Nigeria’s central bank has announced a significant policy change aimed at safeguarding the stability of its banking sector. In a circular issued on Monday, the bank declared that commercial lenders are no longer permitted to accept foreign currency-denominated collateral for naira loans. This directive comes in response to observed risks associated with the practice, which […]
In a notable development, interest rates on all three Treasury bills have experienced a decline, marking the first such occurrence in over two years. During the most recent Treasury bill auction, the weighted average interest rates of accepted bids saw a slight downturn. Specifically, rates for the 91-day, 182-day, and 364-day papers fell to 16.7243 […]
India’s economic strength shines anew as its foreign exchange reserves hit an unprecedented milestone. Data disclosed by the Reserve Bank of India (RBI) reveals a continual ascent, with reserves reaching a historic high of $645.58 billion as of March 29, marking the sixth straight week of expansion. The recent $2.95 billion increment adds to the […]
Zimbabwe has launched a new gold-backed currency, ZiG, in an effort to stabilize its volatile economy. The move aims to address the ongoing economic challenges that have plagued the nation for over two decades. Central bank governor John Mushayavanhu unveiled ZiG, emphasizing its structured design and market-determined exchange rate. The decision comes as a response […]
The Central Bank of Kenya (CBK) successfully raised Sh45.8 billion from the recent reopening of five and 10-year bonds, surpassing the target of Sh25 billion. Investor interest was robust, with total bids reaching Sh47.7 billion in the auction that concluded on Thursday. The five-year paper attracted bids of Sh35.5 billion, while the 10-year bond secured […]
Oman’s debt capital market experienced a 7% year-on-year decrease, reaching $44 billion in 2023, according to Fitch Ratings. This contraction was primarily due to the government’s proactive debt repayment strategy, utilizing surplus funds generated by elevated oil prices. Despite the overall downturn, there was a notable shift in market dynamics. The proportion of sukuk, Islamic […]
Amid economic fluctuations, South Africa’s consumer spending remained resilient throughout 2023, according to insights from Visa and Discovery Bank. The SpendTrend24 report reveals that while 2022 saw a surge in post-pandemic spending, 2023 portrayed a more measured growth trajectory, closely tracking inflation rates. Elevated interest rates and inflationary pressures have strained consumers’ finances, particularly impacting […]
The World Bank Group has announced a revised financing plan for Kenya, reducing the anticipated funding by Sh39 billion. Initially projected at Sh197 billion ($1.5 billion), the new allocation stands at Sh157.7 billion ($1.2 billion) for the current fiscal year ending in June. Central Bank Governor Kamau Thugge had previously hinted at a significant financing […]
Inflation in Turkey continued its upward trend, with the latest data from the country’s statistics agency, TUIK, revealing a rise to 68.5 percent year-on-year in March. This increase coincided with a notable setback for President Recep Tayyip Erdogan’s party in the recent municipal elections, attributed by many to the escalating cost of living. March saw […]
Nigeria’s electricity sector underwent a significant shift as the Nigerian Electricity Regulatory Commission (NERC) approved tariff increases targeting approximately 15% of consumers. This decision aims to reduce the strain on public finances by eliminating electricity subsidies for wealthier consumers. Following the announcement by presidential spokesperson Bayo Onanuga, the government moved swiftly to implement the tariff […]
Kenya has enacted sweeping cybercrime legislation that imposes penalties of up to Sh20 million ($155,000) in fines or ten years...
Amazon Web Services (AWS) experienced a massive cloud infrastructure failure on Monday that cascaded across the globe, disrupting thousands of...
South Africa's luxury retail sector is poised for exceptional growth, with projections indicating a remarkable 15% expansion by 2025, positioning...
In a significant development for East Africa's telecommunications landscape, Atlas Tower has secured substantial backing from STOA, a French infrastructure...
