Banking | - Part 110

Angola Raises Rates to a Record as IMF Loan Talks Called Off in June

Luanda, Angola, Capital Markets in Africa: Angola’s central bank raised its benchmark interest rate to a record 16 percent, the third increase this year, as the International Monetary Fund said the southern African nation called off loan talks to help steady the oil-producing nation’s economy. The Banco Nacional de Angola increased the key lending rate from 14 percent after a meeting of its Monetary Policy Committee in the capital, Luanda, on Thursday. The bank has increased the rate by five percentage…

South Africa Ratings Cut Could Complicate Reserve Bank’s Task

Posted on by The Editorial Team

SOUTH AFRICA, Capital Markets in Africa: A cut in South Africa’s credit rating could complicate the Reserve Bank’s challenge of weak growth and accelerating inflation, according to Deputy Governor Francois Groepe. “A sovereign rating can have an impact on monetary policy because of how it influences the availability and cost of external financing, the yields on domestic debt and, in turn, the performance of the rand,” Groepe said in a speech posted on the central bank’s website…

Kenyan Treasury, Central Bank in Turf War Over Capital Rules

Posted on by The Editorial Team

KENYA, Capital Markets in Africa: Kenyan Treasury Secretary Henry Rotich is counting on three bank failures in eight months to help drive through proposals that will reduce the central bank’s oversight of the industry. Rotich, 47, is seeking to persuade lawmakers to accept proposals that will increase the amount of capital banks must set aside as safety buffers and is also pushing amendments to allow the government more influence in the management of financial institutions. Central Bank of…

Brexit Could Hurt South Africa’s GDP Growth, Kganyago Says

Posted on by The Editorial Team

SOUTH AFRICA, Capital Markets in Africa: The U.K.’s vote to leave the European Union will hurt South Africa’s economic growth, according to Reserve Bank Governor Lesetja Kganyago. “We would not venture into a recession at this stage, but there is no doubt that it will slow the South African economy from the weak growth that we already have,” Kganyago said in an interview with Bloomberg TV at the European Central Bank Forum in Sintra, Portugal on Tuesday. The…

Kenya Central Bank Governor Prefers ‘Natural’ Bank Consolidation

Posted on by The Editorial Team

NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank would prefer the country’s lenders to consolidate naturally to build resilience in the industry, Governor Patrick Njoroge said. Treasury Secretary Henry Rotich this month revived proposals that require lenders to increase their core capital fivefold by 2019, a move that could spur takeovers. The measures, first suggested by Rotich last year, were rejected by lawmakers and labelled by Njoroge in August as “rushed”. “I am not officially pushing consolidation,” Njoroge said…

Rwanda Sees Accommodative Stance as Prudent Ahead of MPC

Posted on by The Editorial Team

Kigali, Rwanda, Capital Markets in Africa: The Rwandan central bank’s “accommodative” monetary policy stance is prudent because inflation is expected to remain below the government’s target, Governor John Rwangombwa said ahead of a rate-setting committee meeting next week. Consumer-price growth in the tea-growing East African nation is expected to remain below the government’s target of 5 percent this year, Rwangombwa said in an interview June 20 in the Tanzanian commercial capital, Dar es Salaam. Rwanda’s MPC is…

Kenya | NIC of Kenya to Acquire Assets of Collapsed Lender Imperial

Posted on by The Editorial Team

NAIROBI, Kenya, Capital Markets in Africa: NIC Bank Limited, Kenya’s ninth-biggest lender by market value, will acquire the deposits and some of the assets of collapsed lender Imperial Bank Ltd., central bank Governor Patrick Njoroge said. The Nairobi-based bank will conduct due diligence on Imperial, which was placed under statutory management in October, and will absorb most of its branches and staff, Njoroge told reporters Tuesday in the capital, Nairobi. The acquisition of the assets was agreed with the…

« 1 … 108 109 110 111 112 … 127 »