Bloomberg The National Bank of Ethiopia asked all commercial banks to temporarily suspend providing loans backed by collateral, such as land and buildings. The NBE’s directive follows findings that the money is being used on the black market, State Minister for Finance, Eyob Tekalign, said on Shefer FM radio. The security authorities and the central bank are taking action as ...

Bloomberg Nigeria’s state-owned Bank of Industry plans to raise as much as 750 million euros ($883 million) from international debt markets this year for lending to companies hampered by the Covid-19 pandemic in Africa’s largest economy. Financial advisers have been appointed for the issue, Chief Executive Officer Olukayode Pitan, said in a virtual interview without providing details. The lender will ...

Bloomberg The Reserve Bank of India (RBI) relaxed a rule on bank’s purchases of foreign sovereign bonds, paving the way for lenders to resume a profitable currency trade. In a notice sent to some banks, the RBI said foreign sovereign bonds wouldn’t fall under a regulatory cap that requires holdings of securities unlisted in India to be 10% or less of ...