May 26, 2014

Kenya central bank shows ready to defend weakening shilling

NAIROBI, May 26 (Reuters) – Kenya’s central bank has shown
its intent to defend the ailing shilling by selling dollars and
then declaring on Monday it has deep enough foreign reserves to
cushion the currency against shocks, traders said.

The shilling has been on the back foot all year, hurt by
lower than expected dollar inflows into the tourism and tea
sector. A spate of bombings more recently have added to worries
that if a slump in tourism is sustained and deepens it could
shave a percentage point or more off growth, economists say.

May 26, 2014

Visa pushes for more access to barely-tapped Ethiopia

ADDIS ABABA, May 26 (Reuters) – Visa Inc., which is
piloting Ethiopia’s first international debit card, is seeking
to persuade the government to ease tight restrictions on banks
in an effort to boost the use of electronic payments.

Ethiopia has one of Africa’s fastest-growing economies but
few people in the Horn of Africa nation of 90 million have bank
accounts and the range of services is limited.

May 26, 2014

Ethiopia pushes retail door ajar to foreigners

ADDIS ABABA, May 26 (Reuters) – Ethiopia has pushed the door
ajar for foreign retailers keen to enter the fast-growing market
of 90 million people, welcoming them as managers but keeping the
state in control.

It is a tantalising, if limited, offer for firms such as
Walmart of the United States and Kenya’s Nakumatt
supermarket, which already have stores elsewhere on the
continent and would like a foothold in sub-Saharan Africa’s
fifth biggest economy.

May 19, 2014
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