Finance News 15 May 2020

Summaries of today's leading financial news
Finance News 15 May 2020
Daily Finance News Highlights are a www.hotwireprc.com service to our top clients, with daily alerts on what is making Botswana's finance news. Source: Hotwire

Banks credit extension on the rise – credit extension by commercial banks continued to rise this year, registering a growth of 10.2 percent for the 12 month period preceding February. (The Voice)

EU listing of Botswana is hypocritical – On May 7 2020, the European Commission outlined a new action plan to combat money laundering and terrorism financing in European member countries. (Mmegi)

Insurers pitch billion Pula plan to “Corona-proof” economy – Insurers have proposed an insurance pool to be supported by Government and premiums from businesses that would protect the economy from the effects of future pandemics and other devastating shocks such as natural disasters and terrorism. (Mmegi)

COVID-19: Top 10 savings and budget tips - The Coronavirus (Covid-19) pandemic has brought with it great change, and some degree of anxiety as we find the need to adapt not just our ways of working and behaviours, but our money management too. The State of Emergency period, and indeed the extreme social distancing period, mean our spending and earning habits are likely changing. Now, more than ever before, prudent money management is vital. (Mmegi)

FNBB supports SMMEs – FNBB has taken a step to empower SMMEs by procuring 60,000 bottles of water worth P246,000 from four local youth-owned businesses in Gaborone, Maun and Serowe. (Mmegi)

Inflation to remain low – The Bank of Botswana expects inflation to trend below 3& for most of the rest of the year, only rising above that level in the last quarter of the year. (Mmegi)

Letshego’s BSE run slows, but analysts see 156% upside – Researchers at Stockbrokers Botswana believe Letshego Holding’s shares have the potential to reach up to P2.10, about 156% higher than the level at which the counter closed at on Friday. (Mmegi)

Fed may curb bank’s dividends due to virus crisis – The Federal Reserve could curtail Wall Street banks’ ability to pay dividends by cracking up the amount of capital they need to maintain due to the corona virus crisis. (Mmegi)

Gov’t bonds dominates market – Government bonds continue to be the biggest contributor to the domestic bond market, a new market report shows. (Botswana Guardian)

Credit goes up on low interest rate - More and more consumers approached commercial banks for credit and were subsequently granted the same during the full year to February 2020. (Botswana Guardian)

Ireland joins AfDB – Th Republic of Ireland has become the African Development Bank Group’s 81st shareholder. (Botswana Guardian)

IMF should cancel debt – Over 300 lawmakers from around the world on Wednesday urged the International Monetary Fund and World Bank to cancel the debt of the poorest countries in response to the coronavirus pandemic. (Botswana Guardian)

Inflation to shoot above central bank’s target - The reserve bank’s latest trade and industry survey has indicated that the business community is anticipating inflation to rise above the medium term target, this year. (Botswana Guardian)

Why did EU lie about Botswana? - The European Union has dealt Botswana a huge reputational damage by publishing information that has not been updated let alone approved by the EU Parliament on the Botswana’s Anti – Money Laundering and Combating the Financing of Terrorism (AML/CFT)’s compliance. (Botswana Guardian)

NBFIs contributions to the economy still strong - Non-Bank Financial Institutions (NBFI) have remained a significant contributor to the local economy, despite revenues cut by 6.5 percent

to P17 billion in 2018 from P18 billion in 2017, according to the latest statistics from Non-Bank Financial Institutions Regulatory Authority (NBFIRA). (Botswana Guardian)

EU may shun giving Botswana money, but not after October - shockingly, COVID-19 became a blessing in disguise for Botswana as the European Union in its fresh dirty-money blacklisting of notorious countries took into consideration that the pandemic may be a major impediment for these nations to comply with Europe’s conditions or standards. (WeekendPost)

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