Reuters Africa Business

By Patrick Werr CAIRO (Reuters) – The new governor of Egypt’s central bank, Hassan Abdalla, has alerted Egyptian banks it may soon allow them to begin trading in non-deliverable forwards (NDFs) and derivatives for local currency transactions, three bankers said. The measures, part of a new foreign exchange convention under review by banks, is designed …

Exclusive-Egypt’s central bank tells banks they may soon offer NDFs Read More »

TUNIS (Reuters) -Tunisia’s annual inflation rate jumped to a record 9.1% in September from 8.6% in August, the National Statistics Institute said on Wednesday, amid expectations that the central bank will raise its key interest rate again. The central bank raised the key interest rate by 75 basis points to 7% in May, from 6.25%, …

Tunisia’s annual inflation rate rises to record 9.1% in Sept Read More »

NAIROBI (Reuters) – The International Monetary Fund said on Wednesday the Seychelles’ economy would grow 10.6% in 2022, on the back of a rebound in the tourism sector, while inflation would fall to an average of 3.0%, compared with 9.8% the previous year. (Reporting by Hereward Holland; Editing by Alex Richardson)

NAIROBI (Reuters) – Kenyan private sector activity expanded in September for the first time since March, a survey showed on Wednesday, as business got back on track after a peaceful presidential election the previous month. The S&P Global Kenya Purchasing Managers’ Index (PMI) jumped to 51.7 during the month, from 44.2 in August, entering above …

Kenya private sector activity rebounds in September on post-election relief Read More »

(Reuters) – South African private sector activity contracted in September as increased power cuts led to steep falls in output and new orders, a survey showed on Wednesday. S&P Global’s South Africa purchasing managers’ index (PMI) fell to 49.2 in September from 51.7 in August. Readings below 50 indicate a contraction in activity. Rates of …

S.African business activity contracts in Sept -PMI Read More »

(Reuters) – South African retailer Massmart Holdings said on Wednesday that it had begun staff consultations about closing its Game stores in East and West Africa, after efforts to find domestic buyers for the stores failed. Massmart Chief Executive Officer Mitch Slape said last year that it was in discussions to sell all its Game …

S.Africa’s Massmart in talks to close Game stores in East, West Africa Read More »

JOHANNESBURG (Reuters) – The South African Reserve Bank (SARB) said on Tuesday it estimates that scheduled power cuts implemented by utility Eskom will shave about 1.0 percentage points from 2022 economic growth. Electricity outages in Africa’s most industrialised nation have reached record levels this year as Eskom, saddled with unreliable coal-fired power stations, has struggled …

South Africa central bank says power cuts to weigh on 2022 growth Read More »