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Stock Market / Finance in Africa

  • South Africa Inflation December 2015

    SOUTH AFRICA, 2016/01/28 In December, consumer prices increased 0.26% over the previous month, which came in above November’s 0.09% increase. According to Statistics South Africa, December’s result mainly reflected higher prices for food. Inflation increased from 4.8% in November to 5.2% in December, thus hitting the highest level in a year. Inflation is still within the Central Bank’s target range of 3.0%–6.0%. Annual average inflation was stable at November’s 4.6% in December.
  • Morocco’s Public Debt Represents 64% of GDP

    MOROCCO, 2016/01/05 Morocco’s public deficit reaches up to 64 % of the country’s Gross Domestic Product (GDP). According to the Moroccan Minister of Economy and Finance, Mohammed Boussaid, this deficit is “below the red line set by the International Monetary Fund (IMF), a deficit ratio of 70 % of GDP for emerging nations.” “To continue the downward trend of deficit, the government has introduced new provisions in the new organic law, providing for a additional rigorous legal framework of deficit, through the introduction of the golden policy, which provides for limiting deficit to finance capital expenditures and the settlement of the deficit principal”, Boussaid said at the question time of the Home of Representatives on Tuesday.
  • Morocco’s Net International Reserves Amounted to MAD 222.3 Billion as of December 2015

    CASABLANCA, 2016/01/05 Morocco’s net international reserves amounted to MAD 222.3 billion until December 25, 2015, recording a 23.2 pc increase on an annual basis, Bank Al-Maghrib announced. The central bank explained in its weekly indicators that the reserves recorded a 0.2 % weekly decrease. During the period December 24-30, 2015, the central bank injected MAD 21.4 billion.
  • Buhari hold talks with Lagarde, IMF team

    NIGERIA, 2016/01/05 Nigerian President Muhammadu Buhari will holds talks with a team the International Monetary Fund on Tuesday. The Fund said on Monday its managing director Christine Lagarde would meet Buhari and his Finance Minister Kemi Adeosun in Abuja. “I look forward to productive meetings … as they address significant economic challenges, most importantly the impact of low oil prices,” said Lagarde in a statement.
  • Nigerian Capital Market in 2015

    NIGERIA, 2016/01/03 The year 2015 will go down in the history of the Nigerian capital market as a year the regulators, for the initial time in five and half decades, appreciated investors’ by espousing new paradigm for domestic shareholders. The paradigm followed the approval by the Securities and Exchange Commission and the Nigerian Stock Exchange for direct cash payment of proceeds from sale of securities into an investor’s nominated bank account.
  • Egyptian pound steady at official auction and black market

    EGYPT, 2016/01/02 Egypt's central bank kept the pound steady at 7.7301 pounds to the dollar at its official foreign currency auction on Thursday, and currency held its weaker rate on the black market as well. Egypt, which depends on imported food and energy, is facing a dollar shortage and mounting pressure to devalue the pound. The central bank surprised markets at the same time as it strengthened the pound on November 11 by 20 piasters against the dollar.
  • United States has donated almost US$6 billion to Mozambique

    UNITED STATES, 2015/12/31 Over the last 30 years the United States has donated almost US$6 billion to Mozambique, said the outgoing ambassador Douglas Griffiths in a farewell letter. In the letter, the ambassador said the US wants “nothing but the best” for Mozambique, “because we firmly believe that the success of one country benefits all the others.” Referring to the all of US$6 billion, Griffiths said this all had not been provided as loans but as donations, particularly for development projects in health, education, agriculture and support to improve the business climate.
  • Malaysian company secures credit line for project in Angola

    MALAYSIA, 2015/12/31 The Armanda Cabaca company, a subsidiary of Malaysian group Bumi Armada, has secured a credit line of up to US$1.12 billion with a banking syndicate to partially fund a project in Angola, the group said in a statement. The banking syndicate is led by the Oversea-Chinese Banking Corporation of Singapore and Sumitomo Mitsui Banking Corporation of Japan, and its members include the Korean Development Bank, the National Bank of Abu Dhabi, Societe Generale and Standard Chartered.
  • The 10 biggest events in financial markets in 2015

    WORLD, 2015/12/26 Swiss franc roll On January 15 the Swiss National Bank stunned markets by scrapping its three-year old cap on the franc, sending EUR/CHF to a record low   Bund tantrum German bonds collapsed in May and June, but the break below zero at no time happened and less than two months later it was almost back at 1% - German stocks exchange   Sub-zero euro yields At the end of 2015 around €2 trillion worth of euro zone sovereign bonds, a third of all outstanding, presently trade with a negative yield
  • Nigeria stands firm on foreign exchange

    NIGERIA, 2015/12/26 Measures introduced by the Central Bank of Nigeria (CBN) aimed at preserving foreign exchange reserves amidst lower oil prices have produced a mixed response both at home and abroad. Crude is a major player in Nigeria’s economy, accounting for two-thirds of government revenue and additional than 90% of export earnings. The fall in prices has increased downward pressure on the naira over the last year, culminating in a 20% decline in the currency’s price against the dollar between July 2014 and February 2015. Despite growing pressure to allow the naira to depreciate further, the CBN’s governor, Godwin Emefiele, has maintained a tight monetary policy, introducing currency controls in a bid to curb request for foreign exchange.