Monetary benchmark rate

Bank of England Governor Mark Carney Confirms Rate Hike Is Near

LONDON (Capital Markets in Africa) – Mark Carney reaffirmed that the Bank of England is close to its first interest-rate increase in over a decade, as inflation hit 3 percent and one of his colleagues said the economy is approaching a “tipping point.” In a series of testimonies to lawmakers, the BOE governor and the two newest members of the rate-setting Monetary Policy Committee signalled that the erosion of economic slack is dominating their thinking as they prepare for…

Uganda Cuts Benchmark Rate to Record Low to Boost Credit

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KAMPALA (Capital Markets in Africa) Uganda’s central bank reduced its benchmark interest rate to support economic growth even as lending to businesses and individuals begins to show signs of improvement. Policy makers at the Bank of Uganda cut the rate by 50 basis points to 9.5 percent, extending an easing cycle that began in April 2016. Prior to Tuesday’s decision, they’d reduced the rate by a total of 700 basis points in eight of the past nine…

Namibia Cuts Rate for First Time in 5 Years as Inflation Slows

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WINDHOEK (Capital Markets in Africa) – Namibia’s central bank reduced its key rate for the first time since 2012 as consumer prices rose at the slowest pace in almost two years last month and the economy contracts. The Monetary Policy Committee reduced the repo rate by 25 basis points to 6.75 percent, Bank of Namibia Deputy Governor Ebson Uanguta told reportersWednesday in capital, Windhoek. Inflation in the southwest African nation, the world’s biggest producer of marine diamonds, was 5.4…

Rate-Cutting Race Among BRICS Outliers Pits Russia, Brazil

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LAGOS (Capital Markets in Africa) – The race to ease monetary policy in Russia and Brazil may come down to factors neither of the central banks can control. Even after months of rate cuts, the two economies continue to endure some of the world’s highest borrowing costs when adjusted for inflation. While both countries are still consumed by crises as they try to put two years of recession behind them, the political turmoil gripping Brazil leaves its central bank facing a tougher task ahead, according…

Ghana to cut interest rates May 22, Nigeria, S/Africa, Kenya to hold

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JOHANNESBURG (Capital Markets in Africa) – The Bank of Ghana will extend its interest rate-easing cycle on Monday to give its economy a boost but other major African central banks will keep rates stable after a commodity price slump, a Reuters poll found. Ghana’s central bank cut its high prime rate by 200 basis points to 23.5 percent in March and is expected to chop another 100 basis points on Monday, according to the median…

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 further tighten, raises rate to curb inflation

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MAPUTO, Mozambique, Capital Markets in Africa — Mozambique’s central bank raised its benchmark policy rate to the highest in three years to help curb inflation and manage the metical, which exceeded forecasts and would impact the objectives for 2015 and 2016. Bank of Mozambique raised the benchmark standing facility rate by 150 basis points to 9.75 percent, the Maputo-based institution said in an e-mailed statement on Monday. The bank, which has now hiked its policy rate by 225…

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