Foreign Reserve |

Algeria foreign reserves to stay over $100 bln this year

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…

FX reserves – China has enough, Says Standard Bank

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LAGOS (Capital Markets in Africa) – China’s foreign exchange reserves are now below USD3tr, the lowest in three years. In fact, relative to GDP, this is the lowest since the early 2000s. China has seen a material decline in reserves-to-GDP since 2008 resulting from declining global demand combined with growing outbound investment. More recently, the sharp decline in China’s once heralded reserves has come with the defence of the renminbi, triggering concerns in global financial…

Morocco’s Foreign Currency Reserves rise 16% on year-on-year

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Casablanca, Morocco (Capital Markets in Africa):- Morocco’s net foreign currency reserves amounted to MAD 193.9 billion till 12 June, an increase of 16% year-on-year, according to local gazette Hespress. On 17 June, Morocco’s central bank, or Bank Al-Maghrib, kept its benchmark interest rate unchanged at 2.5% , saying that inflation would remain consistent with price stability targets. Inflation is expected to reach 1.5% in 2015 and 1.4% on average over the next six quarters. However, there…

Egypt central bank sells $98.6m in regular auction

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Cairo, Egypt (Capital Markets in Africa)–The Central Bank of Egypt (CBE) sold on Sunday $98.6 million in its regular FX auction reaching $100 million. The average selling price reached $7.53 in the auction No. 373, the CBE said on its website.

Morocco reduces euro’s weighting in its currency basket

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RABAT, April 13 (Reuters) – Morocco’s central bank has reduced the euro’s weighting in the currency basket used to set the dirham’s exchange rate, to reflect a fall in trade with the euro zone, it said on Monday. It is the first time in a decade that the bank has changed the basket’s weighting, aiming to make its currency regime more flexible, as recommended by the International Monetary Fund. The dirham is still mostly pegged…

South Africa’s net reserves fall to $41.275 bln in March

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JOHANNESBURG (Reuters) – South Africa’s net gold and foreign exchange reserves fell to $41.275 billion in March from $41.923 billion in February, data from the Reserve Bank showed on Thursday. Gross reserves were also down at $46.437 billion from $47.19 billion and the forward position, which represents the central bank’s unsettled or swap transactions, fell to $2.702 billion from $2.771

Tourism overtakes gold in foreign exchange earnings in Tanzania

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According to the East African News, tourism has now overtaken gold to become the chief foreign exchange earner for Tanzania. USD 2.05bn in earnings was generated in tourism in the 12 months to January 2015. This was an increase of 8.47% from the US$1.89bn earned in the 12 months ending January 2014, overtaking gold as Tanzania’s leading foreign exchange earner. The Bank of Tanzania’s February Monthly Economic Review indicates that gold exports plunged from USD…