Monetary Policy Rate

Bank of Japan Keeps Policy Unchanged Even as Kuroda Warns on Yen

LAGOS, Nigeria, Capital Markets in Africa: The Bank of Japan refrained from expanding monetary stimulus ahead of the U.K. vote on Brexit next week that could roil global markets, and before a domestic election in which the political opposition has made the bank’s negative interest-rate policy an issue. With the yen soaring to its strongest in almost two years after the decision Thursday, Governor Haruhiko Kuroda reiterated in a press conference in Tokyo that the central bank won’t hesitate to take…

Mozambique Raises Key Rate to 14.25% to Contain Inflation in June

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MAPUTO, Capital Markets in Africa: Mozambique’s central bank raised its key interest rate for a third time this year as a weakening currency led to soaring inflation in the southern African nation. Policy makers increased the benchmark policy rate by 150 basis points to 14.25 percent, the Maputo-based institution said in a statement on Monday. The interest rate on the standing deposit facility was raised to 7.25 percent from 5.75 percent. The annual inflation rate…

South Africa Maintains Rate at 7% Despite Inflation Risk in May

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Johannesburg, South Africa, Capital Markets in Africa: The pause in the South African central bank’s policy tightening cycle may be short-lived as it forecast increasing risks for inflation from a weaker rand and food prices. The repurchase rate was left unchanged at 7 percent, Governor Lesetja Kganyago told reporters on Thursday in the capital, Pretoria. Nineteen of the 25 economists in a Bloomberg survey predicted no change to borrowing costs. Five of the six members Monetary Policy Committee members preferred to keep the rate unchanged…

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…

Bank of Uganda cuts key rate amidst improved inflation outlook in April

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KAMPALA, Uganda, Capital Markets in Africa — Bank of Uganda (BOU) reduces its benchmark lending rate on Monday, because of the fact that demand pressures on inflation are more subdued than at the time of the last and indications are that domestic demand is likely to remain constrained. The central bank Governor Emmanuel Tumusiime-Mutebile informed a news conference the bank had dropped the rate to 16 percent from 17 percent previously, adding that real growth…

Morocco central bank cuts benchmark interest rate to 2.25 percent

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CASABLANCA, Morocco, Capital Markets in Africa — The Moroccan central bank cut its benchmark interest rate on Tuesday for the first time since December 2014 in an attempt to stimulate an economy hurt by weak cereal production and non-agriculture activity. The Bank reduced the key rate by 25 basis points to 2.25 percent, Bank Al-Maghrib said in a statement. The central bank also lowered its growth forecast for this year to 1 percent from 3…

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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