The Markets | - Part 237

`Zombie’ Money Printed by Zimbabwe Draws Scorn From Critics

Harare, Zimbabwe, Capital Markets in Africa — A new currency printed by Zimbabwe’s central bank to ease a cash shortage has drawn scorn from critics attacking it as signaling a return to the hated local dollar, abandoned seven years ago as inflation spiraled to 500 billion percent. The central bank will distribute units with face values ranging from two to 20 dollars, pegged to the U.S. currency, Governor John Mangudya said Wednesday, describing them as “bond notes”…

Ivory Coast May Sell Stake in Orange Phone Unit on Exchange

Posted on by The Editorial Team

Abidjan, Cote d’Ivoire, Capital Markets in Africa — Ivory Coast is considering the sale of its minority stake in the local unit of French wireless operator Orange SA on the regional stock exchange. That would add the West African nation’s telecommunications industry to a privatization program that already covers industries such as banking and agribusiness. “It’s something that’s being considered,” Bruno Kone, Ivory Coast’s minister of digital economy and postal services, said in a phone interview on Wednesday. “There’s…

Kenyan Shilling Rises to 10-Month High as Dollar Demand Muted

Posted on by The Editorial Team

NAIROBI, Kenya, Capital Markets in Africa — The Kenyan shilling rose to the highest level against the dollar in 10 months amid muted demand for the greenback from importers in East Africa’s largest company. The currency added 0.3 percent to 100.35 per dollar as of 11.33 a.m. in the capital, Nairobi, the highest since July 6 on a closing basis. The shilling extended its gain this week to 0.7 percent, the most since the five days ended…

Rand Tumbles as South African Downgrade Concerns Return

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Johannesburg, South Africa, Capital Markets in Africa — The rand weakened below 15 per dollar to the lowest in almost a month amid increasing expectations among economists that South Africa’s credit rating will be cut by the end of this year as growth falters. The rand fell as much as 1.2 percent to 15.1568, the weakest since April 7 on a closing basis, before paring its losses to be little changed at 14.9659 by 1:59 p.m. in…

Nigeria | Sub-Nationals on the Blink: A Case for Fiscal Restructuring

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LAGOS, Nigeria, Capital Markets in Africa — President Muhammadu Buhari met with members of Nigeria’s Governors Forum (NGF) yesterday, 28th April 2016. Expectedly, the state governors requested for more palliatives to ameliorate their fiscal challenges. The proposed palliatives include an 18-month moratorium on loans before resuming servicing, direct financial intervention and commitment of the Federal Government (FGN) to a Fiscal Restructuring Plan for Federating units which are yet to be made publicly available. This comes…

South Africa’s Rand Gains to Five-Month High Versus Dollar

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Johannesburg, South Africa, Capital Markets in Africa — The rand gained to its strongest level against the dollar in five months after South Africa unexpectedly posted a trade surplus in March for the first time this year. The currency gained 0.9 percent to 14.1611 per dollar by 2:46 p.m. in Johannesburg, heading for the strongest level since Nov. 24 and the best performance out of 31 major and emerging-market currencies monitored by Bloomberg. The rand has advanced 9.2 percent…

Greece’s Secret Debt Evoked in Mozambique $1 Billion Hole

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LAGOS, Nigeria, Capital Market in Africa — For some Africa watchers, Mozambique’s confession of a $1 billion debt hole seems strangely reminiscent of another country — one that’s also in contentious talks with the International Monetary Fund. The predicament reminds analysts including Rand Merchant Bank’s Nema Ramkhelawan-Bhana of Greece’s concealment of its true fiscal dilemma in the late 1990s and early 2000s. The IMF said last week that Mozambique failed to disclose government-guaranteed loans provided by Credit Suisse Group…

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