The Markets | - Part 248

Zimbabwe dollar to be taken out of circulation

Harare, Zimbabwe (Capital Markets in Africa) — Zimbabwe’s government has announced it will officially discard the Zimbabwean dollar, formalizing a multi-currency system introduced in 2009 to help stem inflation and stabilize the economy. The central bank will offer $5 for every 175 quadrillion, or 175,000 trillion, Zimbabwean dollars, Governor John Mangudya said in an e-mailed statement from the capital, Harare. While it marks the official dropping of the currency, transactions in the southern African nation…

Stanbic IBTC Will Raise N20b Via Rights Issue

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa) — Stanbic IBTC has announced it has obtained approval to commence rights issue. They will be offering 800,000,000 Ordinary Shares of 50 kobo each at N25.50 per share. The basis for allotment of the rights will be 2 new ordinary shares for every 25 ordinary shares held. The Qualification Date for this Right Issue is today, 10 June 2015. Stanbic IBTC only recently celebrated the listing of its N15.4illion…

Kenya’s central bank raises benchmark rate from 8.5pc to 10pc

Posted on by The Editorial Team

Nairobi, Kenya (Capital Markets in Africa) — Central Bank of Kenya’s Monetary Policy Committee has decided to raise the benchmark lending rate from 8.5 per cent to 10 per cent, the first increase since 2011. The decision, made at a meeting of the MPC called a month earlier than scheduled, is meant to address inflation fears and shore up the battered Kenya shilling better than the CBK’s interventions in the market. A statement signed by…

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

Posted on by The Editorial Team

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

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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…

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