The Markets | - Part 246

Egypt central bank keeps its interest rates unchanged at 9.75 percent

Cairo, Egypt, Capital Markets in Africa — In its meeting held on September 17, 2015, the Central Bank of Egypt (CBE) Monetary Policy Committee (MPC) decided to keep the overnight deposit rate, overnight lending rate, and the rate of the CBE’s main operation unchanged at 8.75 percent, 9.75 percent, and 9.25 percent, respectively. The discount rate was also kept unchanged at 9.25 percent. According to the statement issued by the CBE, the headline Consumer Price…

Bank of Ghana Surprisingly Increases Benchmark Interest Rate Against Analysts’ Expectation

Posted on by The Editorial Team

Accra, Ghana, Capital Markets in Africa — The Bank of Ghana (BOG) increased the policy rate by 1 percent to 25 percent, Governor Kofi Wampah told reporters in the capital, Accra after the 66th regular meeting of the Monetary Policy Committee of the Bank. In August, the BOG merged the policy rate and reverse repo rate at 24 percent. The policy rate was previously 22 percent. The Central Bank said at the time the adjustment didn’t…

IFC Launches $100 million Sukuk to Support Private Sector Development

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Lagos, Nigeria, Capital Markets in Africa — IFC, a member of the World Bank Group, announced today that it issued a $100 million trust certificates through a special purpose vehicle, IFC Sukuk Company, in an effort to spur growth in developing economies. The five-year Sukuk will support IFC’s developmental financing activities in the Middle East and North Africa (MENA), and other parts of the world. It will initially be listed on NASDAQ Dubai. An…

JP Morgan to remove Nigeria from government bond index

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LAGOS, Nigeria, Capital Markets in Markets – JP Morgan will remove Nigeria from its Government Bond Index (GBI-EM) by the end of October, the bank said on Tuesday, after warning the government of Africa’s biggest economy that currency controls were making transactions too complicated. The removal will force funds to sell Nigerian bonds, triggering potentially significant capital outflows and raising borrowing costs for the government. Struggling with a plunge in vital oil revenue, Nigeria had imposed…

African Sovereign Eurobond August 2015 Review: Yield widening due to falling commodity prices

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Lagos, Nigeria, Capital Markets in Africa — A remarkable feature in Fixed Income markets this year has been the widening in African sovereign Eurobond yields. This weakening is in part due to the expected rise in US bond yields and fallen commodity prices (as most African countries are commodities dependent) as well as the anticipated decline in global growth due to China economic downturn. Since January 2015 yields on Zambia’s 2022 and Zambia’s 2024 Eurobond have…

African Equity Market August 2015 Report: Most Exchanges sag for both local and foreign investors, Egypt bled most …

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Lagos, Nigeria (Capital Markets in Africa):- African stock markets performance measured by country equity benchmark index return ended in negative for the month of August, with all indices closed in red zone for both local currency and dollar return basis. Still on local basis return, the August average return of -2.9 percent was recorded across eighteen African equity indices and August monthly returns ranges from -11.5 percent recorded by the Egyptian Exchange equity markets (measured by EGX 30 index) to -0.2 percent registered…

Johannesburg Stock Exchange launches JSE Eris Interest Rate Swap Futures

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JOHANNESBURG, South Africa (Capital Markets in Africa) — The Johannesburg Stock Exchange (JSE), the continent’s largest exchange, today have officially launched JSE Eris Interest Rate Swap (IRS) Futures. The new JSE Eris Interest Rate Swap (IRS) Futures will be based on the Johannesburg Interbank Agreed Rate (JIBAR) and denominated in South African Rand (ZAR). The product will follow the standard South African swap market conventions while using the Eris MethodologyTM, allowing the contracts to replicate the…

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