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Ethiopia’s New Currency Notes to Choke Illicit Financial Flows

Ethiopia’s New Currency Notes to Choke Illicit Financial Flows

Ethiopia’s government decision to change banknotes and issue higher denomination bill would have significant importance to curb the rampant illicit money transfer and circulation of false money whilst facilitating transactions, according to a finance expert. Prime Minister Abiy Ahmed announced yesterday that the existing 10,50 and 100 Birr notes are replaced with new notes that […]

Rand Pushes Past 14 to Dollar as Turkey Woes Weigh on Currency

Rand Pushes Past 14 to Dollar as Turkey Woes Weigh on Currency

South Africa’s rand weakened beyond 14 against the U.S. dollar for the first time since a credit downgrade in November as Turkey’s economic crisis sent investors fleeing from emerging-market assets. The rand extended its drop after U.S. President Donald Trump announced higher tariffs on Turkish steel and aluminum imports. The move came on the heels […]

Ivory Coast Is Selling Africa’s Biggest Euro-Currency Bond

Ivory Coast Is Selling Africa’s Biggest Euro-Currency Bond

Ivory Coast is selling 1.7 billion euros ($2.1 billion) of bonds Thursday in the biggest issuance of debt in the common currency from an African government, according to a person familiar with the matter. The West African nation is offering 850 euros of 12-year notes paying 5.25 percent and a similar amount of 30-year securities […]

Zambia’s Central Bank Cuts Lending Rate To 10.25 Percent

Zambia’s Central Bank Cuts Lending Rate To 10.25 Percent

Zambia’s central bank cut its benchmark lending rate by 75 basis points to 10.25 percent on Wednesday, citing declining consumer inflation, the high cost of credit and low growth. “Inflation has continued to decline over the last 10 months. We also noted that the cost of credit has been high and growth has been sluggish,” […]

Ghana’s Banks Need More Cash Than Its Markets Can Provide

Ghana’s Banks Need More Cash Than Its Markets Can Provide

Ghana’s banks face a daunting race to meet new capital rules by the end of next year. Lenders will need to raise 9 billion cedis ($2 billion), which the local equity and debt market is too small to supply, according to George Bodo, the head of banking research at Ecobank Capital Ltd. in Nairobi, Kenya. […]

South Africa’s Rand Gains On Risk Appetite, Stocks Set To Slip

South Africa’s Rand Gains On Risk Appetite, Stocks Set To Slip

South Africa’s rand gained in early trade on Monday on improved appetite for riskier assets while stock futures pointed to a slightly lower open on the main bourse. At 0650 GMT, the rand traded at 12.7600 per dollar, 0.43 percent stronger than its Friday close. Last week’s low of 12.79/$ offers support. Fitch and S&P […]

South Africa’s Currency Rating And Low Business Confidence Chief Among 2017 Risks

South Africa’s Currency Rating And Low Business Confidence Chief Among 2017 Risks

A downgrade of the South African rand’s credit rating and sagging business confidence are the biggest risks to growth this year, a Reuters poll found, and would make it difficult for the economy to escape a slow-expansion trap. Both Standard & Poor’s and Fitch Ratings Agency downgraded South Africa’s credit rating to below investment grade […]

Zuma May Face No-Confidence Motion, Parliament Speaker Says

Zuma May Face No-Confidence Motion, Parliament Speaker Says

South African parliamentary Speaker Baleka Mbete said she’s considering a request to recall lawmakers to debate an opposition-sponsored motion of no confidence in President Jacob Zuma, after he made sweeping cabinet changes that top ruling party officials said was done without their consultation. “Given the seriousness inherent in the motions of no confidence and their […]

Sterling Drops as May Signs Brexit Trigger for Process to Begin

Sterling Drops as May Signs Brexit Trigger for Process to Begin

  Sterling fell in early Asian trading as investors brace for the start of the two-year negotiation for the U.K. to leave the European Union. The pound fell as much as 0.6 percent to 1.2377 per dollar, and was the worst performer among the Group-of-10 which saw muted trading. Some funds left it late in […]

Nigeria Tests Waters For Possible Broad Naira Devaluation

Nigeria Tests Waters For Possible Broad Naira Devaluation

  Nigeria effectively devalued the naira for private individuals on Monday, paving the way for a possible broader move despite stiff resistance from President Muhammadu Buhari. With Buhari abroad for medical treatment and the country’s currency exchange system in chaos, the central bank said Nigerians wanting dollars for travel or to pay foreign school fees […]