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Central African Republic $12bn loan by Russian Bank, a mistake

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Central African Republic landed a windfall on Tuesday, at least on paper, when Russian state bank VTB reported it had lent the country 12 billion dollars.

However, the bank then said it was a clerical error and there was no such loan.

The loan was mentioned in a quarterly VTB financial report published by the Russian Central Bank.



The report included a table listing the outstanding financial claims that VTB group had on dozens of countries as of October 1 this year.

In the table next to the Central African Republic was the sum of 801,933,814,000 roubles (12 billion dollars) more than six times the country’s annual economic output.

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When asked about the data by media, the bank said the loan to the former French colony did not, in reality, exist.

“VTB bank has no exposure of this size to any foreign country.

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”Most likely, this is a case of an operational mistake in the system when the countries were being coded,” the lender said in a statement.

VTB did not say who was responsible for the mistake or how such a large figure could have been published without being spotted.

CAR government spokesman Ange Maxime Kazagui, when asked about the Russian data, said: “I don’t have that information.

”But it doesn’t sound credible because $11 billion is beyond the debt capacity of CAR.”

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Business

Forex inflow under 9 months hits $40.9bn -CBN.

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Between January and September last year, a total foreign exchange inflow of $40.93bn was recorded by the Central Bank of Nigeria.

The inflow of $40.93bn, when compared with the $27.95bn recorded in the first nine months of 2017, represents an increase of $12.98bn.

An analysis of the third quarter economic report of the CBN showed that about $14.15bn passed through the apex bank in the first quarter of last year.



In the second quarter of last year, the CBN recorded foreign exchange inflow of $13.82bn, while the sum of $12.95bn was recorded during the third quarter of 2018.

The report stated that despite the decline in domestic crude oil production, there was an improvement in foreign exchange revenue from oil export in the third quarter of 2018.

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It added that the development was, however, moderated by the significant decline in inflow from non-oil exports.

It read in part, “Aggregate foreign exchange inflow through the CBN amounted to $12.95bn, indicating a 6.3 percent decline below the level at end-June 2018.

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“It, however, showed an increase of 8.1 per cent, over the level in the corresponding period of 2017.

“The decline, relative to the preceding quarter, reflected, mainly, the fall in inflow from non-oil sources.”

The apex bank attributed the increase in outflow relative to the preceding quarter to a 32.2 per cent and 28 per cent increase in public sector  payments and interventions in the foreign exchange market.

“There is no doubt that the CBN’s forex policies have helped the growth of local industries in Nigeria.  Notable among these are the restrictions to access official forex placed on 42 imported items.

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Business

CBN injects $210m into inter-bank market

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In continuation of its periodic intervention in the foreign exchange market, the Central Bank of Nigeria, on Tuesday, injected another sum of $210m into the inter-bank foreign exchange market.

Figures released by the CBN indicated that authorised dealers in the wholesale segment of the market received $100m, while the Small and Medium Enterprises and the invisibles segments were allocated $55m each.

The Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, restated the bank’s resolve to always meet the request of genuine customers in the various segments of the market.



Recall that on Friday the bank injected $289.76m into retail Secondary Market Intervention Sales and CNY38.70m into the spot and short-tenored forwards of the inter-bank foreign exchange market.

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Meanwhile, the naira on Tuesday continued to exchange at an average of N360/$1 in the Bureau De Change segment of the market.

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In the first half report of the CBN, the regulator stated that it sustained its intervention at the interbank and BDC segments, to engender stability in the foreign exchange market.

Records from the regulator showed that in the half year report of 2018, the CBN increased the frequency of foreign exchange cash sales to the BDCs from twice to thrice per week, and adjusted the selling rate, downward to N357/$.

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