Inflation in Zimbabwe soared at 175.66% at the end of June this year, the highest rate in 10 years, local media revealed. The previous month, the rate was 97.9% and was already regarded as a threat. Observers fear a situation like the hyperinflation period that put the country in a crisis whose effects continue to be felt on the economy. This further increase in inflation comes less than three...

Some Nigerian investors, shareholders in insurance companies, have submitted a request asking the national insurance regulator to give them additional 3 or 5 years on the initial deadline to comply with the minimum capital requirement. This was reported by local media. Initial deadline was June 30, 2020. The investors say the additional time will enable them mobilize funds needed for the...

The President of Zambia removed yesterday July 14 the Finance Minister, Margaret Mwanakatwe (photo), who took office last year, an official statement informed. She is replaced by Bwalya Ng'andu, Deputy Governor of the Zambian Central Bank who is taking office today July 15, 2019.The statement gave no details about the President’s decision but this dismissal occurred in a context where Zambia is...

The Egyptian ICT Minister, Amr Talaat (photo), inaugurated last week the country’s new National ICT Monitoring Center.The center is affiliated with the National Telecommunications Regulatory Authority (NTRA) and based in the Smart Village. With this new development, the Egyptian government is confirming its ambition to improve the quality of telecommunications and Internet services provided to...

The President of Chad, Idriss Deby, ordered on July 13 the lifting of the ban imposed on social media usage more than a year ago (in March 2018). The Head of State instructed “relevant services in the e-communication sector to lift, with immediate effect, all restriction measures on social media.”The decision was announced at the end of the country’s first digital forum “Digital Chad,”...

Qatari Majda group bought, through its Tunisian arm Majda Tunisia, the 20.9% stake held by the holding company Triki in the capital of the Islamic bank Zitouna Bank. The operation costs TND11.88 million and concerns nearly 25 million shares sold at TND4.460 dinars each. The Qatari group, which previously held 79% of the capital of Zitouna Bank, thus increased its stake to 100%. Triki realizes a...

The government of Chad launched on July 11 its first digital forum “Chad digital” themed “20 years after restructuring of the postal and telecommunications sectors: assessment, challenges and prospects.” According to the telecoms minister, Idriss Saleh Bachar (photo), “remarkable progress has been made in reducing Chad's digital gap and consequently setting a new era for the...

The Republic of Congo will benefit from $448.6 million granted by the International Monetary Fund IMF to fund its economic reforms. This was reported this week by the institution. Monies will be granted under the 3-year Extended Credit Facility (ECF), signed in 2016, which aims to help Congo restore macroeconomic stability, including debt sustainability, and lay the foundations for higher...

The International Finance Corporation (IFC) which manages the Global Agricultural Food and Security Program (GAFSP), an initiative targeting high-impact agribusiness projects in high-risk countries, has approved a €2.5 million ($2.8 million) loan to Mali Shi, a Mali-based agribusiness operating in the shea sector. With this support, the company plans to set up a modern shea processing...

Following meetings with the US Departments of Commerce and Treasury, and Citigroup officials, the DRC Banks’ association (Association des Banques en République Démocratique du Congo ABC) announced it is developing strategies to combat money laundering. The move is to keep accessing international clearing services. Under the measures, ABC plans to strengthen the compliance monitoring services...