Category: Africa
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Kenya’s top three oil marketers lose 20 per cent market share
Kenya’s top three oil marketers lost a combined 20.6 per cent share of local petroleum market sales in the second quarter of the year, eroding gains reported the year before. Data from the Petroleum Institute of East Africa (PIEA) shows that Total Kenya, Vivo (Shell) and KenolKobil had a market share of 51.3 per cent…
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CBK warns banks against charging borrowers new fees
The Central Bank of Kenya yesterday warned commercial banks against introducing new or increasing existing transaction fees without its approval even as it refused to bring clarity to grey areas of the law capping interest rates, whose interpretation continues to roil the market. atrick Njoroge, the Central Bank of Kenya (CBK) governor, said no bank…
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Algeria: Towards Lifting Ban On Used Car Import
The Government has decided, as part of the finance bill 2017, to lift the ban on used car import under some conditions, said Monday in Algiers Minister of Trade Bakhti Belaib. “We will lift the ban and draw up defined terms and conditions, which will allow not importing vehicles representing dangers to road users. This…
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Algeria: Import Licenses to Include Electrical Appliances, Agricultural Products
The import licenses system will soon include other industrial and agricultural products, particularly electrical appliances, soya and maize, announced Monday Trade Minister Bakhti Belaib. “This system will soon include other industrial products (electrical appliances and electronic products) and some agricultural products (maize and soya) whose import cost hit USD 3.5 billion,” the minister said at…
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Nigeria’s finance minister discusses plans to end recession
In an exclusive interview with CNBC Africa Nigeria’s Finance Minister Kemi Adeosun argued that the focus of the West African country should be on stimulating growth. I would rather seek growth, we can manage inflation let’s stimulate the economy, we need lower interest rates, she told the channel. The finance minister wants the central bank…
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Kenya:Uhuru hands low-cost housing firms 15pc tax break in new law
Developers who put up at least 400 low-cost residential houses will now enjoy a lower corporate tax rate of 15 per cent, down from the normal 30 per cent, as the government looks to boost housing for low-income earners. President Uhuru Kenyatta last week signed into law the Finance Bill 2016 handing developers the terms…
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Kenya:MPC meets as confusion over interest rates cap law mounts
Central Bank of Kenya governor Patrick Njoroge is Tuesday morning expected to chair the first monetary policy committee (MPC) meeting since the introduction of interest rate caps. The meeting comes as confusion persisted in the market over interpretation of key aspects of the new law. On Monday, many consumers of financial services reported that their…
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Nigeria: How We Got Into Trouble – Central Bank
INTERVIEW The CBN Governor Mr. Godwin Emefiele, Weekend, had a chat with members of Nigeria Newspaper Proprietors Association of Nigeria NPAN. He spoke on efforts being made by government, monetary and fiscal policy authorities to revive the economy. Here are excepts. Nigeria is in recession, the first in decades or few decades, one or two…
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Nigeria Plans N4.72 Trillion Stimulus for Troubled Economy
The Federal Government is considering an ambitious $15 billion (N4.72 trillion) fiscal stimulus plan to reflate and pull the economy from the current recession. Following the National Bureau of Statistics (NBS) recent official confirmation that Nigeria’s economy had slipped into one of the worst recessions in its history, the government convened a ministerial retreat last…
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South Africa’s rand gains as risk currencies rally
South Africa’s rand firmed for a fourth consecutive session on Monday, gaining alongside fellow emerging currencies as the dollar stumbled ahead of an interest rate decision by the Federal Reserve later in the week. – Credit: CNBC Africa