Monthly Archives: September 2013

Emerging Markets Exchange Rates & Interest Rates – 20 September 2013

 

EXCHANGE RATES 9/13/2013 9/20/2013 %CHG
AMERICAS
ARGENTINA 5.7230 5.7595 -0.63%
BRAZIL 2.2784 2.2072 3.23%
CHILE 505.0600 503.7500 0.26%
COLUMBIA 1918.7800 1,887.0500 1.68%
COSTA RICA 501.1250 499.8200 0.26%
JAMAICA 101.8250 102.2300 -0.40%
MEXICO 13.0544 12.7800 2.15%
PERU 2.7745 2.7430 1.15%
TRINIDAD & TOBAGO 6.4200 6.4200 0.00%
VENEZUELA 6.2921 6.2921 0.00%
AFRICA
BOTSWANA 8.5361 8.4495 1.02%
COTE D’IVOIRE (CFA) 494.7070 485.5520 1.89%
GHANA 2.1800 2.1800 0.00%
KENYA 87.6000 87.3500 0.29%
NAMIBIA 9.9378 9.8710 0.68%
NIGERIA 161.8950 161.0250 0.54%
SENEGAL (CFA) 494.7070 485.5520 1.89%
SOUTH AFRICA 9.9378 9.8710 0.68%
TANZANIA 1617.0000 1,615.0000 0.12%
UGANDA 2573.0000 2,551.5000 0.84%
ZAMBIA 5.3500 5.2700 1.52%
ZAMBIA-Boz Bid 5.3393 5.2663 1.39%
ZAMBIA-Boz Ask 5.3593 5.2863 1.38%
ZIMBABWE 378.0000 378.0000 0.00%
INDIA 63.3925 62.3350 1.70%
INTEREST RATES 9/13/2013 9/20/2013
UNITED STATES
3 month T-Bill 0.01% 0.01%
6 Month T-Bill 0.02% 0.05%
10 Year T-Bond 2.90% 2.75%
30 Yr Fixed Mortgage-Bankrate.com 4.71% 4.66%
30 Yr Fixed Mortgage-MBA 4.75%
AMERICAS
BRAZIL
SELIC Rate-Daily 8.90% 8.90%
MEXICO
3 Month T-Bill 3.61% 3.57%
6 Month T-Bill 3.62% 3.62%
1 Year T-Bill 3.68% 3.64%
PERU
Central Bank Reference Rate 4.25% 4.25%
AFRICA
GHANA
3 Month T-Bill 22.64% 21.30%
6 Month T-Bill 22.26% 21.79%
1 Year T-Bill 21.88% 21.00%
2 Year T-Bill 21.95% 21.20%
3 Year T-Bill
5 Year T-Bill
KENYA
3 Month T-Bill 9.93% 9.24%
6 Month T-Bill 10.46% 10.09%
1 Year T-Bond 11.40% 10.74%
4 Year T-Bond
NAMIBIA
3 month T-Bill
6 Month T-Bill
1 Year T-Bill
NIGERIA
91 Day Gov’t Security-OMO
182 Day Gov’t Security-OMO
364 Day Gov’t Security-OMO
91 Day Gov’t Security-PMO 11.41% 11.41%
182 Day Gov’t Security-PMO 13.05% 13.05%
364 Day Gov’t Security-PMO
SOUTH AFRICA
3 Month T-Bill 5.06% 5.06%
6 Month T-Bill 5.36% 5.33%
1 Year T-Bill 5.64% 5.49%
13.5% (2015) 8.13% 7.90%
10.5% (2026) 6.06% 5.91%
UGANDA
3 month T-Bill 9.74% 10.15%
6 Month T-Bill
1 Year T-Bill
2 Year T-Bond 14.24% 12.89%
3 Year T-Bond 14.02% 14.02%
5 Year T-Bond 14.73% 13.88%
10 Year T-Bond 14.76% 14.76%
ZAMBIA
3 Month T-Bill 8.00% 8.00%
6 Month T-Bill 13.21% 13.21%
1 Year T-Bill 13.45% 13.45%
2 Year T-Bill 13.50% 13.50%
3 Year T-Bill 15.25% 15.25%
5 Year T-Bond 16.48% 16.48%
10 Year T-Bond 17.25% 17.25%
15 Year T-Bond 17.25% 17.25%
INDIA
3 Month T-Bill 10.66% 10.45%
6 Month T-Bill 10.20% 10.20%
1 Year T-Bill 9.89% 9.46%
Base Lending Rate 10.25% 10.25%
Policy Rate 10.25% 9.50%

 

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Emerging Markets Exchange Rates & Interest Rates – 13 September 2013

 

EXCHANGE RATES 9/6/2013 9/13/2013 %CHG
AMERICAS
ARGENTINA 5.7038 5.7230 -0.34%
BRAZIL 2.3011 2.2784 1.00%
CHILE 507.0500 505.0600 0.39%
COLUMBIA 1,947.6800 1918.7800 1.51%
COSTA RICA 502.2150 501.1250 0.22%
JAMAICA 101.5750 101.8250 -0.25%
MEXICO 13.2405 13.0544 1.43%
PERU 2.8045 2.7745 1.08%
TRINIDAD & TOBAGO 6.4200 6.4200 0.00%
VENEZUELA 6.2921 6.2921 0.00%
AFRICA
BOTSWANA 8.6022 8.5361 0.77%
COTE D’IVOIRE (CFA) 498.5230 494.7070 0.77%
GHANA 2.1700 2.1800 -0.46%
KENYA 87.4000 87.6000 -0.23%
NAMIBIA 10.0270 9.9378 0.90%
NIGERIA 163.7000 161.8950 1.11%
SENEGAL (CFA) 498.5230 494.7070 0.77%
SOUTH AFRICA 10.0270 9.9378 0.90%
TANZANIA 1,618.0000 1617.0000 0.06%
UGANDA 2,581.5000 2573.0000 0.33%
ZAMBIA 5.3550 5.3500 0.09%
ZAMBIA-Boz Bid 5.3439 5.3393 0.09%
ZAMBIA-Boz Ask 5.3639 5.3593 0.09%
ZIMBABWE 378.0000 378.0000 0.00%
INDIA 65.3050 63.3925 3.02%
INTEREST RATES 9/6/2013 9/13/2013
UNITED STATES
3 month T-Bill 0.02% 0.01%
6 Month T-Bill 0.05% 0.02%
10 Year T-Bond 2.94% 2.90%
30 Yr Fixed Mortgage-Bankrate.com 4.72% 4.71%
30 Yr Fixed Mortgage-MBA 4.80%
AMERICAS
BRAZIL
SELIC Rate-Daily 8.90% 8.90%
MEXICO
3 Month T-Bill 3.74% 3.61%
6 Month T-Bill 3.75% 3.62%
1 Year T-Bill 3.79% 3.68%
PERU
Central Bank Reference Rate 4.25% 4.25%
AFRICA
GHANA
3 Month T-Bill 22.64% 22.64%
6 Month T-Bill 22.26% 22.26%
1 Year T-Bill 21.88% 21.88%
2 Year T-Bill 21.95% 21.95%
3 Year T-Bill
5 Year T-Bill
KENYA
3 Month T-Bill 10.50% 9.93%
6 Month T-Bill 10.82% 10.46%
1 Year T-Bond 11.69% 11.40%
4 Year T-Bond
NAMIBIA
3 month T-Bill
6 Month T-Bill
1 Year T-Bill
NIGERIA
91 Day Gov’t Security-OMO
182 Day Gov’t Security-OMO
364 Day Gov’t Security-OMO
91 Day Gov’t Security-PMO 11.41% 11.41%
182 Day Gov’t Security-PMO 13.05% 13.05%
364 Day Gov’t Security-PMO
SOUTH AFRICA
3 Month T-Bill 5.08% 5.06%
6 Month T-Bill 5.37% 5.36%
1 Year T-Bill 5.65% 5.64%
13.5% (2015) 8.55% 8.13%
10.5% (2026) 6.45% 6.06%
UGANDA
3 month T-Bill 9.74% 9.74%
6 Month T-Bill
1 Year T-Bill
2 Year T-Bond 14.24% 14.24%
3 Year T-Bond 14.02% 14.02%
5 Year T-Bond 14.73% 14.73%
10 Year T-Bond 14.76% 14.76%
ZAMBIA
3 Month T-Bill 8.00% 8.00%
6 Month T-Bill 13.21% 13.21%
1 Year T-Bill 13.45% 13.45%
2 Year T-Bill 13.50% 13.50%
3 Year T-Bill 15.25% 15.25%
5 Year T-Bond 16.48% 16.48%
10 Year T-Bond 17.25% 17.25%
15 Year T-Bond 17.25% 17.25%
INDIA
3 Month T-Bill 11.26% 10.66%
6 Month T-Bill 12.01% 10.20%
1 Year T-Bill 9.89% 9.89%
Base Lending Rate 10.25% 10.25%
Policy Rate 10.25% 10.25%

 

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A new fixed income fund for African sovereign bonds

The African Frontier

Despite a lower performance in recent months, the appetite for Africa’s fixed income market does not seem to loose ground. It is in fact recent news that South African asset manager Momentum has launched an Africa Fixed Income Fund “for institutional investors looking to benefit from opportunities in Africa.” It will focus on developments in Ethiopia, the Democratic Republic of Congo, Ghana, Kenya and Nigeria, and it is going to be both in local and hard currency bonds, exploiting both local and Eurobond opportunities. A new approach that can be extremely rewarding but hides several warning elements as well such as currency devaluation, hyperinflation, illiquidity and political instability. Definetely an interesting fund to follow to understand market development and potential.

http://www.ventures-africa.com/2013/09/momentum-launches-fixed-income-fund-investors/

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Emerging Markets Exchange Rates & Interest Rates – 6 September 2013

 

EXCHANGE RATES 8/30/2013 9/6/2013 %CHG
AMERICAS
ARGENTINA 5.6688 5.7038 -0.61%
BRAZIL 2.3772 2.3011 3.31%
CHILE 509.8400 507.0500 0.55%
COLUMBIA 1936.6000 1,947.6800 -0.57%
COSTA RICA 500.7250 502.2150 -0.30%
JAMAICA 101.5800 101.5750 0.00%
MEXICO 13.3520 13.2405 0.84%
PERU 2.8090 2.8045 0.16%
TRINIDAD & TOBAGO 6.4200 6.4200 0.00%
VENEZUELA 6.2921 6.2921 0.00%
AFRICA
BOTSWANA 8.7070 8.6022 1.22%
COTE D’IVOIRE (CFA) 497.4650 498.5230 -0.21%
GHANA 2.1550 2.1700 -0.69%
KENYA 87.5500 87.4000 0.17%
NAMIBIA 10.2410 10.0270 2.13%
NIGERIA 163.3500 163.7000 -0.21%
SENEGAL (CFA) 497.4650 498.5230 -0.21%
SOUTH AFRICA 10.2410 10.0270 2.13%
TANZANIA 1616.0000 1,618.0000 -0.12%
UGANDA 2593.0000 2,581.5000 0.45%
ZAMBIA 5.3700 5.3550 0.28%
ZAMBIA-Boz Bid 5.3675 5.3439 0.44%
ZAMBIA-Boz Ask 5.3875 5.3639 0.44%
ZIMBABWE 378.0000 378.0000 0.00%
INDIA 66.0700 65.3050 1.17%
INTEREST RATES 8/30/2013 9/6/2013
UNITED STATES
3 month T-Bill 0.03% 0.02%
6 Month T-Bill 0.05% 0.05%
10 Year T-Bond 2.78% 2.94%
30 Yr Fixed Mortgage-Bankrate.com 4.62% 4.72%
30 Yr Fixed Mortgage-MBA 4.73%
AMERICAS
BRAZIL
SELIC Rate-Daily 8.90% 8.90%
MEXICO
3 Month T-Bill 3.88% 3.74%
6 Month T-Bill 3.96% 3.75%
1 Year T-Bill 4.00% 3.79%
PERU
Central Bank Reference Rate 4.25% 4.25%
AFRICA
GHANA
3 Month T-Bill 22.77% 22.64%
6 Month T-Bill 22.31% 22.26%
1 Year T-Bill 21.90% 21.88%
2 Year T-Bill 21.95% 21.95%
3 Year T-Bill
5 Year T-Bill
KENYA
3 Month T-Bill 10.50% 10.50%
6 Month T-Bill 10.82% 10.82%
1 Year T-Bond 11.69% 11.69%
4 Year T-Bond
NAMIBIA
3 month T-Bill
6 Month T-Bill
1 Year T-Bill
NIGERIA
91 Day Gov’t Security-OMO
182 Day Gov’t Security-OMO
364 Day Gov’t Security-OMO
91 Day Gov’t Security-PMO 11.41% 11.41%
182 Day Gov’t Security-PMO 13.05% 13.05%
364 Day Gov’t Security-PMO
SOUTH AFRICA
3 Month T-Bill 5.09% 5.08%
6 Month T-Bill 5.36% 5.37%
1 Year T-Bill 5.60% 5.65%
13.5% (2015) 8.55% 8.55%
10.5% (2026) 6.58% 6.45%
UGANDA
3 month T-Bill 9.74% 9.74%
6 Month T-Bill
1 Year T-Bill
2 Year T-Bond 14.24% 14.24%
3 Year T-Bond 14.02% 14.02%
5 Year T-Bond 14.73% 14.73%
10 Year T-Bond 14.76% 14.76%
ZAMBIA
3 Month T-Bill 8.00% 8.00%
6 Month T-Bill 13.21% 13.21%
1 Year T-Bill 13.31% 13.45%
2 Year T-Bill 12.65% 13.50%
3 Year T-Bill 14.50% 15.25%
5 Year T-Bond 15.49% 16.48%
10 Year T-Bond 16.95% 17.25%
15 Year T-Bond 17.00% 17.25%
INDIA
3 Month T-Bill 12.02% 11.26%
6 Month T-Bill 12.01% 12.01%
1 Year T-Bill 9.94% 9.89%
Base Lending Rate 10.25% 10.25%
Policy Rate 10.25% 10.25%

 

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Africa Retail Industry Spending To Hit $1.3 Trillion By 2030

The African Frontier

Retail industry in Africa has seen a tremendous growth in recent years, mostly as a result of rising purchasing power, strong appetite for consumer goods, and high growth potential driven primarily by its large population. According to the below article, combined spending power in the continent will reach an all time high of $1.3 trillion by 2030. Nigeria is currently leading the way, but also other countries such as Ghana and Angola are expanding. There are as well some challenges that investors are looking at when taking their decisions: “land, induced high borrowing costs, and short duration of bank financing are just some of the factors that could hamper the growth”. Nevertheless the recent investments in the continent by european retail giants like Spar and Carrefour can show how much potential this sector has in Africa.

 
 

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Financing African Startups

Last week I was privileged to attend a panel discussion about how to make capital available to startups and entrepreneurs in Africa. The fact that this conversation took place is further recognition of a burgeoning ecosystem of startups with a desire to use commerce to change their societies for the better. While innovative new businesses are emerging in many places a few major cities have emerged as centers of innovation:

  • Nairobi, Kenya – where a technology district is being built and where Google has an office,
  • Johannesburg, South Africa – the commercial hub of the most developed economy on the continent,
  • Accra, Ghana – which is also contemplating an innovation zone, and
  • Lagos, Nigeria – the commercial hub of the largest national market in Africa

 

Here are 6 key observations from the conversation:

1. Foreign investors are interested in investing in African startups. Speakers in the panels included the director of a prominent US based angel investment group exploring opportunities in Africa as well as a couple of beginning angels. Others in the gathering also had ties to investor networks.

2. Investors are looking for startups that can scale—and they are difficult to find. Although they are prepared to do smaller deals, they are not interested in microfinance. Investors as do all of us in this community are interested in making meaningful change. Companies that can scale not only provide attractive returns.  They also have social impact in the form of job creation,  human capital development, and integrating African business into the global supply chain.

3. The startups that scale and that are attractive to investors tend to be in innovation-intensive industries–IT/telecom, green business, life sciences—or are in some ways participants in these industries. Their founders tend to be well educated with ties to universities in their countries and abroad.

4. There is also a need to fund grass roots businesses whose owners may be more locally oriented and not well connected to global capital or global commercial networks.

5. The US investors in the room recognized the difficulty investing and managing a portfolio from a distance. Even domestically they generally maintain the 4 hour rule by which they invest only in company’s within 4 hours drive. One of the key challenges for the African startup ecosystem is to overcome the distance factor.

6. The answer was potentially in the room—Africa-based investors who invest in African companies. If one can get comfortable with these companies—in their ability to vet companies and to support and mentor the entrepreneurs in their portfolio, then foreign investors can finance these investors. Two such investing companies were in attendance. We will monitor their progress with great interest.

 

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Emerging Markets Exchange Rates & Interest Rates – 30 August, 2013

 

 

EXCHANGE RATES 8/23/2013 8/30/2013 %CHG
AMERICAS
ARGENTINA 5.6213 5.6688 -0.84%
BRAZIL 2.3821 2.3772 0.21%
CHILE 508.2600 509.8400 -0.31%
COLUMBIA 1,908.2300 1936.6000 -1.46%
COSTA RICA 498.9500 500.7250 -0.35%
JAMAICA 101.4750 101.5800 -0.10%
MEXICO 12.9732 13.3520 -2.84%
PERU 2.8095 2.8090 0.02%
TRINIDAD & TOBAGO 6.4200 6.4200 0.00%
VENEZUELA 6.2921 6.2921 0.00%
AFRICA
BOTSWANA 8.6693 8.7070 -0.43%
COTE D’IVOIRE (CFA) 489.3920 497.4650 -1.62%
GHANA 2.1500 2.1550 -0.23%
KENYA 87.6500 87.5500 0.11%
NAMIBIA 10.1848 10.2410 -0.55%
NIGERIA 161.3500 163.3500 -1.22%
SENEGAL (CFA) 489.3920 497.4650 -1.62%
SOUTH AFRICA 10.1848 10.2410 -0.55%
TANZANIA 1,617.0000 1616.0000 0.06%
UGANDA 2,577.5000 2593.0000 -0.60%
ZAMBIA 5.3750 5.3700 0.09%
ZAMBIA-Boz Bid 5.4104 5.3675 0.80%
ZAMBIA-Boz Ask 5.4304 5.3875 0.80%
ZIMBABWE 378.0000 378.0000 0.00%
INDIA 64.0100 66.0700 -3.12%
INTEREST RATES 8/23/2013 8/30/2013
UNITED STATES
3 month T-Bill 0.02% 0.03%
6 Month T-Bill 0.06% 0.05%
10 Year T-Bond 2.75% 2.78%
30 Yr Fixed Mortgage-Bankrate.com 4.74% 4.62%
30 Yr Fixed Mortgage-MBA 4.80%
AMERICAS
BRAZIL
SELIC Rate-Daily 8.40% 8.90%
MEXICO
3 Month T-Bill 3.85% 3.88%
6 Month T-Bill 3.94% 3.96%
1 Year T-Bill 3.96% 4.00%
PERU
Central Bank Reference Rate 4.25% 4.25%
AFRICA
GHANA
3 Month T-Bill 22.77% 22.77%
6 Month T-Bill 22.39% 22.31%
1 Year T-Bill 21.95% 21.90%
2 Year T-Bill 22.00% 21.95%
3 Year T-Bill
5 Year T-Bill
KENYA
3 Month T-Bill 10.50% 10.50%
6 Month T-Bill 10.73% 10.82%
1 Year T-Bond 11.69% 11.69%
4 Year T-Bond
NAMIBIA
3 month T-Bill
6 Month T-Bill
1 Year T-Bill
NIGERIA
91 Day Gov’t Security-OMO
182 Day Gov’t Security-OMO
364 Day Gov’t Security-OMO
91 Day Gov’t Security-PMO 11.41% 11.41%
182 Day Gov’t Security-PMO 13.05% 13.05%
364 Day Gov’t Security-PMO
SOUTH AFRICA
3 Month T-Bill 5.10% 5.09%
6 Month T-Bill 5.32% 5.36%
1 Year T-Bill 5.48% 5.60%
13.5% (2015) 8.65% 8.55%
10.5% (2026) 6.48% 6.58%
UGANDA
3 month T-Bill 9.74% 9.74%
6 Month T-Bill
1 Year T-Bill
2 Year T-Bond 14.24% 14.24%
3 Year T-Bond 14.02% 14.02%
5 Year T-Bond 14.73% 14.73%
10 Year T-Bond 14.76% 14.76%
ZAMBIA
3 Month T-Bill 8.00% 8.00%
6 Month T-Bill 13.21% 13.21%
1 Year T-Bill 13.31% 13.31%
2 Year T-Bill 12.65% 12.65%
3 Year T-Bill 14.50% 14.50%
5 Year T-Bond 15.49% 15.49%
10 Year T-Bond 16.95% 16.95%
15 Year T-Bond 17.00% 17.00%
INDIA
3 Month T-Bill 11.05% 12.02%
6 Month T-Bill 11.00% 12.01%
1 Year T-Bill 9.94% 9.94%
Base Lending Rate 10.25% 10.25%
Policy Rate 10.25% 10.25%

 

 

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