Russian banks’ record mortgage lending growth in 2023 shows signs of overheating in the sector, Alexander Danilov, director of the central bank’s banking regulation and analytics department, said on Tuesday. Bank’s mortgage loans portfolio grew by a record 34.5% last year, the central bank said in a report, and the sector posted record profits of […]
The Islamic Development Bank (IsDB), the Lives and Livelihoods Fund (LLF) and the Government of Benin launched a US$ 20 million initiative titled ‘Integrated Agriculture Value Chain Development Project (PDI-CVA)’. The project was launched at a ceremony in the Préfecture of Collines in Dassa-Zoumè. Over five years, the PDI-CVA Project will work with local farming […]
Chinese Vice Premier He Lifeng on Monday called for greater support for high-quality listed companies in an effort to help stabilise the capital market, the Xinhua News Agency reported. He made the remarks at a national video conference on promoting the high-quality development of listed companies. The push for premium listed firms will help high-level […]
The UAE’s largest lender is expecting oil prices to average $80 per barrel in 2024 in a “cautiously optimistic” forecast following record crude demand from India and China in 2023 and strong recovery in global air travel. First Abu Dhabi Bank (FAB) said in its newly launched ‘Global Investment Outlook 2024’ that geopolitical risks are […]
The Kenyan Shilling, one of Africa’s worst-performing currencies in 2023, recently experienced a gain of 0.73 percent against the US dollar. The currency has not had this sort of gain in over 3 years, as the Shilling went from 161.36 on Monday to 160.19. This marks an interesting milestone given the currency’s seemingly persistent depreciation. […]
Binance founder and former CEO Changpeng Zhao has been denied permission to return to the UAE by a US federal judge as he awaits sentencing for anti-money laundering failures. Zhao, popularly known as CZ, was denied permission to return to travel to the UAE, where he bought a home in 2021, despite offering $4.5 billion […]
South Africa’s central bank maintained its key lending rate as economists expected on Thursday, saying it did not yet see a clear disinflation trend that would justify cutting rates. It was the fourth meeting in a row that the bank left its repo rate ZAREPO=ECIon hold at 8.25%. All 20 economists polled by Reuters had […]
The Central Agency for Public Mobilization and Statistics (CAPMAS) revealed that the value of trade exchange between Egypt and Somalia increased to $56.3m during the first 11 months of 2023, compared to $44.5m during the same period in 2022, marking a 26.5% increase. According to CAPMAS data, the value of Egyptian exports to Somalia increased […]
The monthly inflation rate in South Africa eased again in December, dropping 0.4 percentage points to 5.1 percent as food price hikes slowed, official data showed Wednesday. The average inflation rate for 2023 was 6.0 percent, 0.9 percentage points lower in 2022 and matching the upper limit of the central bank’s official target range, national […]
China’s central bank announced a deep cut to bank reserves on Wednesday, in a move that will inject about $140 billion of cash into the banking system and send a strong signal of support for a fragile economy and plunging stock markets. The central bank’s announcement, coming just as stock markets were closing for the […]