after Equatorial Guinea’s Teodoro Obiang Nguema Mbasogo, who took power the same year. He won another five-year term in 2012. He’s survived in power during a 27-year conflict…

Mauritius Eyes Asia, Far East for Its Financial Services

Posted on by The Editorial Team

Mauritius plans to sell itself as a world class financial-services hub to investment companies in Asia and the Far East to win new business, an official said. The island nation’s Financial Services Promotional Agency plans to market the country as an international financial center, or IFC, and is already collaborating with the City of London, according to Chief Executive Harvesh Seegolam. International fund managers domiciled in Mauritius were the source of $139.3 billion in portfolio…

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