News | - Part 39

Angola’s central bank leaves key interest rate unchanged at 12% in February

Luanda, Angola, Capital Markets in Africa — National Bank of Angola (BNA, Banco Nacional de Angola) kept the Basic Interest Rate unchanged at 12.00 percent, to maintain price stability, and taking into account the economic outlook. In addition, the Interest Rate Standing Facility Liquidity Lending and the Interest Rate Standing Facility Liquidity Absorption to seven days remained unchanged at 14.00 percent and 1.75 percent respectively, the BNA stated in the press release. Regarding evolution of…

MTN agrees to Pay US$25mn toward record US$3.9bn Nigeria Fine

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — MTN Group Limited, Africa’s largest mobile-phone company, agreed to pay 50 billion nairas (US$251 million) toward a record US$3.9 billion fine in Nigeria for missing a deadline to disconnect unregistered subscribers. The payment to the Nigerian government was made “on the basis that this will be applied toward a settlement, where one is eventually, hopefully, arrived at,” the Johannesburg-based company said in a statement on Wednesday. MTN also agreed to…

Bank of Namibia hikes Repo to 6.75 percent, amid inflation pressure and currency depreciation

Posted on by The Editorial Team

Windhoek, Namibia, Capital Markets in Africa — Bank of Namibia raised the Repurchase (Repo) rate by 25 basis points to 6.75 percent at the Bank of Namibia’s Monetary Policy Committee (MPC) meeting held on the Tuesday 16 February 2016, Bank of Namibia Governor Ipumbu Shiimi said in a press release. The Governor said the rate hike is to align interest rates within the Common Monetary Area which includes South Africa. This is intended to avoid possible capital…

Bank of Mozambique hikes benchmark interest rates

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MAPUTO, Mozambique, Capital Markets in Africa — The Bank of Mozambique has decided to increase key interest rates, and the marginal lending facility was increased by 100 basis points to 10.75 percent and the deposit facility by 50 basis points to 4.25 percent, the central bank said in a statement released after the Bank’s Monetary Policy Committee on Monday. This is the highest interest the Bank of Mozambique has charged since September 2012. The rate…

Bank of Uganda retains central bank rate at 17 percent in February

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KAMPALA, Uganda, Capital Markets in Africa —Uganda’s central bank kept the Central Bank Rate (CBR) at 17 percent on Wednesday, saying inflation outlook has improved slightly, mainly duly to the exchange rate, according to the Monetary Policy Committee (MPC) Statement for February 2016 signed by Professor Emmanuel Tumusiime-Mutebile, Governor Bank of Uganda. The MPC believes that the decision to keep the CBR will curb the rise on core inflation over the next two or three quarters and…

Ghana is willing to revise 2016 Budget if need be, Finance Minister says

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ACCRA, Ghana, Capital Markets in Africa — Ghana is reviewing its budget for 2016 and is ready to revise it if necessary, Minister of Finance Seth Terkper said. The government is monitoring oil prices and will go to Parliament with revisions if prices continue to plunge, he told reporters in Accra, the capital, on Tuesday. There is “strong political will” backing fiscal consolidation, he said. “We are weighing options and scenarios and may go to cabinet and parliament to…

Nigeria Aims to Resuscitate Ajaokuta Steel Mill in 2016 — Dr. Fayemi

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LAGOS, Nigeria, Capital Markets in Africa — Nigeria is aiming to hand over the US$4.5 billion Ajaokuta steel complex to private operators this year as part of a plan to kick start its industrial and mining industries, Dr. Kayode Fayemi, Nigerian Minister of Solid Minerals Development, stated. The Minister explained that construction of Ajaokuta, which lies on the Niger River and was supposed to have an installed capacity of 5 million metric tons of steel a year,…

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