insert_link Business / Economics Bank of Namibia holds repo rate at 7.75% The Monetary Policy Committee of the Bank of Namibia has decided to keep the repo rate unchanged at 7.75 percent, with the prime lending rate holding steady at 11.50 percent. This is the second monetary policy announcement by BoN this year. Governor of the Bank Johannes !Gawaxab. Governor !Gawaxab highlighted that risks to the domestic economic outlook have remained broadly unchanged since the previous MPC meeting, although the conflict in […] today17 April, 2024
insert_link Africa Kenya’s shilling is gaining value, but don’t expect it to last – expert By Odongo Kodongo, University of the Witwatersrand Shortly after Kenya’s 2022 elections, the shilling depreciated rapidly against the US dollar – the country’s main currency for international transactions – fuelling a wave of political discontent. More than a year later, the Central Bank of Kenya, taking its cue from the International Monetary Fund, said that the run on the shilling was a market correction for a […] today17 April, 2024
insert_link Africa Zimbabwe’s emerging consumer market tops segment – report By Conrad Onyango, bird story agency Zimbabwe is pushing past sky-high inflation, global sanctions and illicit trade to find itself the unlikely winner in a consumer index that measures Africa’s emerging consumer market. Efforts by the government to offer "essential consumer spending solutions through credit and digital advancements" - including the recent launch of Zim-gold, a new “structured currency” backed by gold - are helping to lower […] today15 April, 2024
insert_link Local Governor! Gawaxab champions economic resilience and financial innovation at 2024 Cirrus investor conference The Bank of Namibia, participated in the 5th edition of the Cirrus Investor Conference. Taking place in Swakopmund between 9-10 April 2024, the conference drew development finance institutions, institutional asset managers, listed companies, state-owned enterprises, and Government Ministries, offices and agencies together to connect Namibian securities issuers and potential issuers, with investors from around the world. Speaking at the event, the Governor of the Bank, Mr. Johannes !Gawaxab provided […] today10 April, 2024
insert_link Africa Twin rate cuts set Mozambique apart as African currency rally By Seth Onyango, bird story agency Mozambique’s central bank has decisively cut its benchmark lending rate to 15.75% from 16.5%, setting a precedent as the first African country to slash rates twice in 2024. The move highlights Maputo’s aggressive push for economic growth amid a wider trend of cooling inflation and currency stability against the US dollar across Africa. Rate cuts in the southeastern African nation, prompted […] today8 April, 2024
insert_link Africa Cost of living relief on the cards as Kenya, Nigeria currencies gain ground By Conrad Onyango, bird story agency Squeezed by painfully high prices for over a year, households in Kenya and Nigeria are beginning to get some relief as their national currencies strengthen against the US dollar and the cost of living starts to come down. In 2023, the shilling and naira were ranked among the worst-performing currencies in the world, according to data from Bloomberg and World Currency […] today2 April, 2024
insert_link Business / Economics Morning Biznews update – 22 March 2024 With South Africa’s annual consumer price inflation increasing to 5.6% in February, exceeding economists' expectations, and rising closer to the top of the central bank's 3% to 6% target range, all hopes of an interest rate cut before the Monetary Policy Committee meeting in July have fallen. A number of economists are in fact now looking at September as the first opportunity for any easing of the country’s 8.25% repurchase rate. […] today22 March, 2024
insert_link Africa Nigeria’s fuel subsidy removal was too sudden: why a gradual approach would have been better By Stephen Onyeiwu, Allegheny College Nigeria removed fuel subsidies entirely in May 2023. This came as a surprise because of the political risks associated with subsidy removal. Previous administrations were reluctant to jettison the subsidies. The subsidies had been in place since the 1970s, when the government sold petrol to Nigerians at a price below cost – though most consumers weren’t aware of this. The 1977 […] today20 March, 2024
insert_link World With nominations decided, Trump leads Biden in US polls; UK Labour far ahead as election approaches By Adrian Beaumont, The University of Melbourne Joe Biden and Donald Trump have both secured their parties’ nominations for the November 5 United States general election by winning a majority of all delegates to their parties’ conventions, including delegates not yet allocated. Both Biden and Trump won their nominations easily, with Biden taking 86.4% of the national Democratic primary vote in contests so far, far ahead of […] today19 March, 2024
