The Editorial Team |

Nigerian MSCI Exit May Risk $500 Million Holdings, RenCap Says

Lagos, Nigeria, Capital Markets in Africa — MSCI Inc.’s decision to consider dropping Nigeria from its Frontier Markets Index has put $500 million of stock investments in Africa’s biggest economy under threat, according to Renaissance Capital Ltd. Investors following the index have $500 million staked in Nigeria, half what they would have if they were properly tracking the benchmark, and those holdings are “under threat” should MSCI exclude Nigeria, according to Charles Robertson, chief economist at…

IMF Sees Rwanda’s Cautious Monetary Policy Keeping Growth at 6%

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Kigali, Rwanda, Capital Markets in Africa — GDP expanded 6.9% in 2015, International Monetary Fund says in e-mailed statement. The fund also, advised that more immediate measures needed to deflate external pressures, stem drop in forex reserves. The Brookings Institute commends Rwanda’s implementation of more cautious monetary policy, postponement of some non-priority public spending to help dampen still-strong demand for imports as well as allowing exchange rate to continue to adjust as necessary will be…

Angolan Central Bank Lowers Kwanza Rate Against Dollar, Euro

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Luanda, Angola, Capital Markets in Africa — Angola’s central bank weakened the official exchange rate of the kwanza to 163.703 per dollar from 161.468 and to 182.905 per euro from 180.408, according to data published on regulator’s website. Kwanza -17.5% vs USD this year, worst performer among 23 African currencies.

Nigeria | International Oil Companies Support Fuel Imports with US$200 Million

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LAGOS, Nigeria, Capital Markets in Africa — International oil companies in Nigeria have agreed to provide about US$200 million to support fuel imports and end shortages, Emmanuel Kachikwu, Petroleum Minister of State said. “I have been able to convince the upstream oil companies to provide foreign exchange buffers over the next one year for those who’re bringing in products,” Kachikwu said in video posted on his Facebook page on Thursday. “So we have tied Total upstream…

Zimbabwe Audits Companies on Meeting Black Ownership Targets

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Harare, Zimbabwe, Capital Markets in Africa — Zimbabwean government began an audit to examine whether foreign and white-owned companies are complying with the law, which required companies to sell or cede 51 percent ownership to black Zimbabweans. “We’re now in the process of checking which companies are in full compliance of our indigenization policy and will come up with a database of these companies,” Mathias Tongofa, the deputy indigenization and empowerment minister, told lawmakers late…

Central Bank of Kenya Warns About Bad Loans in Banking System

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NAIROBI, Kenya, Capital Markets in Africa — The amount of non-performing loans in Kenya’s financial system and the inadequate funds set aside to cover them are hampering the industry, Central Bank Governor Patrick Njoroge said, adding his office would conduct more stringent surveillance of the sector. NPLs rose to 6.8 percent of total credit in February from 5.7 percent a year earlier, Njoroge, who’s been in the job for less than a year, told reporters in the capital,…

Angola to Hold Talks on IMF Loan as Oil Prices Sting Economy

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Luanda, Angola, Capital Markets in Africa — Angola plans to start talks with the International Monetary Fund about a loan to help the oil-producing economy cope with the slide in oil. State revenue in Africa’s second-biggest producer of the commodity has plunged due to the weakening of crude prices since mid-2014, while the kwanza has declined almost 18 percent against the dollar this year. With the government relying on the oil industry for about 95 percent of export income,…

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