First Independent Mena Newspaper
The Central Bank cut its benchmark interest rate to 2% to boost economic activity, which, like elsewhere in the world, is expected to reel under the impact of the coronavirus outbreak. Drought has complicated the outlook for Morocco, which expected a contraction of agricultural output plunging growth to 2.3%, according to the central bank. The […]
Benabderrahmane Aymane was appointed Governor of the Bank of Algeria, in replacement of Ammar Haiwani who was acting Central Bank Governor since April 2019. The announcement was made by the presidency in a statement. The Bank of Algeria recently made the headlines after issuing a note, ordering banks to require their customers to provide proof […]
The Bank of Central African States, also known as Banque des Etats de I’Afrique Centrale (BEAC), this week said the prices of 28 commodities exported by the six states of the regional bloc (CEMAC) accounting for 90% of export values, declined by 6.2% during the first quarter of 2019. The regional bloc consists of Cameroon, […]
Algeria’s economic growth dropped to 2.2% in 2017, down from 3.3% in 2016, due to a decline in the performance of the energy sector, the central bank said. The same source noted that inflation dropped to 5.6% instead of 6.4 in 2016, while the balance of payment was reduced by $3 billion to stand at […]
Tunisia’s economic indicators are “frightening” as the country is unable to defend its currency “even if it wanted to,” and must instead focus on narrowing its trade deficit to revive the economy, Central Bank Governor Marouane El Abassi said. The statement reflects the depth of the country’s economic and financial crisis after the Central Bank […]
As it heads straight to insolvency, Algeria insists on shunning foreign debt as it resorts to unconventional measures involving the Central Bank money printing to delay an impending bankruptcy in the absence of genuine reforms. After Algerian Prime Minister Ahmed Ouyahia announced a five-year plan to reduce his country’s ballooning budget deficit by borrowing directly […]
Morocco’s Central Bank, Bank Al-Maghrib, decided Tuesday to maintain its key interest rate unchanged at 2.25 % during the third quarterly meeting of its Board of Directors which expects a 4.3% growth in 2017. After analyzing recent economic developments and reviewing the macroeconomic forecasts, the Board deemed as “appropriate” the decision to uphold the key […]
Tunisia’s economy will witness little growth this year (2 per cent) and next year (3.5 per cent) with tourism and agriculture sectors still in difficult situations, the Central Bank announced. The Central Bank’s report indicates that contrary to 2015 marked by a growth rate estimated below 1 per cent, hitting nearly 0 per cent, Tunisia […]
A new presidential decree coming into effect this February 1 will increase import duties on luxury goods from 10% to 40% as the government tries to boost its foreign reserves and ensure that they are spent on essential products while hoping to contribute to an increase in demand of local products. Ahmed Shiha, head of […]
The new Egyptian parliament has approved the controversial anti-terrorism law. The law provides for heavy fines on journalists who contradict the official version of any militant attack casualties, protects security personnel from being prosecuted and authorizes them to use force during disturbances and public disorder. The legislation also provides for the setting up of special […]