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Angolan President Jose continues central bank shakeup

LUANDA, Angola, Capital Markets in Africa: Angolan President Jose Eduardo dos Santos replaced two deputy central bank governors on Wednesday, his office said in a statement, the latest round of shake-ups at the bank as the oil-rich African country seeks assistance from the IMF. Dos Santos in March appointed little-known Valter Filipe da Silva as Angola’s new central bank governor after José Pedro de Morais resigned. His office said Gualberto Manuel Amaro Lima Campos and…

Nigeria | China’s Africa Push Reaches Currencies in Deal Investors Decry

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LAGOS, Nigeria, Capital Markets in Africa: Strategists are criticizing Nigeria’s latest plan to rescue its currency — this time by relying on Chinese cash. On a visit to Beijing last month, President Muhammadu Buhari signed a currency agreement aimed at encouraging trade with China and reducing Nigeria’s demand for dollars to relieve pressure on its dwindling foreign reserves. While the deal, details of which are still being negotiated, helps China’s push into Africa’s largest economy, it will…

Mozambique Central Bank Hikes Policy Rate to Curb Inflation in April

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MAPUTO, Mozambique, Capital Markets in Africa —The Bank of Mozambique has decided to increase key policy interest rates to the highest level in four years , in its efforts to curb inflationary pressure. The Bank’s Monetary Policy Committee, which met in Maputo on 20 April, announced that the Standing Lending Facility (the interest rate paid by the commercial banks to the central bank for money borrowed on the Interbank Money Market) will rise immediately by…

Bank of Uganda cuts key rate amidst improved inflation outlook in April

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KAMPALA, Uganda, Capital Markets in Africa — Bank of Uganda (BOU) reduces its benchmark lending rate on Monday, because of the fact that demand pressures on inflation are more subdued than at the time of the last and indications are that domestic demand is likely to remain constrained. The central bank Governor Emmanuel Tumusiime-Mutebile informed a news conference the bank had dropped the rate to 16 percent from 17 percent previously, adding that real growth…

Tunisia’s central bank holds key rate unchanged at 4.25 percent in March

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TUNIS, Tunisia, Capital Markets in Africa — Tunisia’s central bank kept its key interest rate unchanged at 4.25 percent, the bank said on Thursday. The bank last cut its main interest rate in October, from 4.75 percent, in a bid to boost economic growth as inflation fell. The inflation rate was 4.9 percent in 2015, down from 5.5 percent in 2014. The central bank said tourism revenue in first two months in 2016 fell by…

Angola’s central bank Raises Basic Interest Rate by 2% in March

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Luanda, Angola, Capital Markets in Africa — National Bank of Angola (BNA, Banco Nacional de Angola) Monetary Policy Committee (CPM) held a meeting on 28 March 2016, decided to increase the Basic Interest Rate to by 200 basis points to 14.oo percent, to manage inflation rate and strength the currency, BNA said in a statement on its website on Tuesday. In addition, the central bank raised the standing lending facility rate to 16 percent from 14…

Nigeria Surprisingly Raises Benchmark Interest Rate to 12%

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LAGOS, Nigeria, Capital Markets in Africa – Nigeria’s central bank Monetary Policy Committee (MPC) hikes the policy rate by 100 basis points to 12 percent after lowering it from a record 13 percent in November 2015 and kept it in January 2016, Governor Godwin Emefiele informed reporters on Tuesday in Abuja, the capital. The cash-reserve ratio was also increased to 22.5% from 20%, the Governor said. Nigeria’s inflation rate rose to 11.4% in February from a year…

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