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Egypt’s central bank seen hiking rates to dampen price rises

Reuters CAIRO – The Central Bank of Egypt (CBE) will hike its overnight deposit rate by 50 basis points (bps) on Thursday as it works to keep inflation in check, a Reuters poll forecast. The median forecast in a poll of 15 analysts is for the CBE to raise deposit rates to 11.75% and its…

businessAfrica

South African coal exports to Europe surge, shipments to Asia decline

By Nelson Banya South Africa’s coal sales to Europe rose eight-fold during the first half of 2022 compared with last year as demand for the fossil fuel surged ahead of a ban on Russian coal, Thungela Resources said on Monday, 15 August. In April, the European Union announced a ban on coal imports from Russia as…

businessAfrica

Tunisia’s GDP grows 2.8% in Q2 of 2022

Staff Writer, Agency Tunis Afrique Press The results of quarterly national accounts for Q2 showed the annual economic growth stood at 2.8% The gross domestic product (GDP) posted a year-on-year growth of 2.8% in Q2 of 2022, the National iInstitute of Statistics (French: INS) said on Monday. The results of quarterly national accounts for Q2 showed…

News

Tanzania to construct over 33,000 kilometres of roads in upcoming fiscal year

By XINHUA Tanzania Rural and Urban Roads Agency (TARURA) signed 10 contracts with local companies for the construction of 33,091 kilometres of roads in districts across the country during the 2022/2023 financial year. Innocent Bashungwa, the Minister of State in the President’s Office responsible for Regional Administration and Local Government, said the contracts to be implemented…

Culture

Tunisian tennis star Ons Jabeur honoured on postage stamp

By David Ochieng Mbewa Tunisian tennis star Ons Jabeur is one of 22 Tunisian women honoured in commemoratory postage stamps released by the country’s postal service on Saturday. The stamps were issued to celebrate women who have influenced the country’s course of history and events on the day the North African nation marked National Women’s Day….

businessAfrica

Nigeria’s annual inflation rises to highest level since 2005

Reuters ABUJA – Nigeria’s annual inflation quickened in July to its highest level since 2005, official data showed on Monday, driven by price rises for food, fuel and clothing. The National Bureau of Statistics (NBS) said inflation rose for the sixth straight month, hitting 19.64% from 18.60% year on year in June. NBS data showed the…

News

Egypt’s foreign currency gap narrows to $400 million in July

Reuters Egypt’s foreign currency gap saw a significant contraction to record $400 million in July 2022 from February’s $3.9 billion, revealed First Deputy Governor of the Central Bank of Egypt (CBE) Gamal Negm on Saturday. Negm pointed to the Central Bank of Egypt’s decisions regarding regulating imports as contributing to the decrease. He pointed out…

businessAfrica

Egypt to ration electricity to boost gas exports

Reuters CAIRO: Egypt’s Cabinet has approved a plan to ration electricity to save natural gas that it will instead divert to the export market to generate foreign currency, it said on Thursday. Egypt has suffered from an acute foreign currency shortage since Russia’s February invasion of Ukraine, which pushed up global commodity prices, led to…

businessAfrica

South African rand edges lower after strong week

Reuters The South African rand edged lower late on Friday, after a strong week in which it was bolstered by traders looking for signs of U.S. inflation peaking. Markets interpreted U.S. inflation figures this week as indicating the Federal Reserve could be less aggressive in its interest rate hikes, weakening the dollar and boosting emerging…

businessAfrica

Ethiopia Completes Third Phase of Filling Giant Nile Dam

By Reuters ADDIS ABABA (Reuters) – Ethiopia has completed the third phase of filling the reservoir for its huge dam on the Blue Nile river, the government said on Friday, a process that continues to irk the country’s downstream neighbours Egypt and Sudan. Addis Ababa says the Grand Ethiopian Renaissance Dam (GERD), a $4 billion hydropower…