Africa
Sarb rejects postponement calls from public prosecutor
Central bank does not accept Mkhwebane’s latest court request; claims her reasoning is false and “overly exaggerated”
Angola appoints third central bank governor in two years
José de Lima Massano takes over during a political shift that could pave the way for changes to exchange rate policy
Too soon to start celebrating economic improvements, says Mminele
Sarb deputy warns against complacency in latest economic roundup, saying it is too soon to start celebrating lower inflation and a more stable external environment
Bank of Zambia to revamp ‘outdated’ supervisory framework
IMF praises the central bank’s efforts to inspect banking sector following overhaul of monetary policy framework in last 12 months
Kenya’s digital transformation
The use of innovative digital financial services has transformed financial inclusion in Kenya, writes the chairman of the Central Bank of Kenya
CBN orders banks to form central customer watchlist
Nigerian central bank ramps up payment system risk management with core customer database, which will put bank customers on a ‘watchlist’ in instances of misconduct
Ethiopia launches ‘first of its kind’ swap agreement with Sudan
Central banks to swap $16 million under new agreement designed to strengthen financial co-operation and ease Ethiopia’s foreign exchange pressures
Swaziland central bank needs macro-prudential powers – IMF
Fund urges authorities to fast-track reform to give central bank financial stability mandate; reliance on customs union leaves economy vulnerable
Malawi’s IMF programme ‘fell short’ on growth
Future IMF support will aim to foster growth and alleviate poverty in Malawi, as ECF fails to provide adequate resilience to external shocks
BIS research says macro-pru could help African central banks
Paper shows African central banks are less likely to allow exchange rate deprecation when reacting to external shocks
São Tomé and Príncipe redenominates currency
New banknote series sees new and old dobras swapped at 1:1,000 ratio; UK-based printer De La Rue to develop new series
Rwanda approves draft reform of central bank law
Independent members will join MPC and ‘board of censors’ will be abolished
IMF paper examines impact of China’s new growth model on sub-Saharan Africa
Chinese rebalancing does not have to negatively affect sub-Saharan Africa, paper says; high commodity prices were not the “determining factor” behind region’s strong growth
Bank of Ghana starts to unwind tight monetary policy
Central bank slashes interest rates to 23.5% in largest cut since 2010; inflation shows signs of improvement but certain risks still loom over prices
Bank of Namibia takes over government-owned commercial bank
Bank of Namibia removes SME Bank’s chief executive after “suspicious investments” in South Africa; all banking services will continue to operate
Nigeria’s central bank rolling back forex restrictions
Allocation rules are scrapped under the new regime, while all forex dealers must open outlets at airports to aid travellers; additional forex is to be made available for tuition and medical expenses
African regulators want regional regulatory structure – Basant Roi
“Political will” to support financial regulatory reform in Africa is “missing”, says Mauritius governor; IMF chief says resolution frameworks are “insufficient”
Some G20 initiatives have harmed EMs, says Mminele
Reforms have led to G-Sibs reassessing their business models, leading to a rise in de-risking, says Sarb deputy; Africa is seeing a “pronounced decline” in correspondent banking
Bank of Ghana improves communications strategy
A new 24-hour contact centre will allow queries from members of the public to be answered at all hours; the central bank encourages feedback on its communications
African central banks have cut euro exposures, says Uganda’s Kavuma
Combination of negative interest rates and falling reserves hit euro holdings but most central banks still avoid investments within Africa
Sarb fines two major commercial banks for AML breaches
“Administrative sanctions” placed on Societe Generale Johannesburg branch and Absa Bank after staff found “weaknesses” in AML and terrorist-financing control measures
Ink rubbing off notes ‘quite normal’, says Zimbabwe governor
Despite public outcry, governor says bond notes have so far been a success; launch of second tranche to bring total value of bond notes in circulation to $17 million
Malawi governor announces plans for central depository system
New system will provide security for transactions taking place in the market, Chuka says; governor hopes project will increase market liquidity in the long run
Bank of Zambia closes fourth bank this quarter
Commercial bank deemed insolvent by the regulator; Bank of Zambia takes over control of the institution to “safeguard” depositors