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Rwanda: Financial System Stability Assessment
August 12, 2011--EXECUTIVE SUMMARY
1. Rwanda was little affected by the global financial crisis but, like its neighbors in East Africa, is in the process of transition towards a more modern, competitive, open and inclusive financial system. Following the 2005 FSAP, significant progress has
been made in restructuring and modernizing the financial sector and its legislative and regulatory framework, in the context of an extensive Financial Sector Development Plan (FSDP).
2. The National Bank of Rwanda (BNR) is now the sole regulator and supervisor
for the entire financial sector, except securities markets. By law it is granted
independence in its operations and conduct of policy, though some aspects of its independence could be reinforced. Beyond the legal amendments, the BNR has improved
its supervisory practice, conformed more to international best practices, strengthened enforcement, and taken intervention actions deliberately. The BNR still has capacity constraints and can further strengthen some of its regulations and supervisory processes.
view Rwanda: Financial System Stability Assessment
Source: IMF
JSE ends firmer, but off day's highs
August 12, 2011--JSE shares ended firmer on Friday for the second straight session, lifted by better than expected US retail sales data.
By 17:00 local time, the JSE All Share [JSE:J203] index ended 1.14% firmer at 29 826.40 points, led by resources up 1.58%, platinum miners added 0.86% but gold miners fell 2.20%.
Banks picked up 1.69%, financials were 1.31% firmer and industrials were 0.79% stronger.
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Source: FIN24
Bonds mixed in midday trade
August 12, 2011--South African bonds were mixed in midday trade on the back of some profit-taking in the market.
A local trader also said that more locals were back supporting the market.
By 11:43, the benchmark R157 bond was trading at 6.965% from 6.990% at its previous close. The R207 was bid at 7.990% and offered at 7.960% from 7.970% and the R186 was trading at 8.320% from 8.310%
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Source: FIN24
Profit taking, rand, weigh on bonds
August 12, 2011--South African bonds were weaker in late trade on Friday, which a trader said was on the back of the softer rand and some profit taking weighing on the local market.
By 15:50, the benchmark R157 bond was trading at 6.990% from 6.990% at its previous close. The R207 was bid at 8.025% and offered at 7.995% from 7.970% and the R186 was trading at 8.320% from 8.310%.
The rand was bid at 7.1841 against the dollar from its previous close of 7.1851.
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Source: FIN24
JSE off best level ahead of US data
August 11, 2011--The JSE came back slightly from morning highs, but remained in positive territory by midday on Thursday. A trader said there was mild nervousness ahead of US initial jobless data set to be released at 14:00.
By 12:05 local time, the JSE All Share [JSE:J203] index had added 0.35%, resources were up 0.65%, platinum miners added 0.33%, and gold miners gained 0.60%.
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Source: FIN24
Bonds weaker in late trade
August 11, 2011--After recent strong gains, South African bonds were up to 13 basis points weaker in late trade on Thursday, on the back of some profit taking.
By 15:50, the benchmark R157 bond was trading 6.990% from 6.900% at its previous close. The R207 was bid at 7.980% and offered at 7.950% from 7.845% and the R186 was trading at 8.330% from 8.200%.
The rand was bid at 7.2659 against the dollar from its previous close of 7.2752.
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Source: FIN24
Vulnerable rand pares back losses
August 11, 2011--- South African stocks added more than 3% on Thursday, the biggest daily percentage increase in 15 months, boosted by sentiment generated by better-than-expected US labour market data.
The rand recouped earlier losses against the dollar, largely tracking a firmer euro, but remained vulnerable to market volatility linked to global financial worries which have cast a pall on the outlook for the domestic economy.
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Source: FIN24
SA ready to act if global crisis strikes
August 11, 2011--South Africa sees a 60% chance against a global double-dip recession, and is ready to take action to buffer the local economy through managing debt, the budget deficit and providing stimulus, Finance Minister Pravin Gordhan said on Thursday.
South African markets have been battered this week in a wave of global risk aversion due to debt worries in the United States and Europe and some analysts see a possible recession that would also hit SA.
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Source: FIN24
JSE cut gains, as Dow weighs
August 10, 2011--After a firmer start, the JSE shares pared gains in the afternoon session but still managed to end in positive territory on Wednesday.
The weaker US stocks weighed on sentiment amid reports that one of the major banks in France was having financial difficulties, according to one dealer.
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Source: FIN24
Rand battered in global turmoil
August 10, 2011-- The rand weakened more than 2.3% against the dollar on Wednesday, ranking among the worst performers in a basket of emerging market currencies as global uncertainty kept investors jittery about high risk assets.
Government bonds rallied during Johannesburg afternoon trade - although they later retreated - as market players priced in a slight chance of an interest rate cut due to a bleak outlook for domestic growth, which is heavily reliant on global demand.
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Source: FIN24
