VenturesNow

Egypt’s central bank reviews cash withdrawal limits amidst dwindling economy

Published

2 years ago

August 26, 2022

The central bank in Egypt has review its monetary policy by increasing the maximum amount of cash customers are allowed to withdraw from their bank accounts.

Egypt’s apex bank, on Thursday also removed restrictions on how much they could deposit entirely.

Following the country’s struggling economy, ex-central bank governor, Tarek Amer resigned on two weeks ago.

The bank’s newly appointed governor Hassan Abdalla announced in a circular that Egyptians can now will withdraw up to 150,000 pounds. The central bank under a rule enacted in 2020 had restricted withdrawals to 50,000 Egyptian pounds ($2,600).

Egypt’s economy has been on a downward sloop and the country has been in had discussions with the International Monetary Fund (IMF), in July for financial input.

Despite the moves for financial aid, soaring price of food and rising inflation currently at 13.6% persist.

It is yet to be seen how much the latest review of its monetary policy will ultimately affects its economy. Bankers say the limits helped tamp down the black market in foreign currency by reducing the amount of available cash.

VenturesNow

Nigeria signs deal for aircraft maintenance facility

Published

2 days ago

November 11, 2024

Ifeoluwa Dada

To build an aircraft maintenance, repair, and overhaul facility, the Nigerian government, acting through the Ministry of Aviation and Aerospace Development, has partnered with a private company in a public-private partnership.

Details of the agreement were given by a Ministry of Aviation representative, who spoke on condition of anonymity because they were not authorised to discuss the subject. The representative explained that the new facility would function as an Approved Maintenance Organisation under the Nigerian Civil Aviation Authority’s regulations.

The representative said, “AMO approved by the NCAA is meant to perform specific aircraft maintenance activities, which activities may include the inspection, overhaul, maintenance, repair, and/or alteration and release to service of aircraft or aeronautical products.”

Nigeria, which is the most populous country in Africa, is a major destination for more than 22 international airlines. Over 78 nations now have bilateral air services agreements with Nigeria.

According to the ministry source, this facility is the first of its kind in Nigeria and is intended to address the increasing maintenance requirements of domestic aircraft, which currently frequently necessitate costly and time-consuming journeys to foreign maintenance facilities.

The actual “date of commercial operations will be the date on which the NCAA grants the concessionaire approvals and licenses as required by the concessionaire in the agreement,” the ministry continued, adding that the exact start date for construction and ultimate operations is still unclear.

The source added that “all necessary activities are underway to make the contract effective.”

The official responded, “I don’t have those timelines,” when questioned about them. Before we discuss the actual building and management of the facilities, we are working quickly to complete a few tasks that will make the contract effective.

Festus Keyamo, the country’s minister of aviation and aerospace development, announced in August that he had finalised plans to start the bidding process for the construction of maintenance, repair, and overhaul facilities.

The minister stated that the action was a component of the government’s endeavour to improve the nation’s aviation infrastructure and lessen dependency on foreign MRO services. Due to the project’s high capital requirements, he also declared his intention to pursue a significant project using a Public-Private Partnership approach.

Nigeria’s economy and transportation sector both heavily rely on civil aviation. Nigeria boasts 23 operating domestic airlines, 20 airports, several regulated airstrips and heliports, 554 certified pilots, 913 qualified engineers, and 1700 cabin crew members.

VenturesNow

Logistics giant Grindrod suspends Mozambique port activities after border closure

Published

3 days ago

November 10, 2024

Ifeoluwa Dada

Following a violent crackdown on post-election protesters, South Africa has temporarily closed the main border with its northeastern neighbour due to safety concerns, prompting logistics giant Grindrod to cease port and terminal operations in Mozambique, the company announced on Thursday.

As underfunded state-owned port and rail businesses struggle to offer appropriate services, the suspension will impact the movement of commodities and goods in an area already facing logistical difficulties.

As opposition supporters protest what they claim is a rigged election victory by Frelimo, the party that has controlled Mozambique since 1975, at least 18 people have been killed in the protests, according to human rights organisations.

Following reports of cars being set on fire on the Mozambican side, South Africa’s border authorities announced on Wednesday that it had closed the Lebombo border. Following the border closure and rail service suspension, Grindrod stated it has halted port and terminal operations in Maputo and Matola.

Along with DP World, the Mozambican Railway Corporation, and Gestores, a private Mozambican corporation, the company is a member of a consortium that was given a concession to run the Maputo port.

Due in part to higher coal and chrome export volumes that were diverted from South Africa, where state-owned Transnet is unable to offer sufficient rail and port capacity, Maputo port had record volume increases in 2023.

A record 31.2 million metric tonnes of cargo, primarily minerals including coal, copper, chrome, and ferrochrome, were handled by Maputo port in 2023, a 16% increase over the previous year.