In a significant move to combat years of escalating inflation, Turkey’s central bank, led by former Wall Street banker Hafize Gaye Erkan, has implemented a bold 250-basis-point increase, pushing the key interest rate to 42.5%. This strategic decision comes on the heels of an intensive seven-month tightening cycle, totaling a substantial 3,400 basis points. Anticipation […]
In a surprising turn of events, Angola has announced its departure from the Organization of the Petroleum Exporting Countries (OPEC), citing a divergence of interests. This decision, rooted in a dispute over Angola’s 2024 output quota, has raised concerns about the unity within OPEC and its broader coalition, OPEC+. Angola’s Oil Minister, Diamantino Azevedo, stated […]
In a significant development, Saccos have achieved a major milestone by crossing the Sh1 trillion mark in member deposits. Despite economic challenges prompting some withdrawals for immediate needs, the State Department of Cooperatives reports a robust 15.6 percent surge in savings, reaching Sh1.047 trillion in the year to June 2023 from Sh906 billion. This remarkable […]
In a notable development, the interest rate on the widely-used 30-year fixed-rate mortgage in the United States dropped to 6.83% last week, marking its lowest point since June. The Mortgage Bankers Association’s report on December 20 revealed a significant 24 basis points decrease in the average contract rate during the week ending December 15. This […]
Ghana, renowned for being the world’s second-largest cocoa producer, is confronting a severe threat to its cocoa industry from illegal mining, locally known as “galamsey.” This challenge is exacerbating the nation’s economic crisis, marked by a daunting 26.4% inflation rate in November. Michael Kwarteng, director of anti-illegal mining activities at the Ghana Cocoa Board (COCOBOD), […]
In response to unexpected fiscal challenges arising from lower-than-anticipated tax collections, Kenya’s National Treasury has revised its domestic borrowing target for the current financial year. This adjustment comes as the government grapples with the complexities of President William Ruto’s ambitious first full-year budget of nearly Sh3.9 trillion. The latest figures reported in the Kenya Gazette […]
India has solidified its position as the world’s leading recipient of remittances, experiencing a remarkable 12.3% surge in 2023, with an influx of $125 billion. This substantial increase not only highlights the financial contributions of the Indian diaspora but also underscores their pivotal role in fortifying the nation’s economic foundations. The United States remains the […]
TotalEnergies, a major player in the global energy sector, has unveiled plans for a substantial $6 billion investment in Nigeria’s energy landscape. The commitment was underscored during a pivotal meeting between TotalEnergies’ CEO, Patrick Pouyanne, and Nigeria’s President, Bola Tinubu, held in Abuja on Monday. The French energy giant aims to reinforce its foothold in […]
Latest Treasury bills auction unfolded with a remarkable uptick in investor interest, propelling one-year T-bill rates beyond the 16% mark, a significant leap from the previous week’s 15.79%. This surge was a direct response to the Central Bank of Kenya’s (CBK) strategic decision to raise its base lending rate by two percentage points during the […]
In response to the escalating year-end liquidity demand, China’s central bank, The People’s Bank of China (PBOC), recently reinstated the use of 14-day reverse repos. This strategic move, the first in three months, injected a total of 244 billion yuan ($34.28 billion) into the market through open market operations. Of this, 184 billion yuan utilized […]
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...
