Africa
Fiscal policies the answer to commodity decline in Africa – BIS paper
Counter-cyclical policies have done all that they can, paper says, adding it is now time for exchange rate and fiscal policies to bear the burden and spur growth
People: BoE appoints Brexit co-ordinator; Lagarde chooses Selassie to head Africa department
Phil Evans put in charge of work on UK’s exit from European Union at the Bank of England; Christine Lagarde appoints new Africa chief; and more
Financial inclusion in Rwanda rising, central bank report says
ATMs and mobile money has helped reduce the number of those financially excluded, governor says; banking sector starting to benefit but high proportion of NPLs in some sectors is a concern
Inflation to fluctuate around bottom of target range, Botswanan report says
Mid-term review paints optimistic picture for inflation in Botswana; loose monetary conditions to contribute to growth in economic activity
Bank of Zambia begins liquidating three financial institutions
Commercial Leasing Zambia, Cetzam Financial Services and Genesis Finance to close with immediate effect; those affected have 30 days to file objection to the courts
Economic outcomes will “vindicate” central bank – Malawi governor
Chuka asks the private sector to “trust” the central bank in its policy decisions; a reduced debt-to-GDP ratio and an end to drought should see inflation fall, he says
Capping interest rates could affect credit, says Kenyan president
Kenyan President approves new banking law despite acknowledging future “difficulties”; government to monitor possible emergence of “unregulated” and “informal” lending mechanisms
De La Rue boosts Africa presence with Kenya deal
Kenyan factory to be turned into production “centre for excellence”; printer hopes new equipment installed at site will increase banknote production by 50%
Auditors ‘key’ in strengthening corporate governance, says Mauritian deputy
Deputy governor examines difference between supervision models; under ”four lines of defence” model, auditors provide ”autonomous assessment” of previous three lines
Malawian central bank sees legal risk to payments reform
Malawi payment infrastructure making ‘significant strides’, annual report says, but lack of legislation poses a risk
Kenyan governor outlines three pillars for ‘new normal’ in banking
2016 to be a year of “transition” for banking in Kenya, says Patrick Njoroge; calls for greater transparency, stronger governance and new models
Parliament keeps door open to monetary financing in Ghana
Parliament approves bill that removes government representative from central bank board, but government would still be able to borrow from central bank to finance deficit; IMF to discuss implications
Angola’s president replaces two deputy governors
Manuel Antonio Tiago Dias and Suzana Maria de Fátima Camacho Monteiro appointed as deputy governors as president continues to overhaul senior leadership
Sub-Saharan African countries need more responsive policy – IMF staff
Some central banks “impeded” in pursuit of primary mandate; staff report discourages government and structural development financing
Troubled Kenyan bank to reopen under new management
Chase Bank will be managed by Kenya Commercial Bank, which may go on to acquire majority stake; questions raised over pressures on small and mid-sized banks
Central Bank of Kenya places third bank in receivership
Chase Bank under new management after resignation of chairman and managing director; Imperial Bank progress “postponed” while audit continues
Angola appoints new governor as de Morais departs
Silva takes over from de Morais as part of a government reshuffle; has previously provided counsel to country’s vice-president
Report finds 11% of Rwandans remain financially excluded
Women and younger people more likely to be financially excluded; share of population excluded falls from 28% to 11%
IMF staff identify ‘priority areas’ for SSA reform
Staff members in the IMF African department chart the progress of financial development in sub-Saharan Africa, the challenges that remain and how they might be addressed
Uganda raises rates again to tackle inflation risks
Bank of Uganda hikes its policy rate to head off inflationary pressures but analyst warns the move will be ineffective unless overnight rates on the interbank market respond
African central banks must heed changes to inflation drivers, study argues
IMF working paper argues policy-makers in sub-Saharan Africa may have to pay more attention to inflation now demand shocks exert greater influence on prices
Fischer warns developing countries may not be ready for inflation targeting
Fed vice-chair tells audience of African central bankers no framework is ‘suitable for all countries for all times’ and cautions against adopting inflation targets before financial markets are ready
Central banks have 'track record' to manage new African SWFs, says World Bank expert
Ekaterina Gratcheva argued at a forum in Basel this weekend that central banks' institutional history makes them suitable managers for sovereign wealth funds