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Nigeria Holds Key Rate at 14% as It Seeks Currency Stability

LAGOS (Capital Markets in Africa) – Nigeria’s central bank left its main lending rate unchanged for a sixth consecutive meeting as it seeks to hold on to gains it’s made in inflation and exchange-rate stability. The Monetary Policy Committee held the key policy rate at 14 percent, Central Bank of Nigeria Governor Godwin Emefiele told reporters on Tuesday in the capital, Abuja. That was in line with the forecast of all but two of 19 economists in a Bloomberg survey. While inflation in…

Interest Rate Cut May Fuel Rally That Made Ghana Stocks World’s Best

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ACCRA (Capital Markets in Africa) – Ghana’s central bank has likely given the world’s best-performing stocks this quarter a boost. It cut its key interest rate for a third straight meeting on Monday and has now reduced borrowing costs this year by 4.5 percentage points to the lowest level since early 2015. That eases funding costs for companies and boosts the appeal of their shares, according to IC Securities Limited, the country’s biggest broker. “Investors are…

In surprise move, Egypt central bank hikes key interest rates

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CAIRO (Capital Markets in Africa) – Egypt’s central bank raised its key interest rates by 200 basis points on Sunday, confounding the expectations of economists who saw rates unlikely to change, but in line with recent IMF statements. At a meeting of its Monetary Policy Committee, the bank hiked its overnight deposit rate to 16.75 percent from 14.75 percent and its overnight lending rate to 17.75 from 15.75 percent, it announced in a statement. This…

Nigerian Central Bank to Keep Tight Monetary Policy, Nnanna Says

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LAGOS (Capital Markets in Africa)- Nigeria’s central bank will keep monetary policy tight as dollar shortages persist, Deputy Governor Joseph Nnanna said Now is not the time to ease policy, he said in an interview Thursday in the capital, Abuja. Inflation slowed for a third month in April, but at 17.2 percent remains almost double the upper limit of the bank’s 6 percent to 9 percent target. “We are battling with liquidity as it were, so tight monetary…

Ghana central bank slashes benchmark interest rate

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ACCRA (Capital Markets in Africa) – Ghana’s central bank slashed its benchmark interest rate on Monday by two percentage points to 23.5 percent, noting signs inflation was trending downwards, in a move that may help spur lending and business activity. Ghana was for years one of Africa’s fastest-growing economies but growth slumped in 2014 due to falling commodities prices, high inflation, a big budget deficit and public debt. As inflation eases, the bank can lower…

Tanzania central bank asks commercial banks to cut lending rates

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DAR ES SALAAM (Capital Markets in Africa) – Tanzania’s central bank has asked commercial banks to consider lowering their lending rates to help spark credit growth in east Africa’s second-largest economy. Bank of Tanzania cut its discount rate to 12 percent from 16 percent effectively from March 6, the first time it has lowered borrowing costs since 2013, after a steep drop in private-sector credit growth last year. There were expectations that the move “will enhance…

Bank of Mauritius keeps the Key Repo Rate unchanged at 4%

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PORT LOUIS (Capital Markets in Africa) – The Monetary Policy Committee (MPC) of the Bank of Mauritius unanimously decided to keep the Key Repo Rate unchanged at 4.00 per cent per annum at its meeting today. Growth in major advanced economies is likely to strengthen in 2017. The IMF’s World Economic Outlook Update released in January 2017 projects world growth to increase from 3.1 per cent in 2016 to 3.4 per cent in 2017 and…

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