First Independent Mena Newspaper
Tanzania’s central bank will begin selling US dollars to commercial banks to boost liquidity amid high demand for foreign currencies. “The initiative aims to ensure adequate foreign currency liquidity in the market. In addition, it intends to ensure customers’ demands for foreign currency are met through licensed financial institutions at the prevailing market prices,” the […]
The Commercial Bank of Ethiopia (CBE), the biggest lender in the country, issued a deadline, asking people who have withdrawn or transferred money from the bank during the technical glitch to return the funds or face prosecution. Up to 40 million dollars have been withdrawn during the technical failure that took several hours to repair […]
The EU plans an aid of up to €164.5 over three years to help Tunisia stop migrants from crossing to Europe, the Financial Times reported. The EU funding will be invested in a training academy for the country’s national maritime guard, implemented with German federal police, it said. The funds will also help equip the […]
Morocco’s central bank has decided to maintain the current key rate at 3 percent and expects the country’s economic growth to be limited to 2.1 percent in 2024, before rebounding to 4.3 pc in 2025. During its first meeting of 2024 held Tuesday in Rabat, the Board of Bank Al Maghrib said the key rate […]
East African central banks are being forced to hike interest rates to contain renewed inflationary pressures emanating from surging shipping and insurance costs due to the disrupted crucial trade routes between Europe, the Middle East, and Asia in the Red Sea. The ongoing Red Sea crisis, involving attacks by the Iran-supported Houthi group based in […]
The French Development Agency (AFD) will contribute €134.7 million to the public policy budget and the support program of the 2022-2026 roadmap for the reform of Morocco’s national education system. The related loan protocol and financing agreement were signed in Rabat this Monday by Minister in charge of the Budget, Fouzi Lekjaa, and the French […]
Morocco has offered 1 billion dirhams so far in reconstruction aid to 51,300 households hose houses were totally or partially destroyed in the September 7 quake that hit the High Atlas. The government has offered 20,000 dirhams in a first stage aid to families to start rebuilding their homes and started disbursing a second batch […]
The African Development Bank has lent €100 Million to Morocco’s Communal Equipment Fund to support sustainable infrastructure projects aimed at reducing territorial and social disparities in the North African Kingdom. The loan agreement was signed Friday in Rabat by the African Development Bank (AfDB) and le Fonds d’équipement communal (FEC). The money will serve to […]
The expectation for an ECOWAS single currency to be launched by 2027 is no longer realistic, according to the director-general of the West African Monetary Zone (WAMZ), Olorunsola Olowofeso, who imputed the delay to the inability of all the WAMZ member states to meet all the required criteria. “The quest for a single currency by […]
Nigeria said it had secured 1.3 billion dollars needed to build a rail connection with neighboring Niger, a landlocked country. The news was announced by Nigeria’s transport minister Ahmed Alkali who said the China Civil Engineering Construction Company (CCECC) would provide 85 percent of the money while the Nigerian government would provide 15 percent. The […]