Latest news with #central bank
Bloomberg
19 hours ago
- Business
- Bloomberg
Ghana Moves to Hedge Gold Price to Preserve Build-Up of Reserves
Ghana is working on a program to hedge the price of gold exports as it seeks to shield earnings that have bolstered the central bank's foreign reserves from future volatility, Governor of the Bank of Ghana Johnson Asiama said. Increased production and higher prices have helped Africa's top gold miner to boost gross international reserves to $11.1 billion, Asiama said in the capital, Accra on Tuesday. The buffer is enough to cover 4.8 months of imports, he said.
Zawya
19 hours ago
- Business
- Zawya
Uganda's foreign reserves rise by a third in past year, reversing slide
Uganda's foreign exchange reserves have risen by about one-third over the past year, a senior finance ministry official said on Tuesday, reversing a downward trend that the central bank had flagged as a concern. Gross reserves stood at $4.3 billion in June, equivalent to 3.8 months of import cover and up from $3.2 billion a year earlier, the finance ministry's Permanent Secretary Ramathan Ggoobi told a press conference. Ggoobi did not say why the East African country's reserves had risen, but in a March report on the state of the economy the central bank said it had stepped up foreign exchange purchases to boost reserves. "The bank has also employed various tools, including foreign exchange swaps and cross-currency repos and plans to start gold purchases to diversify reserves in 2025," the report said. The central bank's head of financial markets was not immediately available for comment. Uganda's economy has recorded strong growth in recent years, supported by oil-sector investments and infrastructure spending, but rising government debt and servicing costs have threatened the sustainability of public finances. (Reporting by Elias Biryabarema. Editing by Alexander Winning and Mark Potter)
Bloomberg
21 hours ago
- Business
- Bloomberg
Tariffs, China Deflation Cloud South Africa CPI, Kganyago Says
South African central bank chief Lesetja Kganyago flagged that dollar depreciation because of US tariffs and deflation in China are clouding the outlook for inflation locally ahead of a rate-setting meeting at the end of the month. After reneging on plans to impose sweeping duties on US trading partners earlier this year, President Donald Trump renewed his threat to institute them by Aug. 1 unless nations reach bilateral trade deals with it. The country is South Africa's largest trading partner after China.
Bloomberg
a day ago
- Business
- Bloomberg
Singapore Central Bank Sees Slower Financial Sector Growth
Singapore will likely see slower growth in its financial sector in coming years as a confluence of trade and geopolitical tension clouds the economic outlook for the trade-dependent country, according to the central bank. While the sector advanced by 6.8% in 2024, more than double the 3.1% growth reported in the previous year, growth is not expected to 'continue at the pace of the last few years,' Chia Der Jiun, managing director of the Monetary Authority of Singapore, said at the central bank's annual briefing on Tuesday.
Bloomberg
a day ago
- Business
- Bloomberg
Singapore Managed Assets Soar, Real Estate Drops to 5-Year Low
Real estate and real estate investment trust assets run by money managers in Singapore fell to their lowest levels in at least five years, according to a 2024 survey released on Tuesday by the city-state's central bank. The country's total assets under management hit a new high of S$6.07 trillion ($4.7 trillion) as of December 31, 2024, up 12% compared to a year earlier, the report from the Monetary Authority of Singapore showed. More than three-quarters of the funds were sourced from outside the country, and 88% of the assets were invested globally.
