Tag: central bank
According to a Moody's report, measures taken by Tanzania's Central Bank will support the market-funded banks in meeting their funding and liquidity needs amid the Covid-19 pandemic. However, these measures are not enough to prevent a decline in bank asset quality. Peter Mushangwe, Banking Analyst at Moody’s joins CNBC Africa for more.
South Sudan’s central bank has slashed its benchmark interest rate by 200 basis points to 13 per cent to help the economy cope with the effects of COVID-19. According to governor, the flow of credit to the private sector had started to decline during the outbreak and the policy easing was aimed at accelerating lending. Parek Maduot, Director of Economic Development & Regional Integration, at the International Conference on the Great Lakes Region joined CNBC Africa more.
South Africa’s economy will contract sharply this year as activity is hit by the coronavirus outbreak, despite expectations the central bank will cut interest rates again in May, a Reuters poll found on Monday.
South Africa’s banking index opened 4.3% lower on Tuesday, a day after the country’s central bank said it had advised lenders not to pay dividends or bonuses amid the coronavirus outbreak.
In Rwanda, the Governor of Central Bank, John Rwangombwa last year noted that over the last nine years “the value of e-payments to GDP increased from 0.3 in 2011 to 34.6 in 2019 and that the target is to reach 80 per cent by 2024.” Hexakomb, a local tech start-up is trying to make an attempt at increasing the section of the general public using cashless solutions to pay for basic services through digital means. Ernest Kayinamura, Founder and CEO of Hexakomb joins CNBC Africa for more.
Zimbabwe's central bank left its benchmark interest rate at 35% on Monday, citing moderating inflation, as it looks to print more local currency and limit the use of foreign currencies.
The top headline coming out of Kenya this morning is just concluded funeral of former President Daniel Moi and the burial happening in Kabarak this morning but that's not the only news coming out of the country. The Kenya Deposit Insurance Corporation (KDIC) has split from the Central Bank and is due to become parastatal, the stock market has seen an aggressive increase in activity over the past week and the Government is looking to avail opportunities for diaspora remittances to be invested directly into the Big 4 Agenda. Journalist, Joseph Bonyo joins CNBC Africa for more.
Nigeria’s Monetary Policy Committee (MPC) says raising the Cash Reserves Requirement (CRR) of banks to 27.5 per cent will help address monetary-induced inflation while retaining the benefits from the Central Bank's Loan-to-Deposit Ratio policy. Wale Olusi, Sub-Saharan Macro and Consumer Analyst at United Capital joins CNBC Africa to discuss the impact of this move on Nigeria’s banking sector.