Bank | - Part 4

Brexit Could Hurt South Africa’s GDP Growth, Kganyago Says

SOUTH AFRICA, Capital Markets in Africa: The U.K.’s vote to leave the European Union will hurt South Africa’s economic growth, according to Reserve Bank Governor Lesetja Kganyago. “We would not venture into a recession at this stage, but there is no doubt that it will slow the South African economy from the weak growth that we already have,” Kganyago said in an interview with Bloomberg TV at the European Central Bank Forum in Sintra, Portugal on Tuesday. The…

Kenya Central Bank Governor Prefers ‘Natural’ Bank Consolidation

Posted on by The Editorial Team

NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank would prefer the country’s lenders to consolidate naturally to build resilience in the industry, Governor Patrick Njoroge said. Treasury Secretary Henry Rotich this month revived proposals that require lenders to increase their core capital fivefold by 2019, a move that could spur takeovers. The measures, first suggested by Rotich last year, were rejected by lawmakers and labelled by Njoroge in August as “rushed”. “I am not officially pushing consolidation,” Njoroge said…

Central Bank of Kenya Warns About Bad Loans in Banking System

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NAIROBI, Kenya, Capital Markets in Africa — The amount of non-performing loans in Kenya’s financial system and the inadequate funds set aside to cover them are hampering the industry, Central Bank Governor Patrick Njoroge said, adding his office would conduct more stringent surveillance of the sector. NPLs rose to 6.8 percent of total credit in February from 5.7 percent a year earlier, Njoroge, who’s been in the job for less than a year, told reporters in the capital,…

Moody’s puts three Nigerian banks on review for downgrade

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LAGOS, Nigeria, Capital Markets in Africa — Moody’s Investors Service has placed on review for downgrade the long-term ratings of three Nigerian banks—Access Bank plc (Ba3/B1 RUR down, b2 RUR down), Sterling Bank plc (B2 RUR down, b3 RUR down) and Bank of Industry (Ba3 RUR down). In a statement, the ratings agency said that the reviews are driven by the potential weakening of the Nigerian Government’s capacity and willingness to provide support to the…

Nigeria agriculture minister wins African Development Bank presidency

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Abidjan (Capital Markets in Africa) – Nigeria’s Agriculture Minister Akinwumi Adesina won an election on Thursday to be the new president of the African Development Bank (AfDB). After six rounds of voting that saw seven rivals from across the continent defeated, Adesina secured around 60 percent of the vote in an election held in Ivory Coast, where the AfDB is based. Adesina will take over from outgoing bank president Donald Kaberuka of Rwanda on Sept. 1…

Egyptian pound steady at official auction, weaker on black market

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Cairo (Capital Markets in Africa):– Egypt’s central bank kept the pound steady at 7.53 to the dollar at a foreign exchange auction on Sunday, while the currency weakened on the black market. The central bank has held the official exchange rate steady for more than three months since letting the pound weaken at the beginning of 2015. This weakening and other measures have helped reduce black market trading significantly. In Sunday’s auction, the bank said…

Nigeria’s central bank holds interest rate at 13 pct

Posted on by The Editorial Team

Abuja, Nigeria (Capital Markets in Africa):- Nigeria’s central bank held its benchmark interest rate unchanged at 13 percent on Tuesday, stressing the need to preserve foreign exchange reserves that have been depleted in recent months to support a weakening naira. At the last policy meeting before president-elect Muhammadu Buhari takes office in Africa’s largest oil producer on May 29, central bank governor Godwin Emefiele said it was not possible for the regulator to intervene on…

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