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Nigeria: Wama Members Counselled On Development Issues
Director of Multilateral Surveillance of the ECOWAS Commission, Lasane Kabore, has appealed to members of the West African Monetary Agency (WAMA) and other organisations within the region to be open and objective in their approach to issues to enhance development of the sub-region.
Source : AllAfrica | 18-Nov-2008 17:36

'Inflation Data to Include Forex-Denominated Prices'
The Central Statistical Office will now include foreign currency-denominated prices in calculating inflation, an official said on Wednesday.
Source : AllAfrica | 14-Nov-2008 16:38

South Africa: Odd Timing for Going Offshore
RAND weakness this year led to a growing appetite for offshore investments, with investors tucking into unit trusts denominated in foreign currencies in the third quarter.
Source : AllAfrica | 14-Nov-2008 09:39

South Africa: S&P Downgrades Firstrand, Sasol
RATING agency Standard & Poor's downgraded its outlook for FirstRand Bank, FirstRand Bank Holdings and Sasol yesterday, from stable to negative. It also revised the outlook on Rand Water's local and foreign currency ratings to negative from stable.
Source : AllAfrica | 14-Nov-2008 09:39

Dollar Crash Sparks Fears of Social Unrest
Fears of social unrest in Zimbabwe are growing, as swelling numbers of Zimbabweans become daily victims of the crash of the local currency.
Source : AllAfrica | 12-Nov-2008 21:35

South Africa: Standard & Poor's Has Dim View of Rand, Rates
STANDARD & Poor's (S&P) revised its outlook on SA's sovereign credit rating to "negative" from "stable" yesterday, warning that capital outflows could depress the rand more, keeping inflation high and delaying expected cuts in interest rates.
Source : AllAfrica | 12-Nov-2008 09:32

South Africa: Global Gloom Sinks Bourses, Currencies, Commodities
A DAY after markets rallied on news of China's $586bn stimulus package, stock markets, commodities and currencies fell as the global economic outlook deteriorated and more companies were downgraded.
Source : AllAfrica | 12-Nov-2008 09:29

Zimbabwe: Dollar Crashes to All Time Low
The country's currency plunged to a new record low on Monday, trading at an average Z$28,4 quadrillion to the U.S. dollar and triggering massive price increases.
Source : AllAfrica | 11-Nov-2008 21:01

Pula Firms Against the Dollar and the Rand
The pula this week began to show signs of strengthening against the US dollar on the back of similar movements by the South African Rand, appreciating from as low as P8.5 per dollar in October to P7.69 on Wednesday.
Source : AllAfrica | 10-Nov-2008 15:14

Foreign Exchange Reserves Safe - Khama
The country's financial system is in a healthy state because the country's foreign exchange reserves have hardly been scathed by the global credit crunch, President Ian Khama said on Monday.
Source : AllAfrica | 10-Nov-2008 14:49

South Africa: Novel Solution to Deficit
HOW does SA deal with its rising and troubling current account deficit?
Source : AllAfrica | 10-Nov-2008 09:09

South Africa: Global Fears, Weak Rand Pull Down Equities
A WEAK rand and continuing uncertainty about the state of the global economy kept local equities on the back foot on Friday, with an overall loss of 94 points being registered.
Source : AllAfrica | 10-Nov-2008 08:34

Zimbabwe: Eighteen Zeros Reflect Inflation
ZIMBABWE'S inflation last month hit the quintillion percent mark, an indication that the country's economic woes are far from over, a report by an internationally renowned economist has revealed.
Source : AllAfrica | 09-Nov-2008 15:37

Zimbabwe: Resurgent Zeros Haunt Entire Banking System
BANKS were last week beginning to show signs of failing to cope with the re-emergence of zeros on the country's currency with Stanbic Bank moving to de-base client account balances by four zeros.
Source : AllAfrica | 07-Nov-2008 21:49

Zimbabwe: Is Increasing Withdrawal Limits the Answer?
All efforts by the Reserve Bank of Zimbabwe to solve the current cash problems in the country seem to be hitting a snag.
Source : AllAfrica | 07-Nov-2008 18:48

Zimbabwe: ZCTU to Protest Against Forex Shops
The Zimbabwe Congress of Trade Unions (ZCTU) has threatened to protest against the introduction of foreign exchange licenced retailers and wholesalers demanding the Reserve Bank to lift daily cash withdrawals now at $500 000.
Source : AllAfrica | 07-Nov-2008 18:48

Pula Slips Against the Dollar, Firms Against the Rand
The pula has slipped by more than 20 percent against the dollar in the past two months as the exchange rate indirectly feels the heat of the global financial crisis.
Source : AllAfrica | 04-Nov-2008 18:13

South Africa: The Falling Rand is a Double-Edged Sword
WITH all the recent drama in South African sport it might not be advisable for us to draw correlations between any of the sporting codes and exports.
Source : AllAfrica | 04-Nov-2008 09:25

Uganda: Financial Crisis Bites As Shilling Falls
The global financial crisis has hit the Uganda shilling as offshore investors liquidate their portfolios in government securities to benefit from lower stock prices in world markets.
Source : AllAfrica | 03-Nov-2008 23:12

Tanzania: Traders Cause Run On Dar Shilling
Speculation by banks and currency dealers has created artificially high demand for the US dollar in Tanzania's financial markets, driving the country's currency to record low levels.
Source : AllAfrica | 03-Nov-2008 22:27

ZCTU Calls for Salaries in Forex
The Zimbabwe Congress of Trade Unions (ZCTU) says National Employment Councils should start negotiating for foreign currency denominated salaries in response to the prevailing environment.
Source : AllAfrica | 03-Nov-2008 13:00

Mozambique: Assembly Approves Foreign Exchange Liberalisation
The Mozambican parliament, the Assembly of the Republic, on Thursday unanimously approved a government bill amending the law on transactions in foreign exchange.
Source : AllAfrica | 30-Oct-2008 18:15

Crisis Set to Worsen as Currency Loses All Value
The country's dire economic crisis is plunging the country to new depths of desperation as the local currency, day by day, becomes completely valueless.
Source : AllAfrica | 30-Oct-2008 14:07

Foreigners Poised to Snap up Deals at Emperors Sale
NO DOUBT attracted by the weakness of the rand, owners and trainers from Turkey and Hong Kong are expected to be amongst the leading buyers at Sunday's Emperors Palace Ready-To-Run Sale in Germiston.
Source : AllAfrica | 30-Oct-2008 12:29

Namibia: Chinese Shop Owner Admits Forex Offence
An Oshikango-based Chinese businessman is in danger of losing the equivalent of more than N$4,5 million to the State after he pleaded guilty yesterday to a charge that he had tried to illegally take more than U$$431 000 out of Namibia.
Source : AllAfrica | 30-Oct-2008 11:53

Zimbabwe: Reserve Bank Looting, the Economy Sliding Into the Abyss
The World Food Programme recently issued an alarming statement on the food crisis in Zimbabwe.
Source : AllAfrica | 29-Oct-2008 22:18

South Africa: Rand, JSE-Listed Stocks 'Likely to Stay Under Pressure'
THE rand and JSE-listed stocks are likely to stay under pressure while foreigners remain net sellers of South African equities, says Stanlib economist Kevin Lings.
Source : AllAfrica | 29-Oct-2008 11:22

Uganda: Shilling to Remain Weak - Experts
THE shilling that has breached the 2,000 mark against the dollar in recent weeks will remain weak despite the central bank's assurance that the trend is short-lived, market players have warned.
Source : AllAfrica | 29-Oct-2008 08:56

Kenya: Speculators to Blame for Unusual Fall of the Shilling
Panic has gripped the financial markets. The Kenya shilling is on a free fall. And, within the private sector, debate is raging as to whether or not the Central Bank of Kenya should intervene to prevent the downward spiral of the currency.
Source : AllAfrica | 28-Oct-2008 22:52

Market Jittery Over Weakening Shilling
The appreciating US Dollar is expected to hurt the consumers as importers pass on the increased cost of doing business.
Source : AllAfrica | 28-Oct-2008 13:42

South Africa: Global Trends, Rand Hold Vehicle Makers Hostage
Vehicle production globally is still determined by the supply networks of the multinational vehicle makers, and by sustained pressure to move manufacturing to low-cost countries according to Automotive Perspectives, a PricewaterhouseCoopers report.
Source : AllAfrica | 28-Oct-2008 11:15

South Africa: Keeping Your Wits About You This Fall
ONCE upon a time, the rand was often hit hardest because it was one of the most liquid emerging market currencies and traders used it as a proxy for the rest.
Source : AllAfrica | 28-Oct-2008 08:25

Zimbabwe: Phase Out Cash Withdrawal Limits, RBZ Urged
SOME Zimbabweans have called on the Government to prosecute those individuals and bank officials implicated in the cash scam and implored the Reserve Bank of Zimbabwe to phase out cash withdrawal limits as they fuel illicit dealings.
Source : AllAfrica | 27-Oct-2008 15:27

Nigeria: NESG, Insincerity and the Economy
By the time you read this article, the Economic Summit Group would have ended its annual ritual of jaw jaw with a terminal communiqué that bears much resemblance to previous years' observations and recommendations but, as usual, would lack any depth or insight that would galvanise the Nigerian economy and mitigate the oppressive poverty of our people!
Source : AllAfrica | 27-Oct-2008 14:30

South Africa: Recession Fears Batter Currencies, Markets
WORLD markets went into a tailspin on Friday as the UK and the US confirmed recessionary fears, the Organisation of Petroleum Exporting Countries (Opec) slashed oil production and global institutions were forced to sell shares to raise cash. Stock markets plummeted and currencies came under fire.
Source : AllAfrica | 27-Oct-2008 06:54

Forex Shops Worsen Worker's Plight
THE introduction of shops selling groceries and other commodities in foreign currency might have come as a welcome relief to companies that were battling to restock, but it has actually worsened the plight of the Zimbabwean worker, still being paid salaries in the fast-depreciating local currency.
Source : AllAfrica | 24-Oct-2008 22:55

South Africa: Rand - Why 2008 is New Territory
THE Reserve Bank should stand its ground and not raise interest rates in the face of this week's rand plunge as falling commodity prices and global slowdown will ease inflation pressures.
Source : AllAfrica | 24-Oct-2008 09:51

South Africa: Rand Watching
IT'S as much the speed at which the rand exchange rate has been moving up and down as the R11-to-the-dollar plus levels it has been hitting that creates that feeling of hysteria.
Source : AllAfrica | 24-Oct-2008 09:51

Zambia: State Explains Sharp Depreciation, Increased Volatility of Kwacha
THE Government has attributed the sharp depreciation and increased volatility of the Kwacha in the last two weeks to three major factors, among them, the sharp fall in global commodity prices as a result of a slowing global economy.
Source : AllAfrica | 23-Oct-2008 17:40

Nigeria: CBN Explains Appreciation of Naira Against Foreign Currencies
Central Bank of Nigeria (CBN) yesterday gave reasons why the nation's currency, Naira, has appreciated against some foreign currencies, explaining that this was as a result of the appreciable increase in the nation's foreign reserve which stands at $63 billion.
Source : AllAfrica | 23-Oct-2008 11:36

Uganda: Shilling Drops to Lowest Level Ever
THE Ugandan shilling made history yesterday by leaping to the lowest level ever in the local foreign exchange market, trading for sh1,960 buying and sh2,125 selling against the American dollar.
Source : AllAfrica | 23-Oct-2008 10:20

Kenya: Bank Blamed for Shilling Drop
The depreciation of the shilling against the dollar was on Wednesday blamed on a commercial bank that had sought the foreign currency from other banks causing high demand in the market.
Source : AllAfrica | 23-Oct-2008 09:08

Kenya: Governor Says Currency Dip Temporary
The Central Bank on Friday moved to quell unease following an unprecedented fall in the value of the shilling this week, blaming it on speculative behaviour and hoarding of the dollar by some local banks.
Source : AllAfrica | 22-Oct-2008 12:52

Uganda: Shilling Falls Against Dollar
The American dollar has made a dramatic gain of over sh100 against the Uganda shilling in the local foreign exchange market.
Source : AllAfrica | 21-Oct-2008 15:40

Tanzania: Inflation Rises to 10-Year High
Vocational Education Training Authority (Veta) central zone director Hildegrardis Bana holds a baby girl whose mother died shortly after she was born. A Veta employee is caring for the infant in Dodoma. Looking on is Veta central zone board chairman Omar Kiputiputi.
Source : AllAfrica | 21-Oct-2008 14:14

Kenya: Shilling's Fall Defies Economic Fundamentals
What is the matter with the Kenya shilling? With the economy having a healthy current account and plenty of dollars in the commercial banking system, one would expect a stable shilling.
Source : AllAfrica | 20-Oct-2008 19:04