Africa briefs
Nigeria orders US$8.1bn return from SA
Shares in MTN Group plunged as much as 19% on Thursday, a day after Nigeria ordered the South African telecoms group and its bankers to return US$8.1 billion.
Nigeria’s central bank said the funds had been illegally moved abroad because the company’s bankers, who include Standard Bank’s Nigeria unit Stanbic, had failed to verify that Africa’s biggest telecoms company had met all the foreign exchange regulations.
-Nampa/Reuters
Tunisia central bank holds key interest rate unchanged
Tunisia’s central bank kept its key interest rate unchanged at 6.75% on Thursday, the bank said. Annual inflation rate eased to 7.5% in July from 7.8% in June, official data showed.
In May the central bank raised the key interest rate by 100 basis points to 6.75%, the second hike in three months, to tackle inflation.
-Nampa/Reuters
Egypt's tourism revenue jumps
Egypt’s tourism revenue jumped 77% in the first half of 2018 to around US$4.8 billion compared with the same period last year, a government official told Reuters.
Egyptian tourism has been gradually recovering from a 2011 downturn triggered by the uprising that ousted president Hosni Mubarak, helped by a currency float in late 2016 that halved the pound’s value and made the country a relatively cheap bet for foreign visitors.
The tourism sector is a pillar of the country’s economy and a key earner of foreign currency.
-Nampa/Reuters
SA launches electronic trading platform for government bonds
The Johannesburg Stock Exchange (JSE) and the London Stock Exchange launched the country’s first electronic government bond trading platform, offering an alternative to traditional fixed-income trading via telephone or chat services.
The new system offers public price transparency equivalent to that seen in currency and equity trading and will use real-time price data to enhance liquidity in the secondary market for state debt, the firms said in a statement on Wednesday.
South Africa already has the continent’s most developed debt markets. The JSE’s platforms are responsible for the lion’s share of the activity, while foreign investors own close to half of the country’s outstanding public debt, which is ranked among the highest in emerging markets.
-Nampa/Reuters
Shares in MTN Group plunged as much as 19% on Thursday, a day after Nigeria ordered the South African telecoms group and its bankers to return US$8.1 billion.
Nigeria’s central bank said the funds had been illegally moved abroad because the company’s bankers, who include Standard Bank’s Nigeria unit Stanbic, had failed to verify that Africa’s biggest telecoms company had met all the foreign exchange regulations.
-Nampa/Reuters
Tunisia central bank holds key interest rate unchanged
Tunisia’s central bank kept its key interest rate unchanged at 6.75% on Thursday, the bank said. Annual inflation rate eased to 7.5% in July from 7.8% in June, official data showed.
In May the central bank raised the key interest rate by 100 basis points to 6.75%, the second hike in three months, to tackle inflation.
-Nampa/Reuters
Egypt's tourism revenue jumps
Egypt’s tourism revenue jumped 77% in the first half of 2018 to around US$4.8 billion compared with the same period last year, a government official told Reuters.
Egyptian tourism has been gradually recovering from a 2011 downturn triggered by the uprising that ousted president Hosni Mubarak, helped by a currency float in late 2016 that halved the pound’s value and made the country a relatively cheap bet for foreign visitors.
The tourism sector is a pillar of the country’s economy and a key earner of foreign currency.
-Nampa/Reuters
SA launches electronic trading platform for government bonds
The Johannesburg Stock Exchange (JSE) and the London Stock Exchange launched the country’s first electronic government bond trading platform, offering an alternative to traditional fixed-income trading via telephone or chat services.
The new system offers public price transparency equivalent to that seen in currency and equity trading and will use real-time price data to enhance liquidity in the secondary market for state debt, the firms said in a statement on Wednesday.
South Africa already has the continent’s most developed debt markets. The JSE’s platforms are responsible for the lion’s share of the activity, while foreign investors own close to half of the country’s outstanding public debt, which is ranked among the highest in emerging markets.
-Nampa/Reuters
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