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Middle East & Africa


Ivory Coast lifts cocoa and coffee export ban on Ecom unit ABIDJAN: Top cocoa grower Ivory Coast has reinstated the export licence of Swiss agricultural trader Ecom Agroindustrial Corp Ltd's local unit, rescinding a ban imposed in a dispute over farmer bonuses, a document from the marketing board showed.The Coffee and Cocoa Council, CCC, imposed the suspension, which also barred Ecom subsidiary ZAMACOM from participating in cocoa auctions, on Feb. 4.Several farmer cooperatives had complained to the CCC that ZAMACOM owed them premium payments for certified cocoa produced during the 2012/13 season.Ecom denied it had failed to make the payments.Ecom has agreed to take over Armajaro Trading (ATL), the loss-making trading arm of London-based Armajaro Holdings Ltd, though the deal is subject to approval by EU competition authorities. Following the suspension, ATL voiced fears that the dispute risked scuppering the deal."The CCC lifts the export suspension on the company ZAMACOM starting from this day," read a note to CCC agents signed ...

Kenya's top grade coffee price stable at $390 per bag NAIROBI: The maximum price of Kenya's benchmark coffee grade was unchanged at $390 per bag at this week's sale, the Nairobi Coffee Exchange said.The east African nation is a fairly small producer of the beans but global roasters usually buy the crop, to blend with coffee from other producers, which offer beans with a lower quality. Grade AA sold for $232-$390 per 50 kg bag while a bag of grade AB coffee fetched $204-$316 per ...
Egypt estimates local wheat crop at 9mn tonnes CAIRO: Egypt estimates its local wheat crop at 9 million tonnes, according to a state newspaper that cited a government report, lower than the 9.5 million tonnes the Agriculture Minister had predicted.Traders surveyed in a Reuters poll estimated this year's crop at around 7 million tonnes, in line with the previous harvest. The government's estimates are consistently below those of private traders.Egypt, the world's biggest wheat importer, is aiming to boost domestic production in an ...
Uganda coffee exports up 12pc yr/yr in March KAMPALA: Uganda's coffee exports in March rose by 11.9 percent year-on-year to 348,423 60-kg bags, helped by end-of-season stockpile clearance, a source at the state agency said on Friday."We're soon moving into a new season... perhaps most exporters wanted to clear out their stores so they have more room to accommodate the new crop," said a source at the state-run Uganda Coffee Development Authority (UCDA). Harvest season is now at the tail end in central ...
Mali gives gold permits to five mining firms: government official BAMAKO: Mali has granted gold permits to five companies to operate and extract from gold mines with total reserves of 9.7 million ounces, a senior official in the ministry of mines told Reuters on Thursday.The companies given permits are Papillon Resources, Robex Resources, New Gold Mali SA, Glencar Mining and Etruscan Resources, Hassimi Sidib?, technical advisor in the ministry, said.Mali is Africa's third largest gold producer. Copyright Reuters, 2014 ...
Iraq issues tender for at least 30,000 tonnes rice BAGHDAD: Iraq issued a tender to buy a minimum of 30,000 tonnes of rice, with long-grain supplies coming from the United States, Uruguay, Argentina, or Brazil, a trade ministry statement said on Monday. The tender is also seeking fragrant and parboiled rice from Thailand or Vietnam, the statement said. The closing date for the tender is April 20 and offers must be valid until April 24. Volumes in Iraq's rice tenders are nominal and the ...
Ivorian cocoa fetches strong premiums as demand booms ABIDJAN: Cocoa beans in some parts of Ivory Coast are selling at more than a 100 CFA franc premium to the minimum farmgate price, farmers and exporters said, as grinders and exporters rush to secure high-quality stocks.The mid-crop marketing season in Ivory Coast, the world's top cocoa producer, started on April 1. Last week, the government maintained the guaranteed minimum cocoa farmgate price at 750 CFA francs ($1.57) per kilogramme.A purchasing manager at an Abidjan-based ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln