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IMF Staff Concludes Visit to Nigeria
July 13, 2018--Higher oil prices and portfolio flows have helped strengthen fiscal and external buffers.
The outlook for 2018 remains challenging, as private sector lending remains low and foreign exchange inflows are mostly short-term.
Action on a coherent set of policies to reduce vulnerabilities and increase growth over the medium term remains urgent.
An International Monetary Fund (IMF) staff team led by Amine Mati, Senior Resident Representative and Mission Chief for Nigeria, visited Nigeria from June 27 to July 9, 2018 to discuss recent economic and financial developments, update macroeconomic projections, and review reform implementation. At the end of the visit, Mr. Mati issued the following statement:
"Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. International reserves remained stable at about $47 billion, supported by some convergence in existing foreign exchange windows, and despite some reversal of foreign inflows since April. Inflation declined to its lowest level in more than two years."
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Source: IMF
Softer close for the JSE after bourse erases earlier gains
July 6, 2018--The JSE erased earlier gains to end the day softer as blue-chips lost their earlier momentum.
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Source: FIN24
JSE closes weaker after relatively slow trading session
July 5, 2018--The JSE closed weaker on Thursday following another flat trading session in which the local bourse struggled to find a catalyst for direction.
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Source: FIN24
JSE stages late recovery on firmer Financials
July 4, 2018--The local bourse managed to close firmer despite trading mostly weaker for most of the session.
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Source: FIN24
Rand firms against dollar in early trade
July 3, 2018--The local currency strengthened 0.5% to trade at R13.75 against the dollar on Tuesday morning, by analysts think it unlikely it will fall below R13.65.
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Source: FIN24
JSE retreats as trade concerns linger
July 2, 2018--The JSE retreated as global equity markets slowed down due to increasing trade war concerns.
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Source: FIN24
Rand down nearly 1% against dollar in early trade
July 2, 2018--Analysts say geopolitics-especially the trade war between China and the US over market access and tariffs-are likely to keep the local currency on the back foot.
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Source: FIN24
Africa:African Banks Consider Chinese Yuan, But Risks Loom
July 2, 2018--More than a dozen African countries have been weighing the merits of adding the Chinese yuan to their mix of foreign reserves, discussing the idea at a gathering of officials last month in Harare, Zimbabwe.
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Source: allafrica.com
JSE manages to close firmer after weaker start
June 28, 2018--The JSE advanced on Thursday despite a slow start which saw it briefly trade in the red.
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Source: FIN24
Rand in for a 'bumpy ride'-analyst
June 29, 2018--The rand has taken the biggest hit among other emerging market currencies due to poor economic growth, wage talks at Eskom and unfavourable financing needs, says an analyst.
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Source: FIN24
