Reuters Africa Business

Egyptian pound drops nearly 14% after Ukraine war prompts dollar flight

21 Mar 2022

By Patrick Werr and Nadine Awadalla CAIRO (Reuters) -Egypt’s pound depreciated by almost 14% on Monday after weeks of pressure on the currency as foreign investors pulled out billions of dollars from Egyptian treasury markets following Russia’s invasion of Ukraine. The pound dropped to 18.17-18.27 against the dollar, Refinitiv data showed, after having traded at …

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Egypt state banks setting up $85 million fintech innovation fund

20 Mar 2022

CAIRO (Reuters) – Egypt’s three biggest state-owned banks are setting up an $85 million financial technology fund that aims to accelerate innovation in the sector, venture capital firm Global Ventures, a partner in the fund, said on Sunday. Legislative and regulatory changes in Egypt over the last two years have paved the way for a …

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Tunisia’s trade deficit widens to $885 million in first two months this year

19 Mar 2022

TUNIS (Reuters) – Tunisia’s balance of trade deficit widened to 2.61 billion dinars ($885 million) in the first two months this year from a deficit of 1.89 billion dinars in the same period of 2021, the state Institute of Statistics said on Saturday. The deficit has been one of the main problems facing Tunisia as …

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Uganda coffee exports plunge 20% in February as drought cuts yields

19 Mar 2022

KAMPALA (Reuters) – Uganda’s coffee exports in February plunged 20% compared to shipments from the same period a year ago, the state-run sector regulator said on Saturday, attributing the decline to drought that cut yields in some parts of the country. The east African country exported 448,957 60-kilogram bags in February, 20% lower than volumes …

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South Africa’s rand weakens as investors assess Fed rate hike

18 Mar 2022

JOHANNESBURG (Reuters) -South Africa’s rand weakened on Friday, as investors assessed the impact of the start of the U.S. Federal Reserve’s rate tightening cycle this week and as commodity prices such as gold fell. At 1456 GMT, the rand traded at 14.9773 against the dollar, 0.39% weaker than its previous close. The Federal Reserve on …

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Kenyan lender I&M eyes expansion into Ethiopia, Zambia and DRC

18 Mar 2022

By Duncan Miriri NAIROBI (Reuters) – Kenya’s I&M Holdings, operator of the country’s sixth-largest bank by assets, is looking for acquisitions in Ethiopia, Zambia and Democratic Republic of Congo, a senior executive told Reuters. Lenders in East Africa’s biggest economy are scrambling to cover new markets, in order to help clients trade across the region …

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U.S. imposes sanctions over illicit exports of gold from Congo

18 Mar 2022

WASHINGTON (Reuters) -The United States on Thursday imposed sanctions on Belgian businessman Alain Goetz and a network of companies tied to him that it accused of being involved in the illicit movement of gold from Democratic Republic of Congo. The U.S. Treasury Department, in a statement, said among the targets was the African Gold Refinery …

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