Africa Briefs
Nigerian banks below minimum liquidity ratio
Four Nigerian banks are operating with too many non-performing loans on their books and with liquidity ratios below the minimum requirement, two members of the central bank monetary policy committee said.
They did not name the lenders but said the four banks together were equivalent to at least one systemically important bank.
Financial sector stress tests showed capital adequacy ratios for the industry in Nigeria worsened to 11.51% in June, from 12.81% in April, as against a regulatory minimum of 15% for lenders with international licenses.
NPLs stood at 15.07% in June compared with 5% regulatory limit. The ratio stood at 8.17% when excluding the four lenders in question.
– Nampa/Reuters
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Tanzania wants wall around mines
Tanzanian President John Magufuli has ordered the military to build a wall around the country's tanzanite mines to counter smuggling, and said he had directed the central bank to start buying the precious stone to boost reserves.
“All tanzanite gemstones will be controlled and will pass through one gate and he (Magufuli) ordered the (central) Bank of Tanzania to take part in the tanzanite buying trade,” said a statement from the presidency.
– Nampa/Reuters
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Kenya Airways asks state help
Kenya Airways has started talks with the government, seeking its help in coping with competition from foreign carriers operating flights to its Nairobi hub.
The airline, part-owned by the state and Air France-KLM, is restructuring its finances to cut huge debts and reduce finance costs to help it return to profitability after years of losses.
The losses, caused by a slump in tourism due to frequent attacks in Kenya by militants from neighbouring Somalia, came at a time when the airline was taking on debt to buy new planes and as Gulf-based rivals ratcheted up competition.
Some of the foreign competitors enjoy massive state support including subsidies, the airline said, without providing names.
– Nampa/Reuters
Four Nigerian banks are operating with too many non-performing loans on their books and with liquidity ratios below the minimum requirement, two members of the central bank monetary policy committee said.
They did not name the lenders but said the four banks together were equivalent to at least one systemically important bank.
Financial sector stress tests showed capital adequacy ratios for the industry in Nigeria worsened to 11.51% in June, from 12.81% in April, as against a regulatory minimum of 15% for lenders with international licenses.
NPLs stood at 15.07% in June compared with 5% regulatory limit. The ratio stood at 8.17% when excluding the four lenders in question.
– Nampa/Reuters
?
Tanzania wants wall around mines
Tanzanian President John Magufuli has ordered the military to build a wall around the country's tanzanite mines to counter smuggling, and said he had directed the central bank to start buying the precious stone to boost reserves.
“All tanzanite gemstones will be controlled and will pass through one gate and he (Magufuli) ordered the (central) Bank of Tanzania to take part in the tanzanite buying trade,” said a statement from the presidency.
– Nampa/Reuters
?
Kenya Airways asks state help
Kenya Airways has started talks with the government, seeking its help in coping with competition from foreign carriers operating flights to its Nairobi hub.
The airline, part-owned by the state and Air France-KLM, is restructuring its finances to cut huge debts and reduce finance costs to help it return to profitability after years of losses.
The losses, caused by a slump in tourism due to frequent attacks in Kenya by militants from neighbouring Somalia, came at a time when the airline was taking on debt to buy new planes and as Gulf-based rivals ratcheted up competition.
Some of the foreign competitors enjoy massive state support including subsidies, the airline said, without providing names.
– Nampa/Reuters
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