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Egyptian pound remained stable against the US dollar …

CAIRO (Capital Markets in Africa) – The Egyptian pound remained stable against the US dollar early Wednesday with sale prices ranging between EGP 17 and EGP 17.45 and buy prices ranging from EGP 17.5 to EGP 17.95. At the Société Arabe Internationale de Banque (SAIB), the dollar stood at EGP 17.45 and EGP 17.75 for buy and sell, respectively. The Egyptian Gulf Bank sold the USD-EGP at EGP17.95 and recorded EGP 17 for buying. Meanwhile, purchasing at…

Ghana central bank reduces policy rate by 50 bps to 25.5 pct

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ACCRA (Capital Markets in Africa) – Ghana’s central bank reduced its main policy rate by 50 basis points on Monday to 25.5 percent, which Governor Abdul-Nashiru Issahaku said reflected a better outlook for inflation and the need to boost growth. The first interest rate cut since July 2011 could herald further reductions next year as inflation, which for years has stood above government targets, begins to fall at a faster pace, according to economists. It is…

Pre-MPC Note: Blunted Policy Tools Call for Rollback of Administrative Measures

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LAGOS (Capital Markets in Africa) – Next week Monday and Tuesday (21st and 22nd November), the Monetary Policy Committee (MPC) of the CBN will be holding its 6th and last meeting in 2017 to review major developments in the global and domestic space in order to make vital policy decisions. Since the last MPC meeting held in September, the global risk landscape and policy outlook have changed dramatically, underlined by the emergence of Donald Trump…

Egypt Central Bank keeps key interest rates unchanged at MPC meeting

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CAIRO (Capital Markets in Africa) – Egypt’s central bank kept its key interest rates unchanged on Thursday in a meeting of its Monetary Policy Committee, it said in a statement, two weeks after it surprised markets with a 3 percent hike in its key rates. The bank kept its overnight deposit rate at 14.75 percent and its overnight lending rate at 15.75 percent, it said in a statement, meeting expectations of all 15 respondents in a…

African Central Banks Monetary Policy Rates and Foreign Reserves

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LAGOS (Capital Markets in Africa) – Algeria’s foreign exchange reserves dropped by $7.1 billion to $121.9 billion in the third quarter of 2016 due to lower oil prices that have hit the country’s finances, Central Bank Governor Mohamed Loukal said. Oil and gas earnings, which make up 94 percent of total exports and 60 percent of the state budget, fell to $18.8 billion in the first nine months of 2016, down 26.3 percent from the…

Kenya to sell 15-yr infrastructure bond from October 2016

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NAIROBI (Capital Markets in Africa) – Kenya will sell a 15-year infrastructure bond to raise up to 30 billion shillings ($296 million) this month to fund road, water and energy projects, the central bank said on Sunday. The bank said that the bond will have a 12 percent coupon. It will take bids until Oct. 18 and auction the paper on Oct. 19.

Moroccan and Rwandan Central bank keep rate unchanged in Sept

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CASABLACA/KIGALI, Capital Markets in Africa: – Morocco’s central bank kept its benchmark interest rate unchanged at 2.25 percent on Tuesday, saying the inflation forecast was consistent with its price stability objective. The bank, known as Bank al-Maghrib, said it expected inflation to remain around 1.6 percent in 2016 and fall to 1.2 percent in 2017. Expecting agricultural output to rebound in 2017 from the worst drought in decades to hit North Africa, the bank said…

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