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Bank of Zambia Keeps Policy Rate Unchanged at 15.50%

Lusaka, Zambia, Capital Markets in Africa — The Bank of Zambia Monetary Policy Committee (MPC), at its meeting on 11 February 2016, decided to maintain the Policy Rate at 15.5% partly to address volatility in FX market, Bank of Zambia Governor Denny Kalyalya stated at presentation in capital, Lusaka. The MPC noted that although the annual rate of inflation at 21.8% in January 2016 was significantly above single digits, previous measures to tighten monetary policy…

National Bank of Angola Raises BNA Rate by 1% to 12.00% in January

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Luanda, Angola, Capital Markets in Africa — National Bank of Angola (BNA, Banco Nacional de Angola) Monetary Policy Committee (CPM) raised the Basis Interest Rate (BNA rate) by 100 basis points to 12.00%, to curb inflation pressure and to support the weakening Angolan kwanza amid declining oil revenues. Furthermore, the CPM increase the Marginal Lending Rate by 100 basis points from 13.00% to 14.00% and retained the seven-day maturity Liquidity Absorbing Rate at 1.75 percent….

South Africa’s Reserve Bank hikes repo rate by 50 basis points

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Johannesburg, South Africa, Capital Markets in Africa —- The South Africa Reserve Bank’s Monetary Policy Committee (MPC) raised the repo rate to 6.75% from 6.25%. This takes the cumulative increases to 1.75 percentage points since the MPC started tightening policy in January 2014. Governor Lesetja Kganyago stated that, although the impact of the weaker exchange rate on inflation had remained muted in recent years, renewed rand weakness and the likelihood of higher food inflation had…

Nigerian Central Bank keeps interest rate at 11%, turns deaf hear to currency devaluation …

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ABUJA, Nigeria, Capital Markets in Africa — Nigeria’s central bank Monetary Policy Committee (MPC) held the policy rate at 11 percent after lowering it from a record 13 percent in November 2015, Governor Godwin Emefiele informed reporters on Tuesday in Abuja, the capital. That was in line with economists and analysts expectations. Emefiele said the twelve members of the bank’s Monetary Policy Committee voted unanimously to keep the rate unchanged. The bank also held the cash reserve…

Bank of Ghana retains policy rate at 26 percent, slower inflation …

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ACCRA, Ghana, Capital Markets in Africa — The Bank of Ghana kept its policy rate unchanged at 26 percent on Monday, citing a slower pace of consumer price inflation, the central bank governor Dr Kofi Wampah stated in a press conference at the end of the Monetary policy Committee Policy meeting. Dr Kofi Wampah, announced that inflation rose to 17.7 percent in December 2015, up marginally from 17.6 per cent in November. “This indicates some…

Central Bank of Egypt hikes benchmark rates to curb inflationary pressures

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Cairo, Egypt, Capital Markets in Africa — Central Bank of Egypt raised interest rates for the first time in more than a year in an attempt to curb inflation, according to press release by the central bank. The last change to the benchmark rate was a half percentage point cut in January, when the central bank cited a weaker inflation outlook following the plunge in global energy prices. The Monetary Policy Committee, headed by Governor Tarek…

Morocco’s central bank keeps benchmark interest rate unchanged at 2.50%

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Casablanca, Morocco, Capital Markets in Africa — Bank Al-Maghrib decided to maintains the key Bank Rate at 2.5 percent at the Board of Bank Al-Maghrib last quarterly meeting of the year held on Tuesday, December 22, 2015, according to statement released by the bank. “Taking into account the inflation projection that is consistent with the objective of price stability and the uncertainties surrounding national but also international economic outlook, the board decided to maintain the key…

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