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Thu,23Nov2017

finance

Mozambique president appoints IMF official as central bank governor

President of Mozambique Filipe Jacinto Nyusi. Photo©Markus Schreiber/AP/SIPAMozambican President Filipe Nyusi appointed Rogerio Lucas Zandamela, an International Monetary Fund (IMF) official, as central bank governor to replace Ernesto Gove, whose term has ended, the presidency said on Wednesday.

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Kenya: Lending rate cap hits shares again, sparks growth fears

Photo©Thomas Mukoya/ReutersKenyan bank shares plunged for a second day on Friday after President Uhuru Kenyatta sought to boost the economy by capping lending rates and analysts said his attempt to encourage lending may prove counterproductive.

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Tunisia: Prime Minister warns of austerity, job cuts

Tunisian Prime Minister-designate Youssef Chahed. Photo©Zoubeir Souissi/ReutersIf Tunisia does not overcome its economic difficulties, an austerity programme will be inevitable next year with thousands of public sector job cuts and new taxes, prime minister-designate Youssef Chahed told parliament on Friday.

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South Africa: President Zuma can't intervene in Pravin Gordhan probe

President Jacob Zuma. Photo©Themba Hadebe/AP/SIPASouth African President Jacob Zuma said on Thursday he backs Finance Minister Pravin Gordhan but cannot intervene in a police investigation over a suspected spy unit at the tax service, signalling a prolonged tussle that could rock markets further.

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South African assets sink after police summon finance minister

Finance Minister Pravin Gordhan. Photo©Schalk Van Zuydam/AP/SIPASouth African assets slumped on Wednesday after an elite police unit summoned Finance Minister Pravin Gordhan over an investigation into a suspected rogue spy unit in the tax service, fuelling speculation that there was a plot to oust him.

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IMF evaluates Ghana's fiscal outlook, could review assistance program

Photo©Yuri Gripas/ReutersThe International Monetary Fund (IMF) is evaluating Ghana's fiscal outlook for the rest of 2016 and will consider the third review of the country's $918 million assistance programme next month subject to the outcome, the Washington-based lender said on Monday.

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Zimbabwe stops hiring public workers as it struggles to pay

Harare owes $110 million to the IMF, $600 million to the African Development Bank and $900 million to the World Bank. Photo©AP/SIPAZimbabwe has stopped hiring new state workers after failing to pay its soldiers and teachers on time, according to an official notice, as President Robert Mugabe's government struggles with a big financial squeeze.

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Libya sovereign fund claimant denounces U.N.-backed govt's management plan

AbdulMagid BreishA claimant to the chairmanship of Libya's $67 billion sovereign fund on Monday denounced the appointment by the country's United Nations-backed government of a panel to run the fund, saying he had not been formally asked to step down.

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Nigeria's Buhari to ask for emergency powers to revive economy - source

Nigerian President Muhammadu Buhari. Photo©Frank Augstein/AP/SIPANigerian President Muhammadu Buhari will ask parliament for extra powers for one year allowing him to take "emergency" decisions to revive the flagging economy, a government source said on Monday.

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Nigeria to allocate $180m more in capital spending

Nigeria's Finance Minister Kemi Adeosun. Photo©Akintunde Akinleye/ReutersNigeria's government is to allocate 60 billion naira ($180 million) more spending on capital projects as part of the 2016 budget and in addition to earlier releases, Finance Minister Kemi Adeosun said on Friday, as it tries to boost the economy.

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Egypt to get $2bn deposit from Saudi Arabia

Egypt's International Cooperation Minister Sahar Nasr. Photo©Mohamed Abd El Ghany/ReutersEgypt signed a deal earlier this year for a $2bn central bank deposit from Saudi Arabia, International Cooperation Minister Sahar Nasr said on Thursday.

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Nigeria central bank says Skye Bank safe, no need for panic withdrawals

Photo©Sunday Alamba/AP/SIPANigeria's central bank is seeking to reassure Skye Bank depositors that the lender is safe and there is no need for them to rush to withdraw their funds in response to speculation that it has liquidated the bank, it said late on Wednesday.

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Ghana says on track to halve budget deficit after IMF deal

Minister of Finance and Economic Planning of Ghana Seth Terkper. Photo©Joshua Roberts/ReutersGhana is on target to halve its fiscal deficit this year after its $918-million aid deal with the International Monetary Fund, Finance Minister Seth Terkper said on Wednesday.

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Zimbabwe sets up credit bureau as banks reel from defaults

Zimbabwe Reserve Bank Governor, John Mangudya. Photo©Tsvangirayi Mukwazhi/AP/SIPAZimbabwe's central bank will this month set up a credit reference bureau as it tries to improve credit risk management in the country's financial services sector, weighed down by non-performing loans.

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Kenya's finance minister opposes capping of banks' lending rates

Kenya's Cabinet Secretary of National Treasury (Finance Minister) Henry Rotich. Photo©Noor Khamis/ReutersKenya's Treasury opposes a move by parliament to cap commercial lending rates because other measures being put in place will help bring down borrowing costs over time, the finance minister said on Tuesday.

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Old Mutual to invest in Nigerian real estate, agriculture

Photo©Mike Hutchings/ReutersAnglo-South African financial services firm Old Mutual and Nigeria's sovereign wealth fund on Friday signed agreements to set up two funds to invest in real estate and agriculture in Africa's most populous nation.

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Egypt needs $5-6bn in bilateral financing to seal IMF deal

Photo©Kim Kyung-Hoon/ReutersEgypt's preliminary deal for a $12 billion IMF loan programme can go to the board for approval only if the government secures $5-6 billion in bilateral financing for the first year, Chris Jarvis, the head of the IMF mission in Cairo, said on Thursday.

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Unexpectedly positive economic data may see South Africa avoid recession

Photo©Siphiwe Sibeko/ReutersSouth Africa's manufacturing output rose more than expected in June while mining production shrank at a slower rate than market estimates, raising hopes the economy could fend off a recession and ratings downgrades to junk later in the year.

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Zimbabwe sets ambitious economic growth target

Photo©AP/SIPAZimbabwe says it plans to grow its economy by 6.6 per cent over the next two years, a huge ask for a country whose economic growth has been on a downward spiral in the last two years, only growing by 1.5 per cent last year.

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Banking: Kenyan banks pledge to cut lending rates

Photo©Thomas Mukoya/ReutersKenyan lenders promised on Wednesday to cut loan rates by 100 basis points immediately, part of measures to lower borrowing costs and see off the threat of a legislative cap on rates.

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