The Markets | - Part 248

Egypt’s foreign reserves decline to $19.6bn at May-end

Cairo, Egypt (Capital Markets in Africa) — Egypt’s net foreign reserves slipped to $19.559 billion at May-end, a decline of 4.7% compared to $20.525 billion in April, the Central Bank of Egypt (CBE) said on Sunday. Egypt received $6 billion in subsidies from Saudi Arabia, Kuwait and the UAE, the bank’s governor Hisham Ramez said in April. The country’s foreign reserves stood at nearly $36 billion before the 2011 revolt, but plummeted in the resulting political…

Nigeria’s central bank adjusts FX rate to 196.95 per dollar

Posted on by The Editorial Team

Lagos (Capital Markets in Africa): – Nigeria’s central bank adjusted its exchange rate peg to 196.95 naira to the dollar from the 197 it set in February after the currency’s value was eroded by the fall in oil prices, data on its website showed on Thursday. The bank adjusted the rate at which it sold hard currency this week, dealers said, noting that the change was too small to be considered a revaluation for the naira,…

OPEC agrees to keep pumping as fears of a global oil glut persist

Posted on by The Editorial Team

Vienna, (Capital Markets in Africa) – Oil group OPEC agreed to stick by its policy of unconstrained output for another six months on Friday, setting aside warnings of a second lurch lower in prices as some members such as Iran look to ramp up exports. Concluding a meeting with no apparent dissent, Saudi Arabian Oil Minister Ali al-Naimi said the Organization of the Petroleum Exporting Countries had rolled over its current output ceiling, renewing support…

Angola’s central bank devalues kwanza by about 6 pct

Posted on by The Editorial Team

Luanda, Angola (Capital Markets in Africa) – Angola’s central bank devalued the kwanza currency by about 6 percent against the dollar, a statement showed, a move analysts said was aimed at stimulating foreign currency inflows eroded by falling global oil prices. According to the bank’s latest update on the official exchange rate, issued late on Thursday, one U.S. dollar will now cost 116-117 kwanza, compared with 109-111 before. The exchange rate is however much higher…

Ethiopia eyes bond trading in cautious capital markets opening

Posted on by The Editorial Team

Addis ababa, Ethiopia (Capital Markets in Africa) — Ethiopia is seeking to create a secondary market for local currency Treasury bonds, possibly in a year or so, a move seen as a cautious step towards liberalizing one of Africa’s fastest growing economies. Ethiopia has become an increasingly attractive destination for foreign investors although the government tightly controls what sectors they can invest in. Prime Minister Hailemariam Desalegn said last month that Ethiopia was open to opening…

Taming the dollar as regional currencies take a beating

Posted on by The Editorial Team

Nairobi, Kenya (Capital Markets in Africa):- The strengthening of the dollar against other currencies has sent East Africa central banks back to the drawing board, after enjoying two years of stability, according to The East African News. The Newspaper further reported that Central banks are now making plans to protect their shillings from a free fall that has already induced inflationary pressure and increased the cost of servicing debts for governments and corporates. As a…

Egypt bourse to reduce free float required to list on EGX 30

Posted on by The Editorial Team

Cairo (Capital Markets in Africa):- – Egypt’s stock exchange said on Thursday it would reduce the free float required for new companies to list on its benchmark EGX 30, as part of structural changes to the index. Companies previously had to have a 15 percent free float to list on the EGX 30. Under the new rules, which take effect on August 1, firms will be able to join with a minimum 5 percent free float…

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