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Angola sovereign fund head named finance minister LUANDA: The chairman of oil-rich Angola's $5-billion dollar sovereign wealth fund, Armando Manuel, was named finance minister late Monday in a first cabinet reshuffle after elections last year.Manuel, economic advisor to President Jose Eduardo dos Santos, replaces Carlos Alberto Lopes, the president's office announced in a statement.No information was available on whether he would remain at the head of the sovereign fund, though he gives up his advisor post.Manuel's new job clears the way for the president's son Jose Filomeno de Sousa dos Santos to take over the fund chairmanship, according local media reports. Dos Santos junior is one of a three-man board of directors which has run the fund since its inception last October.The third director is former Standard Bank executive Hugo Goncalves.Opposition parties and civil society groups had criticised the appointment of the president's son to the board as nepotism and said it posed a corruption risk.In another ...

Central Africa to probe ousted leader Bozize BANGUI: The Central African Republic's interim government has opened a probe into human rights abuses committed under ousted president Francois Bozize, Justice Minister Arsene Sende said on Saturday. The minister told national radio he had instructed prosecutors to open an investigation "because crimes and other grave human rights violations were committed and continue to be committed by ex-president Francois Bozize and some of his allies."Copyright AFP (Agence France-Presse), 2013 ...
Tanzania warns Congo's M23 rebels to stop threats ARUSHA: Tanzania on Saturday said Democratic Republic of Congo's M23 rebels must end threats over the country's planned sending of troops as part of a UN force to tackle the insurgents."This is intimidation, they must stop it," Tanzanian foreign minister Bernard Membe told parliament. "If they provoke us, we will retaliate."Last month the M23 rebels, who operate in eastern DR Congo, warned they would retaliate if attacked by a new United Nations peacekeeping force, in ...
20 killed in sectarian violence in Nigeria: aid worker KANO: At least 20 people were killed in violent clashes between Christian and Muslim mobs in central Nigeria's Taraba state on Friday, prompting a round-the-clock curfew, an aid worker has told AFP."We have recovered 20 bodies from the violence so far," the source said Saturday, adding that the unrest had occurred in the town of Wukari, some 200 kilometres (125 miles) from the state capital Jalingo."We are still going round the town in search of ...
Egypt eyes 5.5pc budget deficit in 2016-17 CAIRO: Egypt hopes to lower its budget deficit to 5.5 percent in the 2016-1017 fiscal year from 10.7 percent in 2012/13, the finance minister told Egypt's Al-Ahram daily newspaper on Saturday.Egypt's budget deficit will reach 197.5 billion Egyptian pounds ($28.7 billion) or 9.5 percent of gross domestic product in the fiscal year starting July 1 after a revised 184.9 billion pounds or 10.7 percent in 2012-13, according to a draft budget previously seen by Reuters.The ...
Tunisia April inflation at 6.4pc TUNIS: Tunisia's consumer price inflation fell slightly to 6.4 percent in April from 6.5 percent in March, official data showed on Saturday.Food and drink prices reached 8.2 percent year-on-year, while clothing and footwear gained 7.2 percent.Tunisia's consumer price inflation jumped to 6.5 percent in March, the highest rate in at least five years, from 5.8 percent in February.Rising inflation may add to pressure on the government of Prime Minister Ali Larayedh as it struggles to ...
100 dead, rescuers trapped in collapsed Darfur mine KHARTOUM: Around 100 miners are estimated to have died inside a collapsed gold mine in Sudan's Darfur region and nine rescuers trying to free them are now trapped, a miner said on Friday."Nine of the rescue team disappeared when the land collapsed around them yesterday (Thursday)," said the miner, who had visited the scene and asked to remain anonymous.On Monday the unlicensed desert gold mine began to collapse in Jebel Amir district, more than 200 ...


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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 $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln