VenturesNow

Month after breaking ties, Algeria finance body lifts banking restrictions on Spain

Published

2 years ago

July 29, 2022

Professional association of Banks and Financial Establishments (ABEF) in Algeria has revealed that it has lifted restrictions on banking operations for foreign trade with Spain.

The President of the Algerian-Spanish Circle of Commerce and Industry who lauded the lifting of the restriction remarked that many Algerian companies had suffered from it, especially those which imported industrial and agri-food products.

Recall that Algeria in June severed a “friendship treaty and cooperation” it entered into with Spain in 2002 after Madrid altered its long-standing position on Western Sahara, a former Spanish colony, to back Morocco’s autonomy project for the disputed colony.

The break ushered in direct debits for goods and services to and from Spain with the exception of gas supplies had been suspended since June 9. A position that has caused confusion among customs authorities who had been asking the Algerian government to clarify how to apply such restrictions on non-Spanish products transiting through Spain.

Algerian-Spanish relations are not strained by a direct territorial dispute like other North African countries like Morocco; there have been however discrepancies over the approach to the Western Sahara conflict. But the recent move to severe relationship with Spain has threatened to jeopardize relations with the European Union. It is hoped that things would straighten out with the lifting of the restriction.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

23 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”