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Browsing: MPC
- Nigeria, South Africa, Egypt, Morocco, and Kenya are all expected to raise borrowing costs within the next two weeks
- In contrast, monetary authorities in countries such as Ghana and Angola, where inflation is on a downward trend, are expected to maintain current rate
- US monetary tightening could slow due to banking turmoil, weakening demand for the dollar.
Major central banks in Africa are preparing to raise interest rates in order to combat persistent inflation and prevent a sell-off in their assets exacerbated by an uncertain financial system following the recent collapse of US lender Silicon Valley Bank and stress at Credit Suisse Group AG.
Nigeria, South Africa, Egypt, Morocco, and Kenya are all expected to raise borrowing costs within the next two weeks.
In contrast, monetary authorities in countries such as Ghana and Angola, where inflation is on a downward trend, are expected to maintain current rates. Six smaller African
Tanzania economy is projected to grow at 5.6 per cent, the central bank of Tanzania (BoT) revealed during its May 28, 2021, Monetary Policy Committee (MPC).
As Tanzania ascend towards marking a year since upgraded to a low-middle-income country, it has been taking serious steps to revamp its economy, by reshuffling its investment and trading operations.
Unlike 2020 whereas the entire world was battling COVID-19 this year the MPC noted that it was “pleased with good performance of the economy, which is amid global spillover of the adverse impact of the pandemic. Growth is estimated at 4.8 per cent in 2020, lower than the projection of 5.5 per cent, reflecting the adverse impact of the pandemic”
Further, the committee noted that the economy in 2021 will be reinforced by several sectors particularly construction, agriculture and transport and communications activities.
These projects are rather quite far from the African Development Bank …