News | - Part 40

Nigeria’s Treasury Single Account boosts revenue and reduces borrowing — Kemi Adeosun Says

LAGOS, Nigeria, Capital Markets in Africa — Nigeria’s Finance Minister Kemi Adeosun said the government had collected more than 2.2 trillion naira (US$11 billion) since consolidating revenue into a single account tagged Treasury Single Account (TSA) and this may help reduce Nigeria’s borrowing requirements. The Finance Ministry will determine how much of the funds in the TSA will be used to fund the 2016 budget and what will be left to pay for pending expenditure commitments, Mrs. Kemi Adeosun…

Egypt Plans Eurobond Sale to Ease Pressure on Reserves

Posted on by The Editorial Team

CAIRO, Egypt, Capital Market in Africa — Egypt plans to tap international bond markets in the second quarter this year, Prime Minister Sherif Ismail said, in order to preserve foreign reserves amid a slowing global economy. Egypt has approved a bond-issuance program of up to US$10 billion, and in June 2015, it raised US$1.5 billion of Eurobonds as part of the program. The government plans to issue another US$1.5 billion in the fourth quarter of 2015 but…

Ethiopia to build 4 Agro-Processing industrial Parks

Posted on by The Editorial Team

ADISS ABABA, Ethiopia, Capital Markets in Africa — Ethiopia plans to construct four Agro-processing industrial parks at a cost of US$30 billion, construction is scheduled to start in September 2015, according to Foreign Affairs Ministry, Ethiopia. The decision was announced after meeting between Prime Minister Hailemariam Desalegn, federal, regional government officials. This is in-line with the country’s Growth and Transformation Plan (GTP), which aimed to transform Ethiopia to an industrialized economy and increase the per…

Kenyan Bourse Announces six Banks as Derivatives Clearing Members

Posted on by The Editorial Team

Nairobi, Kenya, Capital Markets in Africa — Nairobi Securities Exchange (NSE) appointed six banks as derivative clearing member. They are: Barclays Bank of Kenya, Co-operative Bank of Kenya, CFC Stanbic Bank, NIC Bank, Chase Bank and Commercial Bank of Africa, according to email statement by NSE. The email also stated that more lenders to be named in “near future” and Initial derivatives products will be single-stock, index futures, before currency-based contracts are offered.

Malawi Central Bank Policy Interest Rate at 25% in February

Posted on by The Editorial Team

LILONGWE, Malawi, Capital Markets in Africa — Reserve Bank of Malawi Monetary Policy Committee (MPC) met on 4th February 2015 and decided to maintain the Policy Rate at 25 percent and Liquidity Reserve Requirement (LRR) at 15.5 percent, according to statement on the central bank website. The Bank estimated the country real GDP growth at 6.3 percent for 2014, largely driven by the agricultural sector. For 2015, economic growth was earlier projected at 5.8 percent,…

National Bank of Angola Raises BNA Rate by 1% to 12.00% in January

Posted on by The Editorial Team

Luanda, Angola, Capital Markets in Africa — National Bank of Angola (BNA, Banco Nacional de Angola) Monetary Policy Committee (CPM) raised the Basis Interest Rate (BNA rate) by 100 basis points to 12.00%, to curb inflation pressure and to support the weakening Angolan kwanza amid declining oil revenues. Furthermore, the CPM increase the Marginal Lending Rate by 100 basis points from 13.00% to 14.00% and retained the seven-day maturity Liquidity Absorbing Rate at 1.75 percent….

South Africa’s Reserve Bank hikes repo rate by 50 basis points

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa —- The South Africa Reserve Bank’s Monetary Policy Committee (MPC) raised the repo rate to 6.75% from 6.25%. This takes the cumulative increases to 1.75 percentage points since the MPC started tightening policy in January 2014. Governor Lesetja Kganyago stated that, although the impact of the weaker exchange rate on inflation had remained muted in recent years, renewed rand weakness and the likelihood of higher food inflation had…

« 1 … 38 39 40 41 42 … 84 »