Interest rate |

Kenya Banks Commit to Cutting Rates After Lawmakers Threaten Cap

NAIROBI, Kenya, Capital Markets in Africa: Kenyan banks committed to lowering commercial lending rates after lawmakers proposed imposing a limit on how much interest lenders can charge. Lenders in East Africa’s biggest economy signed a memorandum that sets out measures to boost lending, including allocating 30 billion shillings ($295 million) to small- and medium-sized enterprises and women at concessionary rates, Lamin Manjang, chairman of the Kenya Bankers Association said Wednesday. Banks will also enhance their business…

Nigeria Raises Key Interest Rate to Lure ‘Lukewarm’ Investors in July

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria raised its monetary policy rate to lure foreign investors and prop up its currency, even as the economy risks slipping into recession. The Monetary Policy Committee increased the key lending rate to 14 percent from 12 percent, Central Bank of Nigeria Governor Godwin Emefiele told reporters in the capital, Abuja, on Tuesday. That was in line with the forecast of two of the 15 economists in a Bloomberg survey. Two predicted a 100 basis-point…

Central Bank of Egypt Keeps Policy Rate Unchanged at 10.75% in April

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CAIRO, Egypt, Capital Markets in Africa — In its meeting held on April 28, 2016, the Monetary Policy Committee (MPC) decided to keep the overnight deposit rate, overnight lending rate, and the rate of the Central Bank of Egypt’s (CBE) main operation unchanged at 10.75 percent, 11.75 percent, and 11.25 percent, respectively. The discount rate was also kept unchanged at 11.25 percent. Annual headline CPI remained at around 9 percent in February and March 2016,…

Mozambique Central Bank Hikes Policy Rate to Curb Inflation in April

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MAPUTO, Mozambique, Capital Markets in Africa —The Bank of Mozambique has decided to increase key policy interest rates to the highest level in four years , in its efforts to curb inflationary pressure. The Bank’s Monetary Policy Committee, which met in Maputo on 20 April, announced that the Standing Lending Facility (the interest rate paid by the commercial banks to the central bank for money borrowed on the Interbank Money Market) will rise immediately by…

Ghana Central Bank Leaves Benchmark Rate Unchanged at 26%

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ACCRA, Ghana, Capital Markets in Africa — Bank of Ghana retained its benchmark rate at 26 percent, as a result ease in inflation pressures, according to statement issued by Ghana’s central bank at the end of the Monetary Policy Committee meeting held on 21st March 2016. In February, headline inflation declined to 18.5 percent, dragged down by lower non-food inflation. The monthly inflation rates also indicated some slowdown in February, supported largely by stability in…

Nigeria | Easing Cycle Over but Committee to Hold-Off on Tightening

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LAGOS, Nigeria, Capital Markets in Africa —-The Monetary Policy Committee (MPC) will be meeting next week (21st and 22nd March 2016) – for the 2nd time in the year – since its last meeting in January 2016 to review developments in the domestic and global fronts as well as take key policy decisions. This meeting is coming against the backdrop of renewed optimism in the global economy, albeit tepid; sustained sub-optimal domestic economic performance and…

Mozambique Central Bank Keeps Benchmark Rate at 10.75% in March

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MAPUTO, Mozambique, Capital Markets in Africa — The Bank of Mozambique has decided to increase key interest rates, and the marginal lending facility was kept at 10.75 percent as well as the deposit facility (the rate the central bank pay to the commercial bank deposit money) remained unchanged at 4.25 percent, the central bank said in a statement released after the Bank’s Monetary Policy Committee on Monday. A statement from the Bank’s Monetary Policy Committee,…

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