News | - Part 68

South Africa’s rand at three-week high against dollar on EM rally

JOHANNESBURG (Reuters) – South Africa’s rand rode the wave of an emerging market rally on Tuesday, extending gains to a new three-week high to a U.S. currency weighed down on expectations the Federal Reserve will delay an interest rate hike to September. By 1506 GMT the rand had firmed 0.5 percent to 11.8500 per dollar, having strengthened to as much as 11.8000 in the session before pulling back as weak Chinese manufacturing data restricted EM…

IMF approves $18 mln aid to Malawi after commitment to fight corruption

Posted on by The Editorial Team

LILONGWE (Reuters) – The International Monetary Fund will provide $18.1 million to Malawi after its government promised to tackle the corruption that led to a suspension of aid by donors following large-scale graft involving public funds. Donors led by former colonial ruler Britain have withheld direct aid to the southern African nation for more than a year over a corruption scandal in which top government officials and ministers siphoned millions of dollars from the public…

Nigeria holds rates at 13 pct, worried by economic growth outlook

Posted on by The Editorial Team

ABUJA (Reuters) – Nigeria’s central bank left its benchmark interest rate unchanged at 13 percent as expected on Tuesday, saying tight monetary policy should offset the inflationary effects of elevated spending ahead of a March 28 election. Governor Godwin Emefiele said the Monetary Policy Committee was also satisfied with the bank’s attempts to stabilise the naira, which has come under major pressure in the last six months due to the collapse in oil prices. The…

Zimbabwe seeks Berlin talks to resolve $739 mln debt it owes Germany

Posted on by The Editorial Team

HARARE (Reuters) – Zimbabwe is planning talks with Germany on how to resolve a $739 million debt it owes to euro zone’s biggest economy, the southern African nation’s finance minister said on Tuesday. President Robert Mugabe’s government owes foreign creditors, including the International Monetary Fund and World Bank, $9 billion and is intensifying efforts to have the debt cancelled or rescheduled to allow it to access new loans. Finance Minister Patrick Chinamasa said Harare wanted…

Mid-size firms shy away from Nairobi and Dar es Salaam bourses

Posted on by The Editorial Team

Policy makers in Kenya and Tanzania are looking for ways to attract small and medium sized enterprises to the capital markets to increase their access to cheaper capital according to the East African. 2 years after the launch of the GEMS, the Nairobi bourse has only attracted four companies to the platform whilst the Dar es Salaam stock market has only attracted two. This follows a lukewarm performance at the alternative trading platforms for SMEs on…

South Africa’s rand rides on euro gains versus dollar

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand steadied versus the dollar after pushing firmer than the 12.00 mark overnight, helped by a stronger euro after the Federal Reserve signalled last week that U.S. rates would rise very gradually. A less aggressive than expected policy tightening cycle by the Fed would boost high-yielding emerging currencies such as the rand, even as South Africa’s own central bank is expected to keep its key repo rate unchanged on Thursday….

Mauritius’ budget deficit to widen to 3.2 pct in 2015/2016

Posted on by The Editorial Team

PORT LOUIS (Reuters) – The Mauritius budget deficit for fiscal year 2015/2016 (July-June) is forecast to widen to 3.5 percent of gross domestic product from 3.2 percent in the year 2014 (Jan-Dec), the finance minister said on Monday. In a budget speech to parliament, Finance Minister Seetanah Lutchmeenaraidoo also said the Indian Ocean island’s economy will expand by 5.3 percent in the 2015/2016 fiscal year, above an estimated 3.5 percent expansion in 2014 (Jan-Dec)….

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