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Egyptian Central Bank Retains Benchmark Interest at 15.25%

CAIRO (Capital Markets in Africa) – Egypt’s central bank left its key interest rates unchanged on Thursday at a meeting of its Monetary Policy Committee, the bank said in a statement, the third consecutive meeting where it kept rates on hold. The bank kept its overnight deposit rate at 14.75 percent and its overnight lending rate at 15.75 percent. The decision comes after Egypt’s core inflation rate soared in January to 30.86 percent, its highest…

Bank of Uganda Slashes Benchmark Rate amid shrinking growth

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KAMPALA (Capital Markets in Africa) – The Bank of Uganda on Wednesday lowered the central bank rate by 50 basis points from 12 percent, set in December 2016, to 11.5 percent. The cut was necessary to “support economic activity”, according to the Monetary Policy Statement for February 2017. It is the sixth consecutive cut since the central bank started easing the policy rate in April 2016. “A further cautious easing of monetary policy is warranted to…

Namibia Central Bank Leaves Benchmark Rate Unchanged at 7%

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Windhoek (Capital Markets in Africa) – The Monetary Policy Committee (MPC) of the Bank of Namibia kept the Repo rate unchanged at 7.00 percent. This rate remains appropriate to maintain the one-to-one link between the Namibia Dollar and the South African Rand, while supporting economic growth in Namibia. The Namibia economic growth is estimated to have slowed in 2016, compared to the previous year. The slowdown is mainly attributed to the contraction in the construction…

Nigerian Central Bank Leaves Key Lending Rate Unchanged at 14%

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LAGOS (Capital Markets in Africa) – Nigeria left its policy rate unchanged for a third consecutive meeting to support growth in an economy at its weakest in more than two decades and in which inflation is accelerating. The Monetary Policy Committee held the benchmark interest rate at 14 percent, Governor Godwin Emefiele told reporters from the Abuja-based Central Bank of Nigeria on Tuesday. That was in line with the forecast of all 16 economists in a Bloomberg survey. Nigerian President Muhammadu Buhari proposed…

South Africa’s Central Bank Keeps Benchmark Rate Unchanged

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JOHANNESBURG (Capital Markets in Africa) South Africa’s Reserve Bank kept borrowing costs unchanged for a fifth straight meeting even as inflation forecasts worsened. The Monetary Policy Committee unanimously decided to leave the benchmark repurchase rate at 7 percent, Governor Lesetja Kganyago told reporters Tuesday in the capital, Pretoria. That’s in line with the forecast of all 24 economists surveyed by Bloomberg. The key lending rate has remained unchanged since March after the MPC raised it by 200 basis points since 2014…

Angola Banks Appeal for Bailout as Oil Slump Cuts Liquidity

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LUANDA (Capital Markets in Africa) – Angolan banks are appealing to the government to help put together a bailout package to protect account holders as lenders reel from low oil prices that make up almost all of the nation’s foreign-exchange earnings. Financial assistance could come from the administration of President Jose Eduardo dos Santos or be shared by all of the southwest African country’s 28 operational lenders, Amilcar Silva, chairman of the Association of Angolan Banks, said in…

Ghana Leaves Key Rate Steady as Policy Makers Seek Stable Cedi

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ACCRA (Capital Markets in Africa) – Ghana’s central bank unexpectedly kept its benchmark rate unchanged as it balanced the risks to inflation and economic growth. The Bank of Ghana’s Monetary Policy Committee left the rate at 25.5 percent, Governor Abdul Nashiru Issahaku told reporters Monday in the capital, Accra. Only two of six economists in a Bloomberg survey said the central bank would keep borrowing costs unchanged, while the remaining four predicted a rate cut of 50 to…

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