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Africa's Quiet Cryptocurrency Revolution
October 8, 2020--Cryptocurrency transactions in Africa are growing rapidly. On a continent that already embraces mobile money, virtual currency offers advantages for a young, tech-savvy population.
Africa is undergoing an economic revolution that has nothing to do with banks and despite little sign of outdated economic policies being overhauled.
Monthly cryptocurrency transfers to and from Africa under $10,000 (€8,500) shot up by 55% over the past year, reaching a peak of $316 million in June.
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Source: allafrica.com
Fitch Upgrades Nigeria's Outlook to 'Stable'
October 1, 2020--Fitch, a global credit rating agency, has upgraded the outlook on Nigeria's long-term foreign-currency issuer default rating (IDR) to 'stable' from negative and affirmed the IDR at 'B'.
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Source: allafrica.com
Nigeria: Days of Crude Oil Are Numbered -Govt
September 28, 2020--STRONG indications emerged Monday that hardship looms in Nigeria following the nation's over-reliance on oil as the Federal Government has raised the alarm that the days of crude oil are numbered.
According to the Federal Government, it has become imperative for Nigerians to start making effective utilization of its oil wealth when it matters most before the commodity becomes worthless.
Speaking Monday in Abuja at an interactive meeting with the leadership of the National Assembly, Minister of State for Petroleum, Timipre Sylva cautioned that based on a forecast in the global oil industry, oil will in the next 20 years become less relevant in the global energy mix as the world looks beyond oil and seeks alternative sources.
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Source: allafrica.com
Africa: 'Africa Remains a Prime Investment Destination'
September 21, 2020--Regional economic experts affirmed this position during a recent African Development Bank (AfDB) webinar for Asian audiences, which also noted that the policy recommendations of the African Economic Outlook Supplement could be regarded as important opportunity for investments.
In an outcome statement shared with the media after the engagement, AfDB said participants endorsed the supplement report, which revised the growth projections and outlook for Africa for 2020 and 2021 and highlights the impact of Covid-19 on the continent's socio-economic landscape.
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Source: allafrica.com
3 East African exchanges to link before year-end 2020
September 18, 2020-Market integration across 3 East African securities exchanges is moving fast with a target of being live and online by 31 December 2020.
According to a news report, Uganda Securities Exchange, Dar es Salaam Stock Exchange and Rwanda Stock Exchange are set to start trading as a single market after connecting their trading systems to each other and hooking to the EAC Capital Markets Infrastructure (CMI) Information Technology platform.
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Source: africancapitalmarketsnews.com
Trade Finance in Africa: Trends Over the Past Decade and Opportunities Ahead
September 18, 2020--This report is the third in the "Trade Finance in Africa" research series. It uses a standardized survey of commercial banks to provide a comprehensive study of the trade finance landscape in Africa for the nine years leading up to 2019. The aim is to provide data that set a benchmark for the trade finance landscape in Africa prior to the Covid-19 crisis, and aid policy makers' support of the trade finance industry during and after the pandemic.
Besides uncovering new challenges based on trend analyses of the data, particularly those related to new regulations, it also corroborates some previous findings. The report also provides insights into the important role played by development finance institutions (DFIs) in supporting trade finance across Africa, and how that impacts banks' ability to intermediate African trade.
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Source: afdb.org
South Africa: 2020 Second-Quarter Output Down 51%
September 9, 2020--South Africa's overall economic activities decreased by 51% between April and June this year, Statistics South Africa announced yesterday.
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Source: allafrica.com
South Africa: Steep Slump in GDP as Covid-19 Takes Its Toll on Economy
September 8, 2020--The punch in the gut was severe. Perhaps the second quarter of 2020 will become known as the pandemic quarter.
South Africa's economy suffered a significant contraction during April, May and June, when the country operated under widespread lockdown restrictions in response to COVID-19.
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Source: allafrica.com
SA stocks set for worst week since May after tech rout
September 4, 2020--Concerns over lofty tech valuations dragged China's Tencent down for a second day in Hong Kong; pulling Naspers, which holds a 31% stake in Tencent, down 1.7% to a two-week low.
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Source: news24.com
Rand holds firm after breaking R17/$ barrier
August 24, 2020--The rand has gained momentum, dipping below R17/$ for the first time since the end of July.
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Source: news24.com
