The Markets

CAIRO (Capital Markets in Africa) – Egypt is considering shifting away from costly short-term domestic debt towards longer-term borrowing, as falling interest rates provide cheaper options to finance its fiscal deficit, according to the nation’s finance minister. It will increasingly rely on five- to seven-year bonds instead of Treasury bills that have shorter maturities and currently make up the bulk of local-currency borrowing, Amr El-Garhy said in an interview in Washington, where was attending spring…

LAGOS (Capital Markets in Africa) – Angola, whose Eurobonds have outperformed those of all its emerging-market peers this year, is readying a new dollar transaction to take advantage of higher oil prices and a new program with the International Monetary Fund. The OPEC member plans to issue at least $2 billion of debt in international markets next month, Portuguese news agency Lusa reported on April 22, citing Finance Minister Archer Mangueira, who was scheduled to meet…

LAGOS (Capital Markets in Africa) – If you thought trading Bitcoin was wild, try figuring out how to pay taxes on it. Cryptocurrency investors are wrestling with spotty records, tangled blockchain addresses and rudimentary guidelines issued back in the ancient days of 2014. After last year’s boom in values, many people are likely disclosing transactions for the first time, adding to confusion. Digital-coin enthusiasts and tax professionals are “freaking out” before next week’s filing deadline,…

NAIROBI (Capital Markets in Africa) – WINDHOEK (Capital Markets in Africa) – Uchumi Supermarkets Plc started talks with a private-equity fund and other investors over a potential capital injection that could help the Kenyan supermarket chain survive a cash crunch. “We’re following different channels of financing,” acting Chief Executive Mohamed Mohamed said in an interview in the capital, Nairobi, declining to name potential suitors. “Where Uchumi is right now, it needs some cash almost immediately. We…

WINDHOEK (Capital Markets in Africa) – Namibia, whose currency is pegged to South Africa’s, diverged from its neighbour’s moves on monetary policy for the first time since 2015 as the country seeks to curb further declines in reserves. The southwest African nation’s Monetary Policy Committee maintained its key interest rate at 6.75 percent Wednesday. Last month, its counterpart in South Africa reduced its key gauge to 6.5 percent, making this the first time since December 2015 that…