African Reserves

Africa could help fill EU gas supply gap

Brent crude briefly fell below $100 a barrel on Monday, a week after hitting a 14-year high of $130 on March 6, easing fears of an energy-fueled recession and chronically high oil prices. gasoline. This is the first major correction in energy markets after a period of heightened volatility. Last week, Moscow followed through on […]

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United Capital records 44% increase in profits to N11.26 billion in 2021

Stanbic IBTC Holdings PLC, part of the Standard Bank Group, recently hosted a webinar titled “2022 ‘Virtual Economic Outlook – Investing and Planning in an Election Cycle’. The event which aimed to reflect on the economic trends that shaped 2021 and project into 2022, was held on Monday, February 14, 2022. According to the financial […]

African Reserves

For Bangladesh to realize its potential as a nation, it must look beyond its borders

In The anarchy by William Dalrymple, we discover the official trading company created by Tipu Sultan to trade with the ports of the Arabian Sea and the Persian Gulf. The wealth of this company enriched the sultanate of Mysore and enabled Tipu Sultan to provide his army with the latest French artillery. The company built […]

African Reserves

Nigerian growth stops in 2021

Nigeria’s growth all but stalled in the last quarter of 2021, dashing hopes that Africa‘s most populous country will recover quickly from Covid-19. Capital Economics, a London-based economic research firm, has built a model that suggests growth slowed significantly in the fourth quarter after falling from 5% in Q2 to 4% in Q3. The company […]

African Reserves

Government did the right thing by defying Fitch and Moody’s downgrade – Economist

Economist and political risk analyst Dr Theo Acheampong said the government’s decision to challenge the downgrades of Fitch and Moody’s is a step in the right direction. This is because, according to him, there is “a kind of African or African bias in the way the ratings are done”. Speaking on Monday, February 7, 2022, […]

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Why Nigeria might pay more on future Eurobond offerings – Akpata

Mr. Egie Akpata is Chairman of Skymark Partners Limited, a Lagos-based company. He worked at BMO Financial Group in Toronto; Deutsche Bank AG in New York; United Capital PLC and UCML Capital, of which he is a director. Akpata has completed transactions in the debt and equity markets, as well as mergers and acquisitions worth […]

African Reserves Loans

‘This country is finished’: South Africans question new R11.5 billion loan to South Africa from World Bank

South Africa will receive an 11.5 billion rand loan from a global financial institution, the World Bank The World Bank and the South African National Treasury say the loan would be used to help low-income families cope with the impacts of the Covid19 pandemic South Africans question why South Africa needs another loan and fear […]

African Reserves Loans

Foreign investors worried about deadlock in parliament – ​​MoF

The Ministry of Finance (MoF) has revealed that foreign investors and market participants are nervous following the deadlock in Parliament over the passage of the Electronic Direct Debit Bill. According to the department, the market now seems to be integrating into our obligations the perceived risks of having a weak majority in Parliament and the […]

African Reserves

Nigeria: As CBN Simplifies Forex Access Process

The introduction of an electronic foreign exchange request should simplify the process of accessing the greenback. The recently introduced electronic exchange (forex) application has been described as a major tool to facilitate access to forex for travelers, SME operators, those who pay tuition fees, health bills and others. who need the greenback for genuine transactions. […]

African Reserves Loans

Sri Lanka closes three foreign missions as economic crisis deepens

Sri Lanka has temporarily closed three diplomatic missions abroad from December 31 in an attempt to save foreign exchange reserves and cut spending, as the country faces crippling debt. The Sri Lankan High Commission in Abuja, Nigeria, the Sri Lankan Consulate General in Frankfurt, Germany, and the Sri Lankan Consulate General in Nicosia, Cyprus, will […]

African Reserves

A military nod to marriages with “foreigners” and other associated Sri Lankan nonsense | Print edition

Views) : On the same day that the powerful voice of South African anti-apartheid lawyer and priest Desmond Tutu fell silent (December 26, 2021), Sri Lanka announced an absurd rule potentially requiring citizens who marry “foreigners” »Obtain a security clearance from the Ministry of Defense. Parameters that defined the apartheid state There is a terrible […]

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Bangladesh’s aid to Sri Lanka enhances the image and prestige of Bangladesh

Added the 30 december 2021 Other view By: Hafizur Talukdar A few years ago, debt-ridden Bangladesh is now a country of unprecedented success in debt relief. The world today looks at Bangladesh in amazement. Bangladesh only borrowed from other countries or organizations. Now that history has changed and has started lending. Bangladesh has provided loans […]

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Why the Tanzanian shilling held up against the US dollar in 2021

By Rosemary Mirondo Dar es Salaam. The Tanzanian shilling ended the year with a strong performance against the US dollar, thanks to a steady flow of greenbacks from the recovery in tourism, exports and funds from development partners. The local currency started the year with an average exchange rate of Sh 2,298.46 per dollar and […]

African Reserves Loans

Nairobi abandons plan to renationalise Kenya Airways

The Kenyan government has abandoned its plan to renationalize Kenya Airways (KQ, Nairobi Jomo Kenyatta) but will instead protect its financial interests in a $ 1 billion restructuring of the national carrier which will include a debt assumption of $ 827 million and an injection of funds of $ 473 million. , revealed the International […]

African Reserves Loans

Bangladesh’s assistance to Sri Lanka strengthens its image and prestige

Bangladesh, riddled with debt a few years ago, is today a country of unprecedented success in debt relief. The world today looks at Bangladesh in amazement. Bangladesh only borrowed from other countries or organizations. Now that history has changed and has started lending. Bangladesh has provided loans to Sri Lanka and Sudan. Bangladesh first loaned […]

African Reserves Loans

Oil shocks test the courage of Nigerian banks

When the coronavirus pandemic caused global oil prices to plummet and the Nigerian currency, the naira, to fall last year, many feared the worst for the country’s biggest banks. Nigeria is Africa’s largest oil producer. It depends on crude for almost all of its foreign exchange earnings and about half of its government revenue. As […]

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IMF Executive Board Concludes Annual Discussions on CEMAC Common Policies and Common Policies in Support of Member Countries’ Reform Programs

Download logo The IMF Executive Board concludes annual discussions on CEMAC common policies and common policies in support of member countries’ reform programs. The pandemic crisis which lasted nearly two years left CEMAC in a fragile external position. A stricter political stance, high oil prices and renewed commitments by heads of state to accelerate structural, […]

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Omicron: the sequel may be more virulent than the infection

Omicron: the sequel may be more virulent than the infection Global economic recovery after the Covid crisis threatened By Anjan Roy The waves of new variations of the old cursed pandemic are bad news for the health of the planet. Moreover, the economic disruption they have created is a double whammy. The only good thing […]

African Reserves

China promises one billion doses of COVID-19 vaccine to Africa

China has pledged to donate a billion coronavirus vaccines, advance billions of dollars for African trade and infrastructure, and cancel interest-free loans to African countries to help the continent recover from the coronavirus pandemic. Speaking via a video link from Beijing at the Forum on China-Africa Cooperation (FOCAC), Chinese President Xi Jinping said China will […]

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Foreign exchange reserves fall by 21.8 billion shillings on foreign debt payments

Capital markets Foreign exchange reserves fall by 21.8 billion shillings on foreign debt payments Wednesday, November 24, 2021 Central Bank of Kenya. PHOTO FILE | NMG By ELIZABETH KIVUVAMore from this author Summary The latest data from the Central Bank of Kenya (CBK) shows that reserves stood at 996.3 billion shillings ($ 8.873 billion) last […]

African Reserves Loans

Malawi: DPP’s appetite for loans has left Malawi’s economy in dire straits “- State House

According to State House, Malawi is currently swimming in financial shreds due, among other things, to the merciless economic plunder of the former ruling Progressive Democratic Party (DPP) and the main Chakwera administration which is making strides in handing it over. economy on track. Speaking at a bimonthly presidential press briefing in Lilongwe on Monday, […]

African Reserves

The DPP’s appetite for loans has left Malawi’s economy in dire straits ”- State House | Malawi Nyassa Times

According to State House, Malawi is currently swimming in financial shreds due, among other things, to the merciless economic plunder of the former ruling Progressive Democratic Party (DPP) and the main Chakwera administration which is making strides in handing it over. economy on track. Speaking at a bi-weekly presidential press briefing in Lilongwe on Monday, […]

African Reserves Loans

Address the collection premium for sustainable development in Africa

The pandemic slowdown has exacerbated one of the most serious challenges Africa faces on its development path – the high costs of collection premiums – the overvalued risks eternally attributed to Africa, regardless of the improvement in its macroeconomic fundamentals, the global economic environment and the growth prospects of each country. . The global nature […]

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Tunisia: Kais Saied castigates rating agencies

Tunisian President Kais Saied on Thursday accused international rating agencies of using “biased criteria” in assessing the country’s ability to attract investment. This happened during a meeting with Financial Markets Council (CMF) Chairman Salah Sayel, a day after the country’s central bank (BCT) sounded the alarm over declining foreign exchange reserves. , the deterioration of […]

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Economy 2021

The writer heads the Sustainable Development Policy Institute. The Pakistani economy faces a triple challenge: Internationally, it faces soaring prices of essential commodities such as oil, gas, wheat and sugar and unusually high shipping costs. raised on its foreign trade; at the regional level, it is grappling with the economic and financial fallout from an […]

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The Treasury is not transparent with the IMF’s special drawing rights

By guest writer On August 23, the International Monetary Fund (IMF) injected liquidity into all of its member countries worth $ 650 billion in Special Drawing Rights (SDRs). Uganda received the equivalent of Shs 1,200 billion from this injection. This money was allocated according to the participation of member countries in the IMF. Uganda’s participation […]

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Sri Lanka awaits stimulus package amid currency crisis – Opinion

Sri Lanka’s economy is reeling from a foreign currency crisis during pandemic economic turmoil. A long-standing dependence on imports has finally caught up to drain foreign exchange reserves, already strained by large debt repayments in the absence of US $ 5 billion in tourism and influx of sovereign bonds. Despite the apocalyptic predictions of some […]

African Reserves

Ecobank MD applauds Eurobond issuance by FG ​​-

The federal government’s plan to issue Eurobonds on the International Capital Market (ICM) has been described as a step in the right direction. Ecobank Nigeria Managing Director Patrick Akinwuntan praised it, pointing out that the fundamentals and potential of the country’s economy are strong with the ability to meet its debt obligations. Akinwuntan, who assessed […]

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Overview of the African economy as @ 170921

Friday, September 17, 2021 / 3:00 p.m. / United Capital Research / Header image credit: EFT Trends Anglophone West Africa Nigeria According to the National Bureau of Statistics (NBS), headline inflation in Nigeria reached 17.01% year-on-year in August-2021, below inflation estimates for July-2021 (17.38%), this which implies that the rate of price change has continued […]

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DIDBS – Audited annual financial statements for the year ended March 31, 2021 – SENS

DIDBS – Audited Annual Financial Statements for the Year Ended 31 March 2021 Development Bank of Southern Africa Limited(reconstituted and incorporated in terms of section 2 of the Development Bank of Southern Africa Act, 1997)Registration number: 1600157FNJSE company code: DIDBSLEI code: 25490071AZ4HOFUNIH94(“DBSA” or the “Bank”) AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH […]

African Reserves

Africa’s largest oil producer passes a law to revolutionize its oil industry: what is it?

The Nigerian House of Representatives on Friday ratified the final draft of the so-called Petroleum Industry Law (GDP), approved the day before by the country’s Senate. Currently, Nigeria’s oil industry – Africa‘s largest, responsible for extracting 1.7 million barrels of crude oil per day – is regulated by the state-owned Nigerian National Petroleum Corporation (NNCP), […]

African Reserves

Virus variants threaten global recovery, G20 warns

Variants, vaccine shortages increase risks-G20 Global tax deal on track for October signing But obstacles from the US and EU could complicate matters Call for financial stability VENICE, Italy, July 10 (Reuters) – An upsurge in new coronavirus variants and limited access to vaccines in developing countries threaten the global economic recovery, finance ministers from […]

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Fitch downgrades Tunisia to “B-”; Negative outlook

Fitch Ratings on Thursday downgraded Tunisia’s long-term default rating of foreign currency issuers (IDRs) to “B-” instead of “B”. The Outlook is Negative. The downgrade to “B-” and the negative outlook reflect increased fiscal and external liquidity risks in the context of further delays in agreeing to a new program with the IMF, which is […]

African Reserves

EMERGING MARKETS – Stocks and currencies fall as Fed minutes and virus issues fuel caution

Band Ambar Warrick July 7 (Reuters) – Most emerging market currencies fell on Wednesday, as stocks were expected to experience their worst losing streak in 10 months, with investors fearing more hawkish signals from the minutes of the recent US Federal Reserve meeting. MSCI Emerging Market Currency Index .MIEM00000CUS fell 0.3% to a two-month low, […]

African Reserves Loans

CDMT 2022-2024: As FG seeks a “new” loan of 15 trillion naira | The Guardian Nigeria News

The government regularly talks about tax reforms that would allow it to increase infrastructure spending and channel more resources into non-oil sector growth, but translating intention into action seems overkill as the medium-term spending framework and the 2022-2024 Paper budget strategy (MTEF / FSP nevertheless reflects old habits. In March, the country’s documented debt stock […]

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Information Note on the Official Gold and Foreign Exchange Reserves of the Reserve Bank of South Africa as of May 31, 2021

PO Box 427 Pretoria 0001 South Africa 370 Helen Joseph Street Pretoria 0002 +27 12 313 3911/0861 12 7272 www.resbank.co.za Financial Markets Department Ref. n °: 16/6/2/7/1 Information Note on the Official Gold and Foreign Exchange Reserves of the Reserve Bank of South Africa as of May 31, 2021 This notice provides details of the […]

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Should Switzerland cooperate with China on development aid?

The Addis Ababa Urban Railway in Ethiopia was built by the China Railway Engineering Corporation and financed with loans from the Chinese state bank China Exim-Bank. Keystone / Daniel Getachew China has contacted Switzerland to cooperate on development aid projects. Switzerland has so far been open to such collaborations. NGOs warn of China’s political motivations […]

African Reserves

Zambia receives requests for grain from neighbors after bumper harvest

LUSAKA from Zambia Zambia has started receiving requests for cereals and cornmeal from its neighbors in the Great Lakes region after reporting a historic bumper harvest this month. Burundi and the Democratic Republic of Congo (DRC) are among the main grain-seeking countries, the Zambia Grain Traders Association revealed on Sunday. An official from the capital […]

African Reserves

A world apart: How rich countries can strengthen the COVID safety net

A woman receives the AstraZeneca / Oxford vaccine as part of the COVAX coronavirus disease (COVID-19) program at Eka Kotebe General Hospital in Addis Ababa, Ethiopia on March 13, 2021. Photo via Tiksa Negeri / REUTERS . By allowing the International Monetary Fund (IMF) to provide substantial amounts of foreign exchange reserves to its 190 […]

African Reserves Loans

The US can help the IMF rethink its lending

US Treasury Secretary Janet Yellen (left) and IMF Managing Director Kristalina Georgieva must work to align their approaches to financing science.Credit: Action Press / Shutterstock, Chesnot / Getty Last week, the world’s economic and financial communities closed their annual meetings – held online this year – on a welcome note. The International Monetary Fund (IMF) […]