Banking | - Part 118

Central Bank of Kenya keeps interest rate at 11.50% in March

NAIROBI, Kenya, Capital Markets in Africa — The Monetary Policy Committee (MPC) met on March 21, 2016 to review market developments and the impact of its previous monetary policy decisions. The MPC decided to retain the Central Bank Rate (CBR) at its current level of 11.5 percent, to continue to anchor inflation expectations and enhance the credibility of its policy stance. The Bank noted that month-on-month overall inflation fell to 6.8 percent in February 2016,…

Ghana Central Bank Leaves Benchmark Rate Unchanged at 26%

Posted on by The Editorial Team

ACCRA, Ghana, Capital Markets in Africa — Bank of Ghana retained its benchmark rate at 26 percent, as a result ease in inflation pressures, according to statement issued by Ghana’s central bank at the end of the Monetary Policy Committee meeting held on 21st March 2016. In February, headline inflation declined to 18.5 percent, dragged down by lower non-food inflation. The monthly inflation rates also indicated some slowdown in February, supported largely by stability in…

South Africa’s Reserve Bank Raises Repo rate by 25 basis points in March

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa — The South Africa Reserve Bank’s Monetary Policy Committee (MPC) raised the Repo rate by 25 basis points to 7.00%, as a result of inflation rise concern. This takes the cumulative increases to 2.00 percentage points since the MPC started tightening policy in January 2014. Regarding inflation, the MPC commented that since the previous MPC meeting in January, headline inflation has exceeded the upper end of the target…

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,…

Moody’s place South Africa’s Banks, Old Mutual, Eskom on review for downgrade

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Johannesburg, South Africa, Capital Markets in Africa — Moody’s Investors Service placed on review for downgrade the Baa2 long-term deposit and senior debt ratings of the five largest South African banks: Standard Bank of South Africa, FirstRand Bank Limited, ABSA Bank Limited, Nedbank Limited, and Invective Bank Ltd. The rating agency has also placed on review for downgrade Standard Bank Group’s Baa3 issuer rating. It also placed the Baa3 senior debt rating of Old Mutual…

Bank of Ghana to end collection of gold and cocoa proceeds

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ACCRA, Ghana, Capital Markets in Africa — The Bank of Ghana will this year end its policy of forcing cocoa and gold-producers to remit export proceeds to the central bank. The bank will phase out the policy in four steps to prevent disruptions to the foreign-exchange market, the bank stated. Those will include establishing a strong monitoring system to ensure export revenues are released into the market via commercial banks, and sold on a “need…

Moody’s puts three Nigerian banks on review for downgrade

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa — Moody’s Investors Service has placed on review for downgrade the long-term ratings of three Nigerian banks—Access Bank plc (Ba3/B1 RUR down, b2 RUR down), Sterling Bank plc (B2 RUR down, b3 RUR down) and Bank of Industry (Ba3 RUR down). In a statement, the ratings agency said that the reviews are driven by the potential weakening of the Nigerian Government’s capacity and willingness to provide support to the…

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