Kenya: Banks cut deposit rates to eight-year low

Details Written by Timothy Odinga | Business Daily Africa Published: February 24, 2021 9:52 PM Interest on fixed deposits dropped to an eight-year low on bankers’ reduced appetite for savings following a slowdown in demand for loans.   The Central Bank of Kenya (CBK) data shows that the deposit rate dropped to 6.3 per cent […]

French group EDF buys stake in Kenyan energy companies

Details Written by Brian Ngugi | Business Daily Africa Published: February 26, 2021 9:43 PM French energy giant EDF has struck deals to buy stakes in off-grid focused energy firms Econet Energy Kenya and Bboxx Kenya, becoming the latest global firm to target local fast-growing off-grid energy market.   EDF said Thursday it has bought […]

Bank of Botswana maintains rate as inflation rise seen transitory

Details Written by Central Bank News Published: February 26, 2021 10:12 PM Botswana’s central bank left its benchmark bank rate steady for the second time to maintain an accommodative monetary policy stance, saying it expects the economy to operate below full capacity in the short and medium-term and thus not create any inflationary pressures and […]

Reserve Bank of Zimbabwe hikes rate 500 bps, sees inflation below 10%

Zimbabwe became the third central bank in Southern Africa to tighten its monetary policy stance this year, saying the move takes into account the current liquidity conditions in the market and the need to control speculative borrowing as its maintains a conservative monetary targeting framework in 2021. The Reserve Bank of Zimbabwe (RBZ) raised its […]

Rwanda’s central bank keeps easy policy stance as inflation seen low

Rwanda’s central bank left its benchmark interest rate steady, saying it was maintaining an accommodative monetary policy stance as inflation is projected to evolve around the lower bound of its inflation target while there is a need to support the financing of the economic by banks. The National Bank of Rwanda (NBR) left its central […]

Moody’s downgrades Tunisia’s ratings to B3, maintains negative outlook

Details Written by Moody’s Published: February 23, 2021 9:26 PM Moody’s Investors Service (“Moody’s”) has today downgraded the Government of Tunisia’s long-term foreign-currency and local-currency issuer ratings to B3 from B2 and maintained the negative outlook.   Moody’s has also downgraded the Central Bank of Tunisia’s senior unsecured rating to B3 from B2 and the […]

Nigeria’s GDP contracts by 1.92% in 2020, as economy initiates recovery

Details Written by Samuel Oyekanmi | Nairametrics Published: February 18, 2021 8:56 PM Nigeria’s Gross Domestic Product (GDP) contracts by 1.92% in real terms in 2020 from N71.39 trillion recorded in 2019 to N70.01 trillion.   This is according to the Gross Domestic Product Report, released by the National Bureau of Statistics (NBS) on Thursday. […]

Central Bank of Zambia hikes rate, ready to tighten again if CPI rises

Zambia’s central bank raised its key interest rate for the first time since November 2019 to contain rising inflation and anchor inflation expectations, and said it was “ready to adjust the policy rate upwards further should inflationary pressures persist.” The Bank of Zambia (BOZ) raised its Monetary Policy Rate by 50 basis points to 8.50 […]

Central Bank of Egypt maintains interest rates

Moreover, annual core inflation decelerated to 3.8 percent in December 2020 from 4 percent in November 2020, according to the CBE.   “Accordingly, annual headline urban inflation registered an average of 5.2 percent during the fourth quarter of 2020, coming below the lower target band of 6 percent previously announced in 2018,” the CBE said. […]

Central Bank of Mauritius maintains rate, raises 2021 growth forecast

Details Written by Central Bank News Published: February 05, 2021 11:36 AM The central bank of the Indian Ocean island of Mauritius left its key interest rate steady, saying the economy started showing better resilience in the third quarter of last year and the bank’s staff had revised upward its forecast for growth this year […]