Items filtered by date: Sunday, 19 August 2018

Angolan and Zambian held the symbolic launch of the visa-free agreement for ordinary passports holders of both countries.

The ceremony held in Luanda, presided over by the Secretary of State for Interior, José Bamóquina Zau, was attended by the Zambian ambassador, Lawrance Chalungumona, and Foreign Affairs Secretaries, Tete António, and Tourism, José Alves Primo.

The Zambian diplomat declared that the symbolic act represents the opening of the two-way doors for a closer relationship between Zambia and Angola. The implementation of this process, will allow Zambians and Angolans to travel without needing to apply for entry visas, have been created in their country added .

While the secretary, José Bamóquina Zau, recalled the importance of the excellent relations of cooperation between the Ministries of Interior of the two countries, which also extend to the agreement of extradition or exchange of prisoners and others. The bilateral agreement on visa waiver in ordinary passports, signed last May, applies to nationals of both countries for holidays, tourism, family visits, private business, as well as official or transit visits.

The visa waiver agreement allows a stay in the visited territory for a period of 30 extendable days, not to exceed 90 days per year.

- ANGOP

Published in Travel & Tourism
Sunday, 19 August 2018 12:49

Zimbabwe: Inflation rises to 4.29%

Zimbabwe’s annual inflation rate rose 1.38 percent to 4.29 percent in July 2018, latest figures from the Zimbabwe National Statistics Agency (ZImStats) show.

This was a significant upturn from the June 2018 figure of 2.91 percent.

On a monthly basis, the inflation rose 1.03 percentage points to 0.98 percent.

“The month-on-month inflation rate in July 2018 was 0,98 percent gaining 1,03 percentage points on the June 2018 rate of -0,05 percent,” said ZimStats in its monthly update.

Some observers have attributed the quickening inflation to the continuance of the parallel currency market.

Although the Reserve Bank of Zimbabwe (RBZ) has maintained the US dollar-bond note official rate at 1:1, cash shortages have resulted in a thriving black market for physical currency, both bond notes and United States dollar notes.

It is largely expected that the high demand for US dollars by both companies and individuals continues to push up the exchange rate.

 

Source: Vanguard

Published in News Economy
Sunday, 19 August 2018 09:33

Coffee: Prices fall by 53% in Uganda

The Uganda Coffee Development Authority (UCDA) says the local prices of coffee dropped by 53 percent in the country.

The Uganda Coffee Development Authority (UCDA) Executive Director, Mr Emmanuel Iyamulemye, said  exporters have been monitoring the market that has in the last few days witnessed few movements.

Meanwhile, the Executive Director of Uganda’s National Union of Coffee Agribusiness and Farm Enterprises (Nucafe), Mr Joseph Nkandu, said that the fall in the price of coffee has forced some farmers to hold onto their stocks.

“We are holding on to stocks for a while until the prices get better. When this happens then we shall be able release the stock,” he said.

Uganda is Africa’s leading coffee exporter with about 4.6 million 60-kilogramme bags worth $508m (Shs1.9 trillion) exported annually.

The country currently exports 4.6 million 60-kilograme and is expected to increase to 20 million by 2025.

It would be recalled that prices of coffee globally decreased in July 2018 iindicating a fall of 4 per cent to $110.54.

According to analysis, this has resulted in some major exporters staying away from the market.

VON

Published in Business

The Central Bank of Nigeria (CBN), says the aggregate foreign exchange inflow into the country stood at $91 billion in 2017.

The bank disclosed in its 2017 annual report adding that the figure was an increase of 45 per cent from $62.75 billion in 2016.

The bank also said the figure surpassed the total outflow by $57.32 billion in the period.

According to the bank, inflow through the CBN was $42.17 billion, while inflow through autonomous sources amounted to $48.33 billion.

In percentage terms, inflow through the CBN accounted for 46.3 per cent, while autonomous sources took 53.7 per cent.

Also, aggregate foreign exchange outflow, from the economy, increased by 31.8 per cent to U$33.68 billion, higher than the $25.55 billion in 2016.

The report said the outflow through the CBN accounted for 90.7 per cent, about $30.55 billion. It was $23.16 billion in 2016.

Outflow via autonomous sources was calculated at $3.13 billion

The increase was attribute to the increased intervention by the CBN in the inter-bank and Bureau De Change (BDC) segments of the foreign exchange market.

NAN

Published in Bank & Finance

The Indian High Commissioner to Nigeria, Nagabhushana Reddy, said the trade value between India and Nigeria rose to $12 billion between April 2017 to March 2018.

Reddy, who made the disclosure while speaking with newsmen at a flag hoisting ceremony to mark the 72nd Independence of India in Abuja recently, said the current amount represents 26 percent increase from the previous financial year.

“Looking at the bilateral relations, our financial year is from April last year to March this year. We have been able to register $12 billion of bilateral trade which marks an increase of 26 percent from the previous year,” he said.

He said Nigeria was one of India’s major exporter of crude oil, adding that both countries were exploring other areas of bilateral relations as this year also marked 60 years of diplomatic relations between both countries.

India is Nigeria’s second export trading partner after Netherlands, the value of trade with the Asian country accounted for 18.2 percent of the total value of goods exported from Nigeria in the first quarter of 2018, according to the National Bureau of Statistics.

“We are looking at bringing more Indian companies here and looking at not just a buyer-seller arrangement but to do more investments.

“As of today, Indian companies have invested about 10 billion dollars and I think there are about 135 Indian companies in Nigeria.

“I can mention that Indian investments are in the field of pharmaceuticals, electrical manufacturing, assembly lines for automobiles particularly agricultural related,” he added.

Source: The Ripples

Published in Business

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