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Africa’s Central Banks Reaction Amid Inflation and Growth Concerns

LAGOS (Capital Markets in Africa) – Angola’s central bank left its benchmark BNA rate at 16.0% on 30th January 2017. The National Bank of Angola (BNA), which raised its rate 500 basis points last year – most recently in June – to curb inflation, added its monetary policy committee had also taken note of the trend of declining monetary indicators. Botswana’s central bank left its benchmark lending rate unchanged at 5.5% on 28th February 2017, saying…

Algeria foreign reserves to stay over $100 bln this year

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ALGIERS (Capital Markets in Africa) – Algeria’s foreign exchange reserves will come to at least $100 billion by the end of 2017 thanks to measures aimed at further reducing the country’s import bill, Prime Minister Abdelmalek Sellal said on Monday. The fall in global oil prices has hammered the state finances in OPEC member Algeria, where oil and gas account for 94 percent of total exports and 60 percent of the state budget. Energy earnings…

Botswana keeps lending rate unchanged at 5.5%, sees low and stable inflation

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GABORONE (Capital Markets in Africa) – Botswana’s central bank maintained its benchmark Bank Rate at 5.50 percent and forecast low and stable inflation in the medium term, consistent with the 3-6 percent target range, that augurs well for accommodative monetary policy that can support lending to businesses and households. Bank Botswana (BB), which cut its rate by 50 basis points in August 2016, also said it aimed for a 0.26 percent upward rate of crawl…

Nigerian Central Bank Issues New Policy Actions in the Foreign Exchange Market

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ABUJA (Capital Markets in Africa) – In continuation of efforts to increase the availability of Foreign Exchange in order to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions, the Central Bank of Nigeria (CBN) is providing direct additional funding to banks to meet the needs of Nigerians for Personal and Business Travel, Medical needs, and School fees, effective immediately. The CBN expects such retail transactions to be settled at a…

Bank of Mauritius keeps the Key Repo Rate unchanged at 4%

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PORT LOUIS (Capital Markets in Africa) – The Monetary Policy Committee (MPC) of the Bank of Mauritius unanimously decided to keep the Key Repo Rate unchanged at 4.00 per cent per annum at its meeting today. Growth in major advanced economies is likely to strengthen in 2017. The IMF’s World Economic Outlook Update released in January 2017 projects world growth to increase from 3.1 per cent in 2016 to 3.4 per cent in 2017 and…

Egyptian Central Bank Retains Benchmark Interest at 15.25%

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CAIRO (Capital Markets in Africa) – Egypt’s central bank left its key interest rates unchanged on Thursday at a meeting of its Monetary Policy Committee, the bank said in a statement, the third consecutive meeting where it kept rates on hold. The bank kept its overnight deposit rate at 14.75 percent and its overnight lending rate at 15.75 percent. The decision comes after Egypt’s core inflation rate soared in January to 30.86 percent, its highest…

Namibia Central Bank Leaves Benchmark Rate Unchanged at 7%

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Windhoek (Capital Markets in Africa) – The Monetary Policy Committee (MPC) of the Bank of Namibia kept the Repo rate unchanged at 7.00 percent. This rate remains appropriate to maintain the one-to-one link between the Namibia Dollar and the South African Rand, while supporting economic growth in Namibia. The Namibia economic growth is estimated to have slowed in 2016, compared to the previous year. The slowdown is mainly attributed to the contraction in the construction…

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