Reuters Africa Business

IMF, World Bank see progress on debt relief as Zambia poised to sign deal

12 Oct 2023

By Andrea Shalal, Rachel Savage and Jorgelina do Rosario MARRAKECH, Morocco (Reuters) -The International Monetary Fund on Thursday hailed progress on a long-awaited memorandum on Zambia’s debt restructuring, and said consensus was growing on thorny issues such as the comparability of treatment of private and public creditors. IMF Managing Director Kristalina Georgieva told reporters the …

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Nigeria central bank to intervene in forex market, lifts forex ban on 43 items

12 Oct 2023

By Camillus Eboh ABUJA (Reuters) -Nigeria’s central bank said on Thursday it plans to intervene in the country’s foreign exchange market occasionally to boost liquidity, while ending an eight-year ban on 43 items that had been restricted from accessing forex on the official market. The ban, which covered items such as rice, cement and poultry, …

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ReconAfrica’s new CEO doubles down on Okavango exploration in 2024

12 Oct 2023

By Wendell Roelf CAPE TOWN (Reuters) – Canada’s Reconnaissance Energy Africa (ReconAfrica) will start a new drilling campaign early next year near the protected Okavango Delta in Namibia, its new CEO said on Thursday as he downplayed criticism of the project from environmental groups. ReconAfrica has faced strident criticism from Namibian environmentalists and communities, but …

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About 40% of South African consumers shop more at discount stores – NIQ

12 Oct 2023

JOHANNESBURG (Reuters) – About 40% of South African consumers are shopping more often at discount stores, while 48% think private-label products are a good alternative to name brands, data from market researchers NIQ showed on Thursday, as customers adjust to soaring prices. August food prices are up 8.2% over the last year, outpacing the broader …

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South African rand falls against stronger dollar amid mixed local data

12 Oct 2023

JOHANNESBURG (Reuters) – The South African rand slipped on Thursday against a stronger dollar after U.S. inflation rose more than expected, fuelling concerns that the Federal Reserve will keep interest rates high for a while. At 1526 GMT, the rand traded at 18.9500 against the dollar, about 0.6% weaker than its previous close, after making …

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Exclusive-Kenya plans $500 million Eurobond buyback with new loans – cenbank governor

12 Oct 2023

By Rachel Savage and Jorgelina do Rosario MARRAKECH, Morocco (Reuters) – Kenya is planning to buy back up to a quarter of its $2 billion 2024 international bond before year-end after it secures new loans, central bank governor Kamau Thugge told Reuters, a move aimed at alleviating concerns it can repay the looming debt. The …

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Bond yields ease as Middle East fighting goes on, stocks gain

11 Oct 2023

By Caroline Valetkevitch NEW YORK (Reuters) – Global stock indexes rose on Wednesday as minutes from the last U.S. Federal Reserve meeting showed policymakers on cautious footing last month, while benchmark 10-year Treasury notes fell to about a two-week low as fighting continued between Palestinian militants and Israel. Oil prices extended declines from Tuesday, when …

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Dollar steady on underlying moderate PPI data, dovish Fed officials

11 Oct 2023

By Herbert Lash and Iain Withers NEW YORK/LONDON (Reuters) -The dollar was steady on Wednesday after a core reading of U.S. producer prices showed underlying inflation moderated further in September, leading the market to reason the Federal Reserve is done hiking interest rates. The market later barely reacted to minutes of the Fed’s policy meeting …

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European investment bank to offer Morocco $1 billion euro loan

11 Oct 2023

MARRAKECH (Reuters) – The European Investment Bank said on Wednesday it will lend Morocco 1 billion euros ($1.06 billion) over the next three years to support the north African country’s reconstruction efforts after a September earthquake. The loan was announced by EIB Vice President Ricardo Mourinho Felix after a meeting with Morocco’s budget minister Fouzi …

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