News | - Part 69

Tanzania’s current account deficit narrows 4.7 pct in year to Jan

DAR ES SALAAM (Reuters) – Tanzania’s current account deficit narrowed 4.7 percent in the year to January, after exports of manufactured goods and tourism earnings increased, the central bank said on Monday. The deficit narrowed to $4.822 billion in the 12 months to January from $5.059 billion in the same period in 2014, the Bank of Tanzania said in its latest monthly economic report. “The improvement was mainly attributed to an increase in exports…

Zambia to export 800,000 T of white maize to neighbouring states

Posted on by The Editorial Team

LUSAKA (Reuters) – Zambia plans to export 800,000 tonnes of white maize to neighbouring countries after producing its biggest ever harvest, leaving the southern African nation with a large surplus, the agriculture minister said on Monday. Given Lubinda said on Hot FM Radio that Zambia had a surplus of over 1.1 million tonnes of white maize after its harvest rose by a third, to 3.3 million tonnes in the 2013/2014 (October-April) season compared with the…

Egyptian pound steady on official market, weaker on black market

Posted on by The Editorial Team

CAIRO (Reuters) – Egypt’s central bank kept the pound steady at 7.53 pounds to the dollar at a foreign exchange auction on Sunday, while the domestic currency weakened on the black market. The central bank has now kept the official exchange rate steady for more than a month after letting the pound weaken in an attempt to wipe out black-market trading. The bank said it had offered $40 million at auction and sold $38.4 million…

Mauritius foreign direct investment jumps 48.7 pct in 2014

Posted on by The Editorial Team

PORT LOUIS (Reuters) – Foreign direct investment in Mauritius grew 48.7 percent in 2014 to 14.15 billion rupees ($388.20 million), thanks to investment in real estate, hotels and restaurants, official data showed on Friday. Foreign investment in real estate led with a total of 6.17 billion rupees, the central bank said. Hotels and restaurants accounted for 4.89 billion rupees. France was the biggest source of investment with 3.48 billion rupees. Famed for its white sand…

S&P cuts Nigeria to B+ on weak oil, cites political risk

Posted on by The Editorial Team

ABUJA (Reuters) – Credit agency Standard & Poor’s downgraded Nigeria’s rating to B+ from BB- on Friday, saying the decline in oil prices in the past seven months had significantly affected the country’s finances. Setting a stable outlook on the new rating, it also said political risk was a significant factor while the country’s non-oil sector would support economic growth. Nigeria holds a presidential election on March 28 when Goodluck Jonathan will seek another term….

Ghana seeks bridge financing of up to $1 bln in H1 2015

Posted on by The Editorial Team

ACCRA (Reuters) – Ghana will seek bridge finance of between $300 million and $1 billion in the first half of this year to redeem maturing domestic debt, according to a memo to parliament signed by Finance Minister Seth Terkper.The debt finance plan emerged as Moody’s downgraded Ghana’s sovereign rating and put the West African country on a negative outlook to reflect its increasing debt burden, large fiscal imbalances and a sharp weakening of the cedi…

South Africa’s rand firms as dollar bulls take back seat

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand strengthened against the U.S. dollar on Friday, shaking off a credit downgrade to state electricity company Eskom as emerging markets currencies took advantage of a weaker greenback. At 1529 GMT the rand firmed 1.9 percent to 12.0650 per dollar, having earlier hit a session high of 12.0520. The euro was headed for its best weekly performance against the dollar in more than two years, following a surprisingly dovish statement…

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