Kenya has witnessed a notable surge in dollar deposits held by locals in domestic banks, reaching a record high of Sh1.55 trillion by the end of 2023, marking a remarkable 68 percent increase within a year. This surge is attributed primarily to the devaluation of the Kenyan shilling and a strategic buildup of foreign currency […]
During the World Government Summit (WGS) in Dubai, Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), emphasized the potential for fiscal reform in the Middle East and North Africa (MENA) region. Georgieva highlighted the substantial benefits of phasing out explicit energy subsidies, projecting a potential $336 billion in savings. This figure, equivalent to […]
Nigeria’s currency, the naira, faced a sharp decline against the dollar, hitting a record low despite recent efforts to improve liquidity in the foreign exchange market. Central Bank Governor Olayemi Cardoso disclosed that despite over $1 billion flowing into the economy to purchase Nigerian Treasury bills, the naira struggled to maintain stability. The auction of […]
Today marks a significant development in the energy sector as the Energy and Petroleum Regulatory Authority (EPRA) implements a notable reduction in electricity prices. Following a comprehensive review, EPRA has announced an average decrease of 9.3 percent in power tariffs, effective immediately. This adjustment particularly benefits domestic consumers, who will see their rates drop from […]
Against a backdrop of economic uncertainty, China’s central bank unveils a targeted strategy to shore up domestic demand and address deflationary pressures. In its latest policy report, the People’s Bank of China (PBOC) underscores the necessity of adaptable monetary policies to navigate the complexities of a tentative economic recovery. Key priorities include aligning social financing […]
In response to a sharp depreciation of the Zimbabwean dollar, the country’s central bank and finance ministry have announced collaborative efforts to restore stability to the local currency. The Zimbabwean dollar has witnessed a significant 40% decline since the start of the year, driven by heightened demand for foreign currency due to civil servants receiving […]
In a move aimed at shoring up Kenya’s economic resilience, the World Bank has pledged a substantial infusion of Sh240.4 billion ($1.5 billion) into the nation’s coffers before the close of the fiscal year in June. This announcement, disclosed by the Central Bank of Kenya (CBK), signifies a proactive step towards addressing fiscal concerns and […]
In December, the U.S. trade deficit saw a marginal uptick, a contrast to the significant contraction observed throughout 2023. The Commerce Department’s Census Bureau reported a 0.5% increase, bringing the deficit to $62.2 billion. November’s figures were revised, showing a narrower gap of $61.9 billion compared to the previously stated $63.2 billion. Despite expectations for […]
Egyptian President Abdel Fattah al-Sisi has announced a significant increase in the minimum wage, raising it by 50% to 6,000 Egyptian pounds ($194) effective March. This move is part of a larger 180 billion pound “urgent social protection package” aimed at addressing economic challenges and enhancing social welfare. The decision comes amidst concerns over the […]
Rebecca Miano, Kenya’s Cabinet Secretary for Trade, unveiled a pivotal trade agreement between Kenya and South Africa during the African Continental Free Trade Area (AfCFTA) Council of Ministers meeting in Durban. Under this agreement, Kenya will export its renowned tea to South Africa under preferential tariffs. President Cyril Ramaphosa of South Africa expressed enthusiastic support […]
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...
