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 […]
The Nairobi Securities Exchange (NSE) is set for a significant resurgence following the lifting of restrictions by leading global index provider, Financial Times Stock Exchange (FTSE) Russell Index. This pivotal decision, spurred by improved access to dollars in the forex market, is poised to revitalize investor confidence in the Kenyan capital market. In 2022, FTSE […]
In a significant development for Europe’s largest economy, preliminary data from the Federal Statistics Office revealed that German inflation eased more than expected in March, dropping to 2.3%, its lowest level since June 2021. This decline, from February’s 2.7%, was largely attributed to a notable decrease in energy prices. Carsten Brzeski, global head of macroeconomics […]
Egypt and Ecuador are laying the groundwork for a strategic collaboration in the oil and gas sectors, as evidenced by the recent high-level meeting between Tarek El Molla, Egypt’s Minister of Petroleum and Mineral Resources, and Denys Toscano Amores, the Ecuadorian Ambassador to Cairo. During the meeting, Minister El Molla highlighted the vast potential for […]
Ethiopia has firmly established itself as Africa's second-largest destination for foreign direct investment, trailing only Egypt, in a development that...
India-based diversified conglomerate DCM Shriram Ltd has secured $90 million in financing from the International Finance Corporation (IFC) through the...
Chinese electric vehicle manufacturer BYD is preparing to launch its premium electric vehicle Denza Z9GT in Europe, introducing a new...
Japan has begun releasing oil from its emergency reserves as the global energy market faces renewed turmoil following the effective...
