Monetary policy |

Nigerian central bank head urges cooperation on monetary, fiscal policy

LAGOS (Capital Markets in Africa) – Nigeria’s monetary and fiscal authorities must cooperate on their policies to help Africa’s largest economy to develop, the central bank governor said, according to his spokesman. Central Bank Governor Godwin Emefiele made the comments at a two-day retreat for members of the bank’s Monetary Policy Committee and the ministers for finance, budget, and investment. The closed-door meeting, which takes place about three times a year, ended on Saturday. OPEC…

Bank of Mauritius keeps the Key Repo Rate unchanged at 4%

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PORT LOUIS (Capital Markets in Africa) – The Monetary Policy Committee (MPC) of the Bank of Mauritius unanimously decided to keep the Key Repo Rate unchanged at 4.00 per cent per annum at its meeting today. Growth in major advanced economies is likely to strengthen in 2017. The IMF’s World Economic Outlook Update released in January 2017 projects world growth to increase from 3.1 per cent in 2016 to 3.4 per cent in 2017 and…

Ghana central bank reduces policy rate by 50 bps to 25.5 pct

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ACCRA (Capital Markets in Africa) – Ghana’s central bank reduced its main policy rate by 50 basis points on Monday to 25.5 percent, which Governor Abdul-Nashiru Issahaku said reflected a better outlook for inflation and the need to boost growth. The first interest rate cut since July 2011 could herald further reductions next year as inflation, which for years has stood above government targets, begins to fall at a faster pace, according to economists. It is…

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…

South Africa’s Reserve Bank hikes repo rate by 50 basis points

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Johannesburg, South Africa, Capital Markets in Africa —- The South Africa Reserve Bank’s Monetary Policy Committee (MPC) raised the repo rate to 6.75% from 6.25%. This takes the cumulative increases to 1.75 percentage points since the MPC started tightening policy in January 2014. Governor Lesetja Kganyago stated that, although the impact of the weaker exchange rate on inflation had remained muted in recent years, renewed rand weakness and the likelihood of higher food inflation had…

Central Bank of Kenya Retains CBR at 11.5% and KBRR at 9.87%

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Nairobi, Kenya, Capital Market in Africa — The Central Bank of Kenya (CBK) Monetary Policy Committee (MPC) met on Wednesday 20 January 2016 to review market development and the outcome of its previous monetary policy decision. The MPC decided to keep the Central Bank Rate (CBR) at 11.5 percent for the fifth time in a row. The rate has been retained since early July. It was first raised in May 2015 to 10 per cent,…

Morocco’s central bank keeps benchmark interest rate unchanged at 2.50%

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Casablanca, Morocco, Capital Markets in Africa — Bank Al-Maghrib decided to maintains the key Bank Rate at 2.5 percent at the Board of Bank Al-Maghrib last quarterly meeting of the year held on Tuesday, December 22, 2015, according to statement released by the bank. “Taking into account the inflation projection that is consistent with the objective of price stability and the uncertainties surrounding national but also international economic outlook, the board decided to maintain the key…

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