Africa
BoE to provide ‘tailored’ assistance to African counterparts
UK central bank to share expertise with counterparts in South Africa, Sierra Leone and Ghana, as part of wider initiative to support African economies
Independent investigator appointed in South Africa’s VBS Bank saga
Central bank reveals $74 million shortfall at troubled commercial bank following KPMG’s admission of misconduct
Bank of Uganda launches electronic cheque-clearing system
It aims to make cheque processing faster, cheaper and safer; banks will transfer UV images of cheques to highlight tampering
Mozambique central bank cracks down on AML breaches
A total of $2.6 million in fines is divided among 15 institutions found in breach of legislation; IMF says AML/CFT controls need to be more efficient
Missing $500 million returned to Angolan central bank
Finance ministry attempts to set the record straight over alleged fraud, which used dormant company as a mask for the illegal transfer
Gambia’s central bank seeks greater independence as fiscal dominance ends
Central Bank of The Gambia to work on autonomy and data management under new fund programme
IMF warns Tunisia over inflation, deficit and currency
Central bank may have to hike rates further, IMF executive board says
UK crime agency probes possible fraud against National Bank of Angola
Former Angola central bank governor indicted amid $500 million fraud allegations
Upgraded Moody’s outlook puts Sarb rate cut bank on the menu
Lower inflation and an appreciating rand mean the South African Reserve Bank could cut rates at its meeting next week, but analysts think it might be too soon
Bank of Uganda warns on debt levels
Debt levels could be closer to 50% of GDP if undisbursed loans are taken into account; government upgrades risk of debt distress to “moderate”
New South African president supports pan-African currency
Cyril Ramaphosa says it is time Africa abandons “colonial mentality” and adopts common currency to foster investment and intra-African trade
Bank of Ghana places troubled UniBank under administration
Central bank says it has made several attempts to save the mid-sized lender since 2016, but claims lack of co-operation from management and false information led to failure
Kenyan central bank condemns interest rate cap legislation
Rules introduced in 2016 have restricted access to credit for small firms and impaired the central bank’s ability to conduct monetary policy
Sarb launches its first app-based quarterly bulletin
User feedback reveals current format is cumbersome and “static”; central bank partners with external firm to create new app
UAE deposits $1.4bn with Sudan’s central bank as currency pressure continues
The country has “unsustainable” debt levels and US sanctions hurt debt relief – IMF
IMF advises rollback of Kenyan interest rate caps
Latest review finds caps have undermined the effectiveness of monetary policy and restricted credit access; Kenyan authorities ask for six-month programme extension
Mobile money taking off in Rwanda – report
Central bank documents an increase in both users and volume of transactions across mobile financial services
ANC shelves Sarb nationalisation plan
South African Reserve Bank safe from ownership restructuring for now, as ruling party takes time to consult with other members of the ANC and “key stakeholders”
Botswanan governor announces formation of financial stability council
Governor Pelaelo says council, formed of central bank and government officials, will be responsible for regulating and supervising the financial sector
IMF official backtracks on Kenya funding comments
Mikkelsen says Kenya has continued to have access to IMF resources “subject to policy understandings”
The winners of the 2018 Central Banking Awards
Bank of Canada wins Central Bank of the Year, Lesetja Kganyago picks up Governor of the Year and Perng Fai-nan receives Lifetime Achievement Award; 16 more awards unveiled
Sarb triumphs over public protector in latest ruling
Mkhwebane ordered to pay opponents’ legal costs as judge rules investigation was “unacceptable”; Absa Bank vindicated in latest ruling
Three men arrested for fraud at Kenya’s central bank
Men charged with 11 counts of fraud attempted to present $6.25 million in counterfeit Treasury bills
Sarb unveils new fintech push
South Africa’s central bank to investigate DLT usage for clearing and settlement; fintech roadmap will examine crypto regulation