Africa
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”
Botswanan governor announces formation of financial stability council
Governor Pelaelo says council, formed of central bank and government officials, will be responsible for regulating and supervising the financial sector
IMF official backtracks on Kenya funding comments
Mikkelsen says Kenya has continued to have access to IMF resources “subject to policy understandings”
The winners of the 2018 Central Banking Awards
Bank of Canada wins Central Bank of the Year, Lesetja Kganyago picks up Governor of the Year and Perng Fai-nan receives Lifetime Achievement Award; 16 more awards unveiled
Sarb triumphs over public protector in latest ruling
Mkhwebane ordered to pay opponents’ legal costs as judge rules investigation was “unacceptable”; Absa Bank vindicated in latest ruling
Three men arrested for fraud at Kenya’s central bank
Men charged with 11 counts of fraud attempted to present $6.25 million in counterfeit Treasury bills
Sarb unveils new fintech push
South Africa’s central bank to investigate DLT usage for clearing and settlement; fintech roadmap will examine crypto regulation
Angolan banks given new forex responsibilities amid shortage
Requests for foreign currency now must be submitted to commercial entities instead of central bank, with the exception of large imports of food and medicines
Tunisia’s prime minister requests replacement of governor
Country is grappling with high inflation, rising public debt and dwindling reserves
Sarb comes to defence of Capitec after ‘loan shark’ claim
US research firm takes aim at South African lender, accusing the bank of “reckless lending practices”, but central bank maintains it is “well capitalised”
Global custodian of the year: BNY Mellon
The US asset specialist has made strong progress in its effort to offer a seamless overlay of its disparate legacy systems, while also providing improved training to official institutions
Co-operation key to cyber defence success, says Sarb deputy
Groepe says institutions need to ensure fintech interconnectivity does not cause system failure; new players should be held to the same security standards
Rebased ‘Maddison’ data reshapes economic history
New approach to measuring GDP per capita generates fresh insights from the long-run growth database
South Africa needs to press ‘reset button’ in 2018 – Mminele
Economy floundered after political instability harmed investor confidence; South Africa should capitalise on the upswing of 2018, says Sarb deputy
Kenya not yet ready for more accommodative policy – Njoroge
Central Bank of Kenya leaves rates on hold despite well-anchored inflation and greater optimism; policymakers will continue to monitor interest rate cap impact
People: PBoC deputy appointed vice-mayor of Beijing
First woman nominated as deputy governor at the Bank of Mexico; Kganyago bags IMF job; Sarb gets new MPC member
Bank of Tanzania must remain ‘vigilant’ during framework transition
Central bank will need to be careful as it transitions to new monetary policy framework, IMF warns, given expected recovery in spending
People: Banque de France deputies named
Sylvie Goulard and Denis Beau take positions at Banque de France; second deputy governor at Bank of Ghana vacates post; Bolivian central bank’s board gets new vice-chair; and more