JOHANNESBURG (Reuters) -South Africa’s rand firmed against the dollar on Thursday after the central bank raised its main interest rate by a higher than forecast 50 basis points to 7.75%. At 1521 GMT, the rand, which flirted with an almost 2 percentage point jump right after the surprise decision, was trading at 17.8600 against the …
South African rand firms after central bank rate surprise Read More »
By Bhargav Acharya, Kopano Gumbi and Anait Miridzhanian PRETORIA(Reuters) -South Africa’s central bank surprised markets by raising its main lending rate by a higher than expected 50 basis points to 7.75% on Thursday in a bid to tame inflation. The rate increase was twice the 25 basis point increase expected by the majority of economists …
South Africa surprises with bigger rate hike than forecast Read More »
By Tannur Anders and Promit Mukherjee JOHANNESBURG (Reuters) – Three major jolts in as many years coupled with the once unthinkable possibility of a power grid collapse have spooked reinsurers in South Africa, spelling an end to cheap coverage in the continent’s most developed insurance market. Insurance premiums are climbing worldwide on the back of …
South African catastrophes, power woes signal end of cheap insurance Read More »
ABUJA (Reuters) – Nigeria’s total public debt rose to 46.25 trillion naira ($103.1 billion) in 2022, from 39.56 trillion naira a year earlier, as the government ramped up borrowing to fund its budget deficit, the Debt Management Office (DMO) said on Thursday. Nigeria’s debt-to-GDP ratio stood at 23.2% in 2022, compared with 22.47%, within the …
Nigeria’s total debt rose to $103 billion in 2022 – DMO Read More »
NAIROBI (Reuters) – Kenya is seeking applications from candidates to be the next central bank governor and for one deputy governor’s post, its public service office said on Thursday. The tenures of Governor Patrick Njoroge and one of his deputies, Sheila M’mbijiwe, end in June. President William Ruto appointed a second deputy governor, Susan Koech, …
Kenya seeks applicants for central bank governor, deputy Read More »
(Reuters) -Kenya Central Bank Governor Patrick Njoroge on Thursday said he expected the country’s economy to grow by 5.8% in 2023, trimming the forecast from an earlier figure of 6.1% because of a downward revision of the prospects for the agricultural sector. On Wednesday, the central bank raised its benchmark lending rate to 9.50% from …
Kenya central bank governor trims 2023 GDP growth forecast Read More »
By Herbert Lash and Amanda Cooper NEW YORK/LONDON (Reuters) -Global stock exchanges surged on Wednesday as markets took heart from greater stability in the banking sector, but most Treasury yields edged higher as uncertainty lingered and bond investors gauged the impact of rising interest rates on economic growth. The sale of assets in Silicon Valley …
By Saqib Iqbal Ahmed NEW YORK (Reuters) -The dollar rose against most major peers on Wednesday, reversing some of its recent declines, and gained sharply against the yen, which was volatile as the end of the Japanese fiscal year approaches. The dollar index, which measures the currency against six rivals, was 0.18% higher on the …
Dollar rebounds as banking fears fade; yen falls on quarter-end flows Read More »
N’DJAMENA (Reuters) – Chad’s parliament on Wednesday approved a bill to nationalise oil assets and rights acquired last year by Savannah Energy from ExxonMobil’s affiliate, Esso Exploration and Production Chad. In December, ExxonMobil closed the sale of its operations in Chad and Cameroon to Africa-focussed oil and gas producer Savannah Energy in a $407 million …
Chad approves bill to nationalise assets ExxonMobil sold to Savannah Energy Read More »
JOHANNESBURG (Reuters) -South Africa’s rand and stocks rose on Wednesday, as regulations to mitigate the U.S. banking crisis boosted global confidence. Regulators allayed some fears over a global banking system failure sparked by the collapse of U.S. Silicon Valley Bank earlier this month, which restored some risk appetite to markets. At 1527 GMT, the rand …
South African rand, stocks up as global banking fears fade Read More »
