Items filtered by date: Tuesday, 13 February 2018

Angola’s central bank said on Monday it was the sole responsibility of commercial banks to sell foreign currency to the public and that it would sell forex only to large importers of essential goods.
The southern African nation in January abandoned the kwanza’s peg to the U.S. dollar, devaluing it by about 10 percent, in a bid to attract capital to the oil-exporting country, which was hit hard by a slide in global crude prices.

“National Bank of Angola (BNA) has implemented a new exchange rate framework which, among other measures, gives commercial banks the responsibility of selling foreign currency to citizens and companies that need it,” the bank said in a statement.

“Requests for the purchase of foreign currency must be submitted only to commercial banks, with the exception of large importers of medicines and/or foodstuffs,” the bank said.

Since the peg was abandoned, the kwanza has lost over 20 percent of its value to the dollar, while persistent shortages of foreign tender over the past half-decade have seen a currency black market flourish.

Reporting by Herculao Curoado, writing by Mfuneko Toyana, editing by Larry KingLUANDA (Reuters)

Published in Bank & Finance

South African miner Exxaro Resources said on Tuesday it would pay a special dividend of 4.5 billion rand ($377 million) from its income reserves after the firm sold stake in U.S. titanium products company Tronox.
The dividend represents 12.55 rand ($1.05) per Exxaro ordinary share.

“In assessing the application of the proceeds realised on the sale, the board of directors of Exxaro considered its growth prospects, future capital commitments, the repayment of debt and the return of capital to its shareholders,” Exxaro said.

Exxaro said in October it had completed the sale of 22.4 million shares in Tronox with net proceeds of $474 million.

($1 = 11.9330 rand)

Reporting by Tanisha Heiberg; Editing by Amrutha Gayathri (Reuters)

Published in Engineering

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