Monetary Interest Rate |

Morocco Holds Key Rate Despite Signs of Economic Slowdown

RABAT (Capital Markets in Africa) – Morocco’s central bank kept its benchmark interest rate unchanged at a record low 2.25 percent, even as it warned of an economic slowdown stretching into next year. The decision Tuesday came amid a dramatic falloff in credit growth and inflation, both potential catalysts for a rate cut to stimulate investment. Government data for the second quarter “indicate an economic activity level well below expectations,” Bank Al Maghreb said in a…

Uganda Holds Rate at Record-Low 9% to Balance Prices, Growth

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KAMPALA (Capital Markets in Africa) – Uganda’s central bank maintained its key interest rate at a record low as it seeks to balance rising inflation and the need to encourage economic growth. The Monetary Policy Committee kept the benchmark rate at 9 percent, Governor Emmanuel Tumusiime-Mutebile told reporters Monday in the capital, Kampala. The annual inflation rate rose to 3.1 percent in July, the highest level in seven months, as energy prices soared. The weaker shilling and higher…

Nigeria Holds Key Rate at Record High to Stem Inflation Risk

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LAGOS (Capital Markets in Africa)- Nigeria’s central bank held its main lending rate at a record high to curb inflationary pressures anticipated with election spending, and proposed ways to increase credit in the economy. The Monetary Policy Committee voted to leave the benchmark rate at 14 percent, Governor Godwin Emefiele told reporters on Tuesday in the capital, Abuja. That was in line with the forecasts from all but one of 10 economists surveyed by Bloomberg. Three MPC members voted…

South Africa Reserve Bank Warns of Price Risks as It Holds Key Rate

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s central bank warned of upside risks to inflation as it held the key interest rate at a two-year low. The Monetary Policy Committee unanimously decided to keep the repurchase rate at 6.5 percent Thursday. All 15 economists in a Bloomberg survey predicted the freeze. The rand had its worst month in more than two years in June as the U.S. and China exchanged tariff blows at a time when…

Fed’s Powell Says Gradual Rate Hikes Are the Best Path `For Now’

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LAGOS (Capital Markets in Africa) – Federal Reserve Chairman Jerome Powell said the central bank will continue to gradually raise interest rates “for now’’ to keep inflation near target amid a strong U.S. labor market. The Federal Open Market Committee, the Fed panel that sets interest rates, “believes that — for now — the best way forward is to keep gradually raising the federal funds rate,” Powell said in prepared testimony before the Senate Banking Committee. “We…

Mozambique Cuts Key Rate as Inflation Lingers Near 2015 Low

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MAPUTO (Capital Markets in Africa) – Mozambique’s central bank reduced its benchmark lending rate for the sixth consecutive meeting as inflation lingered near a 2015 low and the regulator tries to spur an economy that’s forecast to expand at the slowest pace in 18 years. The Monetary Policy Committee cut the benchmark interbank rate, known by its Portuguese acronym MIMO and introduced in April 2017, by 75 basis points to 15.75 percent, Banco de Mocambique Governor Rogerio Zandamela told…

Uganda Keeps Key Rate at Record Low But Sees Prices Rising

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KAMPALA (Capital Markets in Africa) – Uganda’s central bank maintained its key interest rate at a record low but warned that inflation is set to accelerate from a 3 1/2-year low. The Monetary Policy Committee kept the benchmark rate at 9 percent, GovernorEmmanuel Tumusiime-Mutebile told reporters Monday in the capital, Kampala. Growth in consumer prices slowed to 1.7 percent in May, the weakest level since 2014, and the risks to the inflation outlook in Africa’s biggest coffee exporter…

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