By Business Daily Africa Kenya will finally launch its international financial centre in the capital Nairobi today after years of preparation to attract large foreign firms and boost capital flows. The Kenyan hub is expected to model Nairobi as a financial district in line with existing financial centres in European, Middle East and the Far

By Reuters Turkey’s annual inflation rate jumped to a 24-year high of 78.62% in June, data showed on Monday, just above forecast, driven by the impact of the Ukraine war, soaring commodity prices and a slide in the lira since a December crisis. Inflation has surged since last autumn, when the lira slumped after the

By Reuters Cryptocurrencies are the solution to tackling financial exclusion in the Central African Republic, its President Faustin-Archange Touadera said on Sunday, citing the cost of opening bank accounts. “The alternative to cash is cryptocurrency,” Touadera said at a launch event for crypto initiative Sango hosted by the country, after it became the first African

By Daily Sabah The Somali government has granted operating licenses to Turkish Islamic lender, or participation bank, Ziraat Katılım, becoming the first Turkish international bank to operate in the Horn of African country. After a meeting in the capital Mogadishu, Somalia’s central bank said in a statement that it has granted permission for two international

National Treasury Principal Secretary Julius Muia By Business Daily Africa Kenya will get the new tranche of Sh28 billion from the International Monetary Fund (IMF) in the new financial year, a delay that could complicate the funding of the budget in an election year. Treasury Principal Secretary Julius Muia said the money, which is the

By Reuters The nosedive in cryptocurrency markets has wiped out millions of dollars in funds stolen by North Korean hackers, four digital investigators say, threatening a key source of funding for the sanctions-stricken country and its weapons programmes. North Korea has poured resources into stealing cryptocurrencies in recent years, making it a potent hacking threat

By Anadolu Agency The European Central Bank (ECB) will “go as far as necessary” to ensure that inflation stabilizes at the bank’s 2% target over the medium term, the bank’s president said on Tuesday. Speaking at the ECB Forum in Portugal’s Sintra, Christine Lagarde stressed that inflation in the euro area is “undesirably high” and

The logo of Swiss bank Credit Suisse is seen at its headquarters at the Paradeplatz square in Zurich, Switzerland October 1, 2019. Reuters/Arnd Wiegmann By Reuters Credit Suisse was convicted by Switzerland’s Federal Criminal Court on Monday of failing to prevent money-laundering by a Bulgarian cocaine trafficking gang in the country’s first criminal trial of

By Reuters Russia defaulted on its international bonds for the first time in more than a century, the White House said, as sweeping sanctions have effectively cut the country off from the global financial system, rendering its assets untouchable. The Kremlin, which has the money to make payments thanks to oil and gas revenues, swiftly

Akinwumi Ayodeji Adesina, President of the African Development Bank Group Reuters/Luc Gnago By Reuters Africa must wean itself off dependence on food and medicine imports, the president of the African Development Bank (AfDB) said, as the institution approved creation of a pharmaceutical tech foundation and began processing requests for food relief. Africa was hit hard