Category: Southern Africa

South Africa’s net foreign reserves rose to $43.588 billion in January from $42.927 billion in December, the Reserve Bank said on Wednesday. Gross reserves, however, fell to $50.501 billion from $50.722 billion, the central bank data showed. The forward position, which represents the central bank’s unsettled or swap transactions, increased to $2.024 billion from $1.196…

Angola’s central bank may begin the process of fully floating its kwanza currency in three months’ time, the bank’s governor Jose Massano said, according to daily O Pais on Monday. This month the bank ditched a currency peg and moved to a partial float that allows the kwanza to trade freely within a range set,…

The International Monetary Fund cut South Africa’s economic growth forecast for the next two years on Monday, citing rising political uncertainty that has dented investor confidence. The IMF said in its World Economic Outlook that more subdued growth prospects were projected in South Africa, “where growth is now expected to remain below 1 percent in…

Ethiopian Airlines, the largest Aviation Group in Africa and SKYTRAX certified Four Star Global Airline, is pleased to announce that it has finalized the shareholders’ agreement with the Government of Zambia for the re-launch of Zambia Airways. The Government of Zambia will be the majority shareholder with 55% and Ethiopian will have 45% stakes in…

South Africa’s central bank kept its benchmark repo rate unchanged at 6.75 percent on Thursday, saying that risks to the inflation forecast were still assessed to be on the upside. The majority of analysts polled by Reuters last week had predicted the repo rate would stay on hold. Central bank governor Lesetja Kganyago told a…

South Africa’s rand was steady in early trade on Monday, buoyed by uncertainty after Cyril Ramaphosa, the new leader of South Africa’s ruling African National Congress, said queries about President Jacob Zuma’s fate would be addressed “as time goes on”. * At 0645 GMT, the rand traded at 12.36 per dollar, unchanged from its New…

Zimbabwe’s state diamond company is expected to produce at least 3 million carats this year, up 65 percent from 1.8 million in 2017, the mines minister told parliament on Monday. Winston Chitando said the Zimbabwe Consolidated Diamond Company, which was formed in 2016 when the government banned private companies from operating in the Marange diamond…

A South African market regulator said on Friday it was reviewing volatile share trading sparked by market speculation that a research group would release a negative report on a listed firm. The regulator confirmed in an emailed response to questions it was reviewing unusual activity in shares of Aspen Pharmacare, which plunged 10 percent on…

Zambia has shut three of South African retailer Shoprite’s Hungry Lion fast-food restaurants after their food tested positive for the bacterium that causes cholera, a government minister said on Thursday. Zambia is struggling to contain an outbreak of the disease, which has killed 51 people and made more than 2,000 others sick in the capital…