Foreign exchange market

The British pound and the yen hit multi-year lows. The yen lost 0.63% against the dollar at 116.87 yen, after crossing the 117 yen mark for the dollar earlier in the session for the first time since 2017, while the British pound (-0.08% at $1.3075 per pound) had fallen to its lowest since November 2020 at $1.3051.

In a press release published on Friday March 11, 2022, the Central Bank of West African States (Bceao) formally denies a possible devaluation of the FCFA. The Central Bank specifies that the exchange rate between the Euro and the FCFA remains unchanged, namely 1 euro = 655.957 FCFA.

Cryptocurrencies

The cryptocurrencies were sought after the release of a statement from the White House, which announces the upcoming signing of an executive order "to ensure responsible innovation in digital assets". Bitcoin took 9.35% to 42,105 dollars, benefiting from the return of an appetite for market risk.

Mexican and Colombian cartels are increasingly using cryptocurrencies to launder drug money. "Mexican cartels are estimated to launder some $25 billion a year," the International Narcotics Control Board said in a report presented in Vienna and Mexico City. The United Nations agency is also concerned about the importance of illicit financial flows in Africa, the cost of which "is exceptionally high and has detrimental consequences for the development of many countries".

Stock markets

The Regional Stock Exchange (BRVM) market recorded strong transactions of 5.478 billion FCFA at the end of the week. The market capitalization of the equity market stood at 6460.215 billion FCFA. The capitalization of the bond market remained stationary at 7499.979 billion FCFA. The BRVM composite index lost 0.39% to 214.61 points against 215.44 points previously. As for the BRVM 10 index, it recorded a more significant drop of 0.76% to 161.08 points against 162.31 points the day before.

The BRVM and the Central Depository/Bank for Settlement (DC/BR) are ringing the bell for “gender equality”. The two structures celebrated on March 8, 2022, for the 8th consecutive time, International Women's Rights Day, like stock exchanges around the world. Placed under the concept "Ring the Bell for Gender Equality", it was, according to Edoh Kossi AMENOUNVE, an opportunity to pay tribute to all African women for their leadership, their actions in the service of children's education and for the example that they constitute for the present and future generations of a continent which will increasingly count in the evolution of the world.

The Gabonese Commercial Reinsurance Company (SCG-Ré) will join the Central African Securities Exchange (BVMAC) nearly 10 years after the IPO of Siat Gabon. It intends to sell 20% of the shares of the State on its share capital of 10 billion CFA francs.

Money Market

The Bissau-Guinean State requested and obtained at the level of the WAEMU financial market on Tuesday, March 8, 2022 the sum of 10.400 billion FCFA following an issue of assimilable treasury bonds (BAT) with a duration of 182 days organized by UMOA-Titres.

Togo raised 30 billion FCFA on the regional financial market. In total, more than 57 billion FCFA were submitted by around thirty investors, representing a coverage rate of 190%, informs Agence Umoa-Titres. The resources collected are used to finance the needs of the State budget and support its post-Covid-19 economic recovery plan.

According to data from UMOA-Titres, the structure responsible for organizing issues, the cumulative issues of public securities carried out by UMOA member countries as of March 10, 2022 amounted to 1095 billion FCFA (1.643 billion euros). euros). This amount is made up of treasury bills for 481.91 billion FCFA and treasury bonds for 612.61 billion FCFA.

Raw materials

Oil prices were on the rise again, still supported by persistent fears of disruptions in the supply of black gold, stemming from the war between Russia and Ukraine, in an already tight market. Around 10:20 a.m. GMT (11:20 a.m. CET), a barrel of Brent from the North Sea for delivery in May took 1.69% to 111.18 dollars. A barrel of West Texas Intermediate (WTI) for April delivery rose 1.91% to 108.04 dollars.

Gold fell on Friday, consolidating at the end of a volatile week. Spot gold was down 0.3% at $1,991.20 an ounce by 1050 GMT. US gold futures were down 0.1% at $1,997.70.

Silver was down 0.2% at $25.82 an ounce. Platinum was up 0.2% at $1,070.65 but faced its biggest weekly decline since November.

Spot palladium rose 0.9% to $2,955.62 an ounce. The metal hit a record high earlier this week on fears of a supply disruption from major producer Russia, which is under Western sanctions for its invasion of Ukraine.

During the period from March 7 to 12, the National Commission for Mercurial Prices of Exported Products (CnmRDC) noted a drop in the price of copper, which sold at 9,957.40 Usd per ton on the market. international. Other mining products to be exported such as Cobalt, Zinc, Tin, Gold, Silver and Tantalum are experiencing, unlike the red metal, a slight increase. Robusta coffee, Arabica coffee and cocoa are in decline on the international market.

The Central Bank of West African States (Bceao), in its report entitled "Monthly Statistics Bulletin" devoted to the month of January, provides information on the evolution of the prices of exported products on international markets. Crude oil prices increased by 55.3% over one year. Regarding the main raw materials exported, prices also increased over the same period for coffee (+67.8%), cotton (+42.6%), rubber (+33.3%) and cocoa (+ 3.3%). On the other hand, she reports in the process, declines were recorded on the cashew nut (-10.6%) and gold (-2.7%) markets.

Companies

The fintech SEMOA and the Orabank Group sealed on March 1, 2022 a disruptive alliance made of innovation in banking services for users via WhatsApp and financial inclusion for 12 countries in Africa. The framework contract gives access to the SEMOA Online Services Platform which allows, among other things, the use of WhatsApp Banking services (banking services via WhatsApp) across all 12 group subsidiaries.

The outlook for the Regional Mortgage Refinancing Fund of UEMOA (CRRH-UEMOA) changes from stable to negative. Moody's Investors Service ("Moody's") confirmed the following ratings: the Ba2 long-term family rating (CFR), the Ba2/Not Prime long and short-term issuer rating in local currency, as well as the Ba3/Not Prime rating long and short term issuer in foreign currency.

PayDunya has just launched its activities in Togo. The Senegalese fintech thus marks a new stage in its expansion in French-speaking West Africa. Based in Senegal, the company has already deployed in Ivory Coast, Benin and now it is Togo's turn to welcome it. The developer has partnered locally with TogoCom via its TMoney service.

Banks and Insurance

The World Bank has launched a survey on the use of digital technology by Congolese small and medium-sized enterprises. This study aims to collect precise information and some opinions on the digital technologies used by companies and their access to electricity.

On the sidelines of International Women's Day, Ousmane Diagana, World Bank Vice President for West and Central Africa, explained why promoting equal pay is a moral imperative for Africa. Globally, men earn on average 15% to 30% more than women. In sub-Saharan Africa, the median monthly income of men is more than twice that of women, according to the International Labor Office. Thus, Ousmane Diagana believes that the end of the looming pandemic must be an opportunity to rebuild societies that will offer the same opportunities to women as to men in the world of work.

South Africa's Nedbank released its financial results for the year ended December 2021 on Tuesday (March 8). The bank's overall profit was 11.67 billion rand (763 million USD) 114.9% compared to the previous period. Turnover, for its part, stood at 57.53 billion rand (3.7 billion USD).

The Commercial Bank Cameroon is now offered to private investors, to any strategic partner to use the expression consecrated by the Ministry of Finance of Cameroon. The Cameroonian State has launched a notice of expression of interest to recruit a consultant to finalize the sale of 81% of the capital of Commercial Bank Cameroon.

United Bank for Africa (UBA) Plc, has released its audited results for the full fiscal year ended December 31, 2021. The African bank posted a profit of 153 billion naira ($373.8 million) and recorded growth of 11 % of its balance sheet.

The Coris Group is expanding in the WAEMU zone. The bank opened its doors to the public on Monday, March 07, 2022, through the Main Branch of Coris Bank International Guinea-Bissau. The presence in Guinea-Bissau further confirms the ambition of Coris Bank International to participate in improving the level of bankarization of the populations and to contribute to the growth of the national market by adding added value to the local economy. The new subsidiary will be managed by Myriam Koné, the General Manager.

In the space of two months, the ECOBANK share experienced variations of up to +100% (from 13 CFA francs to 27 CFA francs), then equally marked declines, until returning in recent days to levels close to the floor price. The last price quoted on the evening of this Monday, March 7 is displayed at 15 F CFA.

The Central Bank of Tunisia (BCT) informs that the participation of the Banque franco-tunisienne (BFT) in the payment and settlement systems is suspended. This decision came a few days after the announcement of the dissolution of the banking establishment. This suspension concerns the Elyssa-RTGS real-time gross settlement system from March 8, 2022, and market payment systems from March 7.

The Attijariwafa bank group is accelerating the deployment of its strategic plan for 2025 to regain its pre-crisis performance level. At the end of 2021, the bank recorded a net result of 5.1 billion dirhams. The consolidated net banking income (NBI) of Attijariwafa bank amounts to 24.4 billion dirhams, an improvement of 2.2% compared to the year 2020 (+3.2% at constant exchange rates).

The South African insurer Sanlam has announced a departure from the board of directors that Dr Rejoice Simelane, appointed to the board of directors since 2004, is eligible for retirement. Dr Simelane was also a non-executive director and a member of the SES (Social, Ethics and Sustainability) committee.

The Director General of the Insurance Regulation and Control Authority (Arca), Alain Kanyinda Ngalula, and the Inspector General of Finance, Jules Alingete, have announced a joint mission to enforce the insurance law. The objective is to maximize tax revenue for the Congolese state.

Financial crimes

The Financial Action Task Force (FATF) announces that it has added the United Arab Emirates to its "grey" list. This list of the intergovernmental body for the fight against money laundering and the financing of terrorism includes the States placed under enhanced surveillance.

Cybercrime caused financial losses of 12.2 billion FCFA ($20.2 million) to the Cameroonian economy in 2021. This is double the losses reported by Antic for the 2019 financial year. In detail, the financial losses due to intrusions into the computer systems of public and private administrations amount to 2.5 billion FCFA.

To fight against international tax fraud and evasion, Senegal and Gambia conclude an agreement. The objective of this agreement is to promote the emergence of a business-friendly tax environment through the elimination of double taxation and to fight against international tax fraud and evasion.

Regional growth

The Women, Business and the Law 2022 Report released by the World Bank on March 1 indicates that Sub-Saharan Africa has a wide range of performance on the Women, Business and Law Index, ranging from 89.4 in Mauritius to 29.4 in Sudan. According to the report, the region has implemented comprehensive reforms, achieving the second biggest improvement in the index last year.

The International Monetary Fund (IMF) and the European Commission are holding the 10th African Public ^Finance Forum from March 10-12. Organized online, this forum addresses the large-scale budgetary reforms needed to preserve the sustainability of public finances and increase the resilience of African economies in the aftermath of the COVID-19 pandemic.

The third edition of the Africa Investment Forum is announced this year from March 15 to 17 by videoconference. Several bankable projects worth more than $50 billion will be showcased at this high-profile event.