News | - Part 43

South Africa Reserve Bank hikes Repo Rate to curtail inflation and strengthen rand …

Johannesburg, South Africa, Capital Markets in Africa — The Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) unexpectedly raised the Repurchase Rate by 25 basis points to 6.25 percent, according to the press release issued on Thursday 19 November 2015 and signed by the SARB Governor Lesetja Kganyago. The MPC also lowered its inflation and growth forecasts for 2015, it also warned of the risk of price pressures spreading because of a weakening rand…

Uganda’s 2015/2016 Fiscal Year GDP Forecast slashes to 5% from 5.8% — IMF

Posted on by The Editorial Team

KAMPALA, Uganda, Capital Markets in Africa — The International Monetary Fund (IMF) revised Uganda’s growth forecast for the 2015/16 (July-June) fiscal year to 5 percent from the 5.8 percent it predicted in May, according to the press statement released by the IMF on November 18 2015. The Fund attributed the cut in GDP to the global and regional challenges, compounded by election-related uncertainties, the shilling depreciated sharply, driving an increase in inflation (annual core inflation…

Nigeria’s GDP Grows by 2.8% Y-o-Y in third quarter of 2015 … Brace for Impact?

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LAGOS, Nigeria, Capital Markets in Africa — The National Bureau of Statistics (NBS) released its Q3:2015 GDP report yesterday; which showed that in spite of the macroeconomic challenges faced during the period, the economy grew 2.8% Y-o-Y (to N18.0tn) in the quarter, 0.5% higher than Q2:2015 Y-o-Y growth (2.4%) but 3.4% lower than Q3:2014 (6.2%, Y-o-Y). The report also indicated that Q-o-Q, the economy expanded 9.2% in real terms, an improvement over 2.6%Q-o-Q growth recorded…

Nigerian banks to remain resilient despite elevated credit risks from deteriorating operating environment — Moody’s

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Lagos, Nigeria, Capital Markets in Africa — Moody’s Investors Service expects Nigerian banks’ non-performing loans to rise in 2016, driven by the deteriorating repayment capacity of borrowers in the oil and gas sector, although their profitability will remain sufficient to absorb related provisioning needs, as indicated in the report, “Banking System Overview: Nigeria” written by Moody’s analysts Akintunde Majekodunmi and Peter Mushangwe. As a reflection of lower oil prices that will continue to constrain fiscal…

Nigeria Finance Minister Says Raising Non-Oil Revenue is the Priority

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Lagos, Nigeria, Capital Markets in Nigeria — Government plans more stricter enforcement of revenue collection from federal agencies, state-owned companies, Finance Minister Kemi Adeosun tells Financial Times in interview. Other key highlights of the interview are: — Dominance of oil has led to Nigeria ignoring collection of revenue elsewhere in economy, allowed government to be “extravagant” on some spending — Pare down the costs of running government ministries through simple cost-saving measures such as…

Kenya holds Lending Rate Unchanged at 11.5% as Kenyan Shilling Stabilizes, Inflation Ease …

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Nairobi, Kenya, Capital Market in Africa — The Central Bank of Kenya (CBK) kept its key Central Bank Rate (CBR) unchanged as the Kenyan shilling stabilized against the US dollar and easing pressure on inflation, according to the statement signed by Governor Patrick Njoroge. The Monetary Policy Committee retained the lending interest rate for a third consecutive meeting at 11.5 percent after an increase of 150 basis points each in June and July to cushion the effect of Kenya…

Bank of Mozambique hikes Marginal Lending Facility rate by 50bps to 8.25% to curb inflation …

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MAPUTO, Mozambique, Capital Markets in Africa — Mozambique’s central bank raised its benchmark standing facility rate by a further 50 basis points to 8.25 percent, citing the need for “redoubled caution” in light of the prospects for short and medium-term inflation at a time of growing foreign and domestic risks, according to stated issued by the Bank of Mozambique. The bank has raised its rate by 75 basis points so far in 2015 following an…

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