Africa
Reserve Bank of Zimbabwe crypto asset ban overturned by court
Court rules in favour of Golix, Zimbabwe’s largest crypto exchange, after Reserve Bank officials fail to show up at hearing
Bank of Ghana cuts rates as economy stabilises
Central bank lowers interest rates to 17% as inflation moderates to the middle of the target
Ghana’s Addison warns banks on price of not innovating
Emerging fintechs have the power to displace traditional banks, Ghanaian governor says, as new payment system goes live
The IFF China Report 2018: The Belt and Road Initiative
China’s signature Belt and Road Initiative (BRI) now includes 71 countries, with trillions of dollars of investment allocated. Leading Chinese and international policymakers explain how BRI efforts are progressing. This section includes an inaugural…
A route to economic growth – The Belt and Road Initiative 2018 survey
To mark the fifth anniversary of the Belt and Road Initiative (BRI), the IFF – in collaboration with Central Banking – conducted its inaugural Belt and Road Survey of central banks from more than 25 countries and regions. The survey examines BRI…
Kenya’s Chase Bank finally acquired
After two years in receivership, Mauritius’s SBM acquired 75% of deposits with the remaining 25% remaining with Chase Bank
BoE to provide ‘tailored’ assistance to African counterparts
UK central bank to share expertise with counterparts in South Africa, Sierra Leone and Ghana, as part of wider initiative to support African economies
Independent investigator appointed in South Africa’s VBS Bank saga
Central bank reveals $74 million shortfall at troubled commercial bank following KPMG’s admission of misconduct
Bank of Uganda launches electronic cheque-clearing system
It aims to make cheque processing faster, cheaper and safer; banks will transfer UV images of cheques to highlight tampering
Mozambique central bank cracks down on AML breaches
A total of $2.6 million in fines is divided among 15 institutions found in breach of legislation; IMF says AML/CFT controls need to be more efficient
Missing $500 million returned to Angolan central bank
Finance ministry attempts to set the record straight over alleged fraud, which used dormant company as a mask for the illegal transfer
Gambia’s central bank seeks greater independence as fiscal dominance ends
Central Bank of The Gambia to work on autonomy and data management under new fund programme
IMF warns Tunisia over inflation, deficit and currency
Central bank may have to hike rates further, IMF executive board says
UK crime agency probes possible fraud against National Bank of Angola
Former Angola central bank governor indicted amid $500 million fraud allegations
Upgraded Moody’s outlook puts Sarb rate cut bank on the menu
Lower inflation and an appreciating rand mean the South African Reserve Bank could cut rates at its meeting next week, but analysts think it might be too soon
Bank of Uganda warns on debt levels
Debt levels could be closer to 50% of GDP if undisbursed loans are taken into account; government upgrades risk of debt distress to “moderate”
New South African president supports pan-African currency
Cyril Ramaphosa says it is time Africa abandons “colonial mentality” and adopts common currency to foster investment and intra-African trade
Bank of Ghana places troubled UniBank under administration
Central bank says it has made several attempts to save the mid-sized lender since 2016, but claims lack of co-operation from management and false information led to failure
Kenyan central bank condemns interest rate cap legislation
Rules introduced in 2016 have restricted access to credit for small firms and impaired the central bank’s ability to conduct monetary policy
Sarb launches its first app-based quarterly bulletin
User feedback reveals current format is cumbersome and “static”; central bank partners with external firm to create new app
UAE deposits $1.4bn with Sudan’s central bank as currency pressure continues
The country has “unsustainable” debt levels and US sanctions hurt debt relief – IMF
IMF advises rollback of Kenyan interest rate caps
Latest review finds caps have undermined the effectiveness of monetary policy and restricted credit access; Kenyan authorities ask for six-month programme extension
Mobile money taking off in Rwanda – report
Central bank documents an increase in both users and volume of transactions across mobile financial services
ANC shelves Sarb nationalisation plan
South African Reserve Bank safe from ownership restructuring for now, as ruling party takes time to consult with other members of the ANC and “key stakeholders”