The sub-Saharan African economy could face a serious decline in 2016, far behind the rest of the economies in the world.
African economy
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Last week, the Bank of Egypt has increased its benchmark rates following a devaluation of local currency by 10%. The moves are believed to be parts of measures taken by the government to address the shortage in foreign currency reserves. Now, the Egyptian government has announced on Sunday a new special program to secure foreign aid and investments.
A black market for dollars has absorbed liquidity from the Egyptian banking system over stressing country’s foreign reserves. Egyptian pound has been weekend ignoring several steps adopted by CBE. Finally, it has started mulling to enact tougher regulations on regulating the foreign exchange market.
Fastjet has issued a profit warning once again owing to weak demand for flight journey. The company projects 2016 results to be below analysts' projection.
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