Home2020April 2020 - The Trading Room

National Bank Of Rwanda Drops Lending Rate To 4.5%

The National Bank of Rwanda (BNR) has cut the Central Bank Rate (CBR) from 5% to 4.5% to support commercial banks to continue financing the economy following recent negative economic developments caused by the COVID-19 pandemic. The decision was made by the Monetary Policy Committee (MPC) on April 29, 2020 that had met to assess recent economic developments at global and national level. The meeting was held amidst global economic challenges caused by the pandemic...

Oil Swings Wildly After Index Bails Out of June Contract

While the market is being hit by financial flows, Russia warned that there will be no quick fix to low prices. The nation’s energy minister, Alexander Novak said Tuesday that the oil market may only start to rebalance in the second half. Prior to the output cuts, which begin on May 1, supply from the Organization of Petroleum Exporting Countries climbed to over 31 million barrels a day, according to Geneva-based tanker tacker Petro-Logistics.

The Trading Room: Weekly Market Review – Week 17, 2020

The Nairobi Securities Exchange closed the week on a high note with 134 Million shares valued at Kes.4.3 Billion against the 79.8 Million shares valued at Kes.2.38 Billion transacted the previous week. The NSE 20 share index was down 5.98 points to close at 1967.84 basis points. The NSE All Share Index (NASI shed 0.15 points to settle at 135.78. The NSE 25 Share index was up 30.30 points to stand at 3175.45.

Turkish Lira Currency Crisis far from Over.

The rand has slumped 25% against the dollar this year, compared with the lira’s 14% decline. South Africa’s currency has been hit by a credit downgrade to junk, a slump in commodity prices and the spread of the coronavirus. While Turkish state lenders have been selling billions of dollars to help prop up the lira, South Africa’s authorities don’t intervene in the currency market.

Fitch Says Kenya’s COVID-19 Measures Will Lead to Faster Increase in Debt

Fitch expects Kenya's general government debt to continue rising through FY22 to reach about 70% of GDP. This is higher than our pre-coronavirus forecasts, which saw debt peaking at 65% of GDP. As domestic Treasury auctions are typically undersold, much of the increased borrowing in FY21 and FY22 will have to come from external sources, leading to an increase in Kenya's external debt, which is already high compared with 'B' rated peers.

Peter Ndegwa Officially takes over as Safaricom’s CEO

Peter Ndegwa is the third substantial chief executive of the company following in the footsteps of Joseph ( 2000-2010 ) and the late Collymore (November 2010-July 2019 ). He has a big shoe to fill owing to his predecessors’ success at the Nairobi Securities (NSE)-listed telco, which has remained a leading service provider, accounting for 64.8 per cent of mobile subscriptions in the country.

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