October 11, 2018

Basa cheers SARB report on VBS bank

CAPE TOWN - The Banking Association South Africa (Basa) said that they fully endorsed the recommendations of the forensic investigation report into the affairs of VBS Mutual Bank (VBS), which said that the 'culprits behind the fraud and corruption that led to the collapse of the bank"...

October 10, 2018

QNB Group: Financial Results for the Nine Months Ended 30 September 2018

QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, announced its results for the nine months ended 30 September 2018. For the nine months ended 30 September 2018, Net Profit reached QAR10.8 billion (USD3.0 billion), up by 6% compared to same period last year, despite the impact of the Turkish Lira devaluation. Total assets increased to QAR853 billion (USD234 billion), up by 8% from September 2017.The key driver of total assets growth was from loans and advances which grew by 4% to reach QAR604 billion......

October 9, 2018

SA urges banks need to innovate as new banks emerge

JOHANNESBURG - South Africa will strive to allow competition into its banking system in a way that won’t threaten the stability of the industry as more and more entrants seek to rival the nation’s biggest lenders, said Kuben Naidoo, the chief executive of the Prudential Authority.

October 8, 2018

Kenya’s I&M Bank seals $40 million deal with Dutch Development Bank

To boost operations and facilitate lending to small and medium-sized enterprises (SMEs) , Kenya’s I&M bank has secured a $40 million loan from the Dutch Development Bank (FMO). While announcing the development, the Dutch lender said the facility, which has a five-year tenor, will"...

October 7, 2018

ICRC provides aid to more than 12,000 displaced returnees to Derna

The Red Cross said it has provided food assistance to more than 12,000 displaced people returning to their homes in Derna city east of Libya. The ICRC explained that this assistance is adequate to meet the needs of the displaced families for a month, adding that it has also distributed household items including blankets, beddings, cooking utensils and others. The ICRC has also delivered humanitarian assistance in cooperation with the Libyan Red Crescent to more than 49 thousand displaced persons and returnees to and from Derna since......

October 6, 2018

Price Stability Fund still waiting for CBL approval of $ 135 million bank credit

The Director of the Price Stability Fund (PSF) Jamal al-Shibani said Wednesday that the PSF has received no notification so far regarding the 135 million credits. Shibani said that the PSF will return to its original job, which is concerned with regulating and monitoring the prices of commodities in the market, after determining the dollar exchange rate in the banks. He also clarified that the PSF is seeking to find a balance between prices of the real cost of goods and the high prices put by traders, adding that they will intervene......

October 4, 2018

The Central Bank of Nigeria injects $210 million into interbank foreign exchange market

The Central Bank of Nigeria (CBN) is reported to have injected a total of $210 million into the interbank foreign exchange market.

The figures, which were obtained from the CBN, reveals that the sum of $100 million"...

October 4, 2018

Libya’s resource economy militia clashes will continue to restrain growth: World Bank

The World Bank has concluded that on-gong clashes by Libya’s militias will continue to hamper growth. It implies that as long as Libya is a rentier state, militias will continue to compete for its resources. The conclusions came in the World Bank’s October 2018 Libya Economic"...

October 3, 2018

CBL confirms readiness to start selling foreign currency for bank credits

The Central Bank of Libya (CBL) announced its readiness to begin implementing the two references made in its publications regarding the sale of foreign currency to open documentary credits, personal allowances, and medical and study remittances.

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September 20, 2018

JPMorgan faces $6 million bribe allegation from Libyan oil fund

The Libyan Investment Authority sued JPMorgan Chase & Co. in London, saying the lender paid more than $6 million in bribes to secure a $200 million bond deal.

JPMorgan’s Bear Stearns sent the payments"...