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African central banks to hold key rates amid virus resurgence

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Infections driven by the highly transmissible delta variant threatens to choke off lackluster economic recoveries.
By Prinesha Naidoo, Bloomberg
19 Jul 2021
06:48
Image: Adetona Omokanye/Bloomberg
Central bankers in six sub-Saharan African countries are likely to leave borrowing costs unchanged over coming weeks as a resurgence of coronavirus infections driven by the highly transmissible delta variant threatens to choke off lackluster economic recoveries.
Since monetary policy committees in some of the regionâs key nations last met, temporary restrictions on movement were imposed in western Kenya in a bid to avoid a catastrophic fourth wave of infections. In South Africa, the reintroduction of strict lockdown measures and deadly riots have emerged as key risks to economic growth. ....

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African Central Banks to Hold Key Rates Amid Virus Resu...

Since monetary policy committees in some of the region’s key nations last met, temporary restrictions on movement were imposed in western Kenya in a bid to avoid a catastrophic fourth wave of infections. In South Africa, the reintroduction of strict lockdown measures and deadly riots have emerged as key risks to economic growth.Higher oil prices may bolster economic growth in Nigeria, the continent’s top crude producer. But the increased cost of imported refined fuel will also stoke consumer-price growth, adding to pressures of rising food costs.
Although policy makers are expected to look through rising prices and only raise interest rates after the virus eases, they’ll be cautious of falling too far behind frontier markets such as Ukraine that have already started tightening, said Ayomide Mejabi, chief economist for sub-Saharan Africa at JPMorgan Chase Bank NA. Relatively lower rates may make country’s financial assets less attractive to offshore investors. ....

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African Central Banks to Hold Key Rates Amid Virus Resurgence

African Central Banks to Hold Key Rates Amid Virus Resurgence
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University Of Mauritius , South Africa , South African , Bhavish Jugurnath , Ken Gichinga , Mosope Arubayi , Neville Mandimika , Boingotlo Gasealahwe , Daniel Kavishe , Gina Schoeman , Ayomide Mejabi , Rand Merchant Bank , International Monetary Fund , African Reserve Bank , Databank Group , Jpmorgan Chase Bank , Firstrand Group Ltd , Saharan African , Saharan Africa , Chase Bank , Bloomberg Economics Says , Firstrand Group , Rand Merchant , South African Reserve Bank , Citibank South , Courage Martey ,