Country News |

Rwanda holds rates at 6.5 pct, inflation seen in check

KIGALI (Reuters) – Rwanda’s central bank held its key repo rate at 6.5 percent on Thursday, Governor John Rwangombwa said, adding inflation had been low in the past two months and was not expected to exceed 3.5 percent by the end of 2015. Rwanda’s urban year-on-year inflation rate fell to 0.7 percent in February from 1.4 percent the previous month, which the statistics bureau had said was due to a drop in transport costs. “Despite…

Kenya shilling 5-10 pct overvalued, no policy shift needed: IMF

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling is overvalued by about 5 to 10 percent to the dollar but demand for imports and other market pressures are likely to weaken it gradually so no policy change is required, the IMF said. The shilling has lost 1.7 percent since the start of 2015 against the dollar, after a 4.5 percent fall in 2014 that was largely blamed on a downturn in the vital tourism industry after a number…

Zimbabwe domestic borrowing up 52 pct to $544 mln y/y in Jan

Posted on by The Editorial Team

HARARE (Reuters) – Zimbabwe government’s domestic borrowing jumped 52 percent to $544.03 in January year-on-year from $358.80 percent in the same period a year ago, the central bank said on Thursday. The southern African country is struggling with falling revenue from taxes, which stood at $469 million in January against a target of $542 million, as the economy stalls and businesses are forced to lay-off workers or shut down. The central bank said the government…

Nigeria holds rates at 13 pct, worried by economic growth outlook

Posted on by The Editorial Team

ABUJA (Reuters) – Nigeria’s central bank left its benchmark interest rate unchanged at 13 percent as expected on Tuesday, saying tight monetary policy should offset the inflationary effects of elevated spending ahead of a March 28 election. Governor Godwin Emefiele said the Monetary Policy Committee was also satisfied with the bank’s attempts to stabilise the naira, which has come under major pressure in the last six months due to the collapse in oil prices. The…

Zimbabwe seeks Berlin talks to resolve $739 mln debt it owes Germany

Posted on by The Editorial Team

HARARE (Reuters) – Zimbabwe is planning talks with Germany on how to resolve a $739 million debt it owes to euro zone’s biggest economy, the southern African nation’s finance minister said on Tuesday. President Robert Mugabe’s government owes foreign creditors, including the International Monetary Fund and World Bank, $9 billion and is intensifying efforts to have the debt cancelled or rescheduled to allow it to access new loans. Finance Minister Patrick Chinamasa said Harare wanted…

South Africa’s rand rides on euro gains versus dollar

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – South Africa’s rand steadied versus the dollar after pushing firmer than the 12.00 mark overnight, helped by a stronger euro after the Federal Reserve signalled last week that U.S. rates would rise very gradually. A less aggressive than expected policy tightening cycle by the Fed would boost high-yielding emerging currencies such as the rand, even as South Africa’s own central bank is expected to keep its key repo rate unchanged on Thursday….

Mauritius’ budget deficit to widen to 3.2 pct in 2015/2016

Posted on by The Editorial Team

PORT LOUIS (Reuters) – The Mauritius budget deficit for fiscal year 2015/2016 (July-June) is forecast to widen to 3.5 percent of gross domestic product from 3.2 percent in the year 2014 (Jan-Dec), the finance minister said on Monday. In a budget speech to parliament, Finance Minister Seetanah Lutchmeenaraidoo also said the Indian Ocean island’s economy will expand by 5.3 percent in the 2015/2016 fiscal year, above an estimated 3.5 percent expansion in 2014 (Jan-Dec)….

« 1 … 5 6 7 8 9 … 11 »