Author: aboulayScanAfrik

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Nigeria’s inflation hits 16.47% as food prices soar to record highSamuel Oyekanmi | Nairametricson 16 February 2021 at 13:01 on 16 February 2021 at 13:01 on 16 February 2021 at 13:01 AFRICAN MARKETS: Business News

Nigeria’s consumer price index, (CPI) which measures inflation increased by 16.47% (year-on-year) in January 2021. This is 0.71% points higher than the rate recorded in December 2020 (15.75%). Nigeria’s consumer price index, (CPI) which measures inflation increased by 16.47% (year-on-year) in January 2021. This is 0.71% points higher than the rate recorded in December 2020 ….  Read More

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Tanzania banking sector remains resilient amid Covid-19Dailynews TZon 16 February 2021 at 21:45 on 16 February 2021 at 21:45 on 16 February 2021 at 21:45 AFRICAN MARKETS: Business News

AS coronavirus is still ravaging the world economy, Tanzania financial sector has remained sound and resilient thanks to friendly environment put by the government. Most banks posted impressive results last year which according to analysts it is attributed to the resilience and attraction of the country’s economy. AS coronavirus is still ravaging the world economy, ….  Read More

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Nigeria’s GDP contracts by 1.92% in 2020, as economy initiates recoverySamuel Oyekanmi | Nairametricson 18 February 2021 at 20:56 on 18 February 2021 at 20:56 on 18 February 2021 at 20:56 AFRICAN MARKETS: Business News

Nigeria’s Gross Domestic Product (GDP) contracts by 1.92% in real terms in 2020 from N71.39 trillion recorded in 2019 to N70.01 trillion. Nigeria’s Gross Domestic Product (GDP) contracts by 1.92% in real terms in 2020 from N71.39 trillion recorded in 2019 to N70.01 trillion.Read More 0 Shares

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Central Bank of Zambia hikes rate, ready to tighten again if CPI risesCentral Bank Newson 18 February 2021 at 21:09 on 18 February 2021 at 21:09 on 18 February 2021 at 21:09 AFRICAN MARKETS: Business News

Zambia’s central bank raised its key interest rate for the first time since November 2019 to contain rising inflation and anchor inflation expectations, and said it was “ready to adjust the policy rate upwards further should inflationary pressures persist.” Zambia’s central bank raised its key interest rate for the first time since November 2019 to ….  Read More

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Reserve Bank of Zimbabwe hikes rate 500 bps, sees inflation below 10%Central Bank Newson 22 February 2021 at 21:17 on 22 February 2021 at 21:17 on 22 February 2021 at 21:17 AFRICAN MARKETS: Business News

Zimbabwe became the third central bank in Southern Africa to tighten its monetary policy stance this year, saying the move takes into account the current liquidity conditions in the market and the need to control speculative borrowing as its maintains a conservative monetary targeting framework in 2021. Zimbabwe became the third central bank in Southern ….  Read More

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Rwanda’s central bank keeps easy policy stance as inflation seen lowCentral Bank Newson 23 February 2021 at 21:21 on 23 February 2021 at 21:21 on 23 February 2021 at 21:21 AFRICAN MARKETS: Business News

Rwanda’s central bank left its benchmark interest rate steady, saying it was maintaining an accommodative monetary policy stance as inflation is projected to evolve around the lower bound of its inflation target while there is a need to support the financing of the economic by banks. Rwanda’s central bank left its benchmark interest rate steady, ….  Read More

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Moody’s downgrades Tunisia’s ratings to B3, maintains negative outlookMoody’son 23 February 2021 at 21:26 on 23 February 2021 at 21:26 on 23 February 2021 at 21:26 AFRICAN MARKETS: Business News

Moody’s Investors Service (“Moody’s”) has today downgraded the Government of Tunisia’s long-term foreign-currency and local-currency issuer ratings to B3 from B2 and maintained the negative outlook. Moody’s Investors Service (“Moody’s”) has today downgraded the Government of Tunisia’s long-term foreign-currency and local-currency issuer ratings to B3 from B2 and maintained the negative outlook.Read More 0 Shares

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Kenya: Banks cut deposit rates to eight-year lowTimothy Odinga | Business Daily Africaon 24 February 2021 at 21:50 on 24 February 2021 at 21:50 on 24 February 2021 at 21:50 AFRICAN MARKETS: Business News

Interest on fixed deposits dropped to an eight-year low on bankers’ reduced appetite for savings following a slowdown in demand for loans. Interest on fixed deposits dropped to an eight-year low on bankers’ reduced appetite for savings following a slowdown in demand for loans.Read More 0 Shares

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French group EDF buys stake in Kenyan energy companiesBrian Ngugi | Business Daily Africaon 26 February 2021 at 21:43 on 26 February 2021 at 21:43 on 26 February 2021 at 21:43 AFRICAN MARKETS: Business News

French energy giant EDF has struck deals to buy stakes in off-grid focused energy firms Econet Energy Kenya and Bboxx Kenya, becoming the latest global firm to target local fast-growing off-grid energy market. French energy giant EDF has struck deals to buy stakes in off-grid focused energy firms Econet Energy Kenya and Bboxx Kenya, becoming ….  Read More