Monthly Archives: December 2013

The Time is Nigh: How Reforms Can Bring Back Productivity Growth in Emerging Markets

Much of this has been said before but it’s worth repeating at a time when growth in many emerging markets has slowed.

iMFdirect - The IMF Blog

By  Era Dabla-Norris and Kalpana Kochar

(Version in Español)

The era of remarkable growth in many emerging market economies fueled by cheap money and high commodity prices may very well be coming to an end.

The slowdown reflects not just inadequate global demand, but also structural factors that are rendering previous growth engines less effective, and the fact that economic “good times” reduced the incentives to implement further reforms to enhance productivity. With the end of the period of favorable global financing and trade conditions, the time is nigh for governments to make strong efforts to increase productivity—the essential foundation of sustainable growth and rising living standards.

View original post 621 more words

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Emerging Markets Exchange Rates & Interest Rates – 13 December 2013

 

EXCHANGE RATES 12/6/2013 12/13/2013 %CHG
AMERICAS
ARGENTINA 6.2445 6.2913 -0.74%
BRAZIL 2.3351 2.3369 -0.08%
CHILE 526.7400 529.9300 -0.60%
COLUMBIA 1936.0000 1,930.5000 0.28%
COSTA RICA 498.9950 498.7500 0.05%
JAMAICA 103.3300 102.7300 0.58%
MEXICO 12.9546 12.9583 -0.03%
PERU 2.8000 2.7690 1.12%
TRINIDAD & TOBAGO 6.4100 6.4100 0.00%
VENEZUELA 6.2921 6.2921 0.00%
AFRICA
BOTSWANA 8.6843 8.6693 0.17%
COTE D’IVOIRE (CFA) 479.3610 477.7370 0.34%
GHANA 2.3250 2.3250 0.00%
KENYA 86.5000 86.5500 -0.06%
NAMIBIA 10.3298 10.3098 0.19%
NIGERIA 158.3300 158.8500 -0.33%
SENEGAL (CFA) 479.3610 477.7370 0.34%
SOUTH AFRICA 10.3298 10.3098 0.19%
TANZANIA 1606.0000 1,606.0000 0.00%
UGANDA 2524.5000 2,508.0000 0.66%
ZAMBIA 5.5850 5.5600 0.45%
ZAMBIA-Boz Bid 5.5656 5.5469 0.34%
ZAMBIA-Boz Ask 5.5856 5.5669 0.34%
ZIMBABWE 378.0000 378.0000 0.00%
INDIA 61.3250 62.1650 -1.35%
INTEREST RATES 12/6/2013 12/13/2013
UNITED STATES
3 month T-Bill 0.06% 0.07%
6 Month T-Bill 0.10% 0.09%
10 Year T-Bond 2.88% 2.88%
30 Yr Fixed Mortgage-Bankrate.com 4.55% 4.55%
30 Yr Fixed Mortgage-MBA 4.61%
AMERICAS
BRAZIL
SELIC Rate-Daily 9.89% 9.89%
MEXICO
3 Month T-Bill 3.49% 3.42%
6 Month T-Bill 3.55% 3.51%
1 Year T-Bill 3.64% 3.66%
PERU
Central Bank Reference Rate 4.00% 4.00%
AFRICA
GHANA
3 Month T-Bill 18.66% 18.68%
6 Month T-Bill 19.11% 18.80%
1 Year T-Bill 18.00% 17.50%
2 Year T-Bill 18.00% 17.50%
3 Year T-Bill
5 Year T-Bill
KENYA
3 Month T-Bill 9.76% 9.76%
6 Month T-Bill 10.47% 10.47%
1 Year T-Bond 10.84% 10.84%
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 11.26% 11.26%
182 Day Gov’t Security-PMO 11.86% 11.86%
364 Day Gov’t Security-PMO 13.19% 13.19%
SOUTH AFRICA
3 Month T-Bill 5.13% 5.08%
6 Month T-Bill 5.35% 5.43%
1 Year T-Bill 5.63% 5.59%
10.5% (2026) 8.46% 8.22%
13.5% (2015) 6.33% 6.11%
UGANDA
3 month T-Bill 10.80% 8.77%
6 Month T-Bill
1 Year T-Bill
2 Year T-Bond 14.17% 14.17%
3 Year T-Bond 14.02% 14.02%
5 Year T-Bond 14.77% 14.77%
10 Year T-Bond 14.38% 14.38%
ZAMBIA
3 Month T-Bill 8.00% 8.00%
6 Month T-Bill 14.74% 14.80%
1 Year T-Bill 15.48% 15.75%
2 Year T-Bill 14.00% 14.00%
3 Year T-Bill 15.50% 15.50%
5 Year T-Bond 16.50% 16.50%
10 Year T-Bond 18.15% 18.15%
15 Year T-Bond 18.00% 18.00%
INDIA
3 Month T-Bill 8.65% 8.77%
6 Month T-Bill 8.81% 8.81%
1 Year T-Bill 8.93% 8.85%
Base Lending Rate 10.25% 10.25%
Policy Rate 8.75% 8.75%

 

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Emerging Markets Exchange Rates & Interest Rates – 6 December 2013

 

EXCHANGE RATES 11/29/2013 12/6/2013 %CHG
       
AMERICAS      
       
ARGENTINA 6.1363 6.2445 -1.73%
BRAZIL 2.3333 2.3351 -0.08%
CHILE 531.2200 526.7400 0.85%
COLUMBIA 1,931.7000 1936.0000 -0.22%
COSTA RICA 499.0200 498.9950 0.01%
JAMAICA 102.9300 103.3300 -0.39%
MEXICO 13.1038 12.9546 1.15%
PERU 2.8015 2.8000 0.05%
TRINIDAD & TOBAGO 6.4100 6.4100 0.00%
VENEZUELA 6.2921 6.2921 0.00%
       
       
AFRICA      
       
BOTSWANA 8.6170 8.6843 -0.77%
COTE D’IVOIRE (CFA) 481.7720 479.3610 0.50%
GHANA 2.2750 2.3250 -2.15%
KENYA 86.6200 86.5000 0.14%
NAMIBIA 10.1666 10.3298 -1.58%
NIGERIA 158.3000 158.3300 -0.02%
SENEGAL (CFA) 481.7720 479.3610 0.50%
SOUTH AFRICA 10.1666 10.3298 -1.58%
TANZANIA 1,614.0000 1606.0000 0.50%
UGANDA 2,525.0000 2524.5000 0.02%
ZAMBIA 5.5350 5.5850 -0.90%
ZAMBIA-Boz Bid 5.5107 5.5656 -0.99%
ZAMBIA-Boz Ask 5.5307 5.5856 -0.98%
ZIMBABWE 378.0000 378.0000 0.00%
       
INDIA 62.4900 61.3250 1.90%
       
       
       
       
       
INTEREST RATES 11/29/2013 12/6/2013  
       
UNITED STATES      
3 month T-Bill 0.06% 0.06%  
6 Month T-Bill 0.11% 0.10%  
10 Year T-Bond 2.75% 2.88%  
30 Yr Fixed Mortgage-Bankrate.com 4.44% 4.55%  
30 Yr Fixed Mortgage-MBA 4.51%    
       
       
AMERICAS      
       
BRAZIL      
SELIC Rate-Daily 9.90% 9.89%  
       
MEXICO      
3 Month T-Bill 3.49% 3.49%  
6 Month T-Bill 3.56% 3.55%  
1 Year T-Bill 3.62% 3.64%  
       
PERU      
Central Bank Reference Rate 4.00% 4.00%  
       
AFRICA      
       
GHANA      
3 Month T-Bill 18.87% 18.66%  
6 Month T-Bill 19.25% 19.11%  
1 Year T-Bill 18.00% 18.00%  
2 Year T-Bill 18.20% 18.00%  
3 Year T-Bill      
5 Year T-Bill      
       
KENYA      
3 Month T-Bill 9.82% 9.76%  
6 Month T-Bill 10.52% 10.47%  
1 Year T-Bond 10.94% 10.84%  
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 10.99% 11.26%  
182 Day Gov’t Security-PMO 12.14% 11.86%  
364 Day Gov’t Security-PMO 13.18% 13.19%  
       
SOUTH AFRICA      
3 Month T-Bill 5.12% 5.13%  
6 Month T-Bill 5.24% 5.35%  
1 Year T-Bill 5.48% 5.63%  
10.5% (2026) 8.33% 8.46%  
13.5% (2015) 6.20% 6.33%  
       
UGANDA      
3 month T-Bill 10.80% 10.80%  
6 Month T-Bill      
1 Year T-Bill      
2 Year T-Bond 14.17% 14.17%  
3 Year T-Bond 14.02% 14.02%  
5 Year T-Bond 14.77% 14.77%  
10 Year T-Bond 14.38% 14.38%  
       
ZAMBIA      
3 Month T-Bill 8.00% 8.00%  
6 Month T-Bill 14.74% 14.74%  
1 Year T-Bill 15.48% 15.48%  
2 Year T-Bill 14.00% 14.00%  
3 Year T-Bill 15.50% 15.50%  
5 Year T-Bond 16.50% 16.50%  
10 Year T-Bond 18.15% 18.15%  
15 Year T-Bond 18.00% 18.00%  
       
INDIA      
3 Month T-Bill 8.94% 8.65%  
6 Month T-Bill 9.12% 8.81%  
1 Year T-Bill 8.93% 8.93%  
Base Lending Rate 10.25% 10.25%  
Policy Rate 8.75% 8.75%  

 

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3 SOURCES OF CLEAN(ER) ENERGY FINANCE IN AFRICA

We are in a new era of energy production, exploration and innovation in Africa. Oil exploration is happening in many parts of the continent and production has begun in Ghana and other countries in West and East Africa. But there is growing investor interest in cleaner energy sources. For example:

  • Ten African clean energy startups gave presentations to The West Africa Forum for Clean Energy Financing. The startups were winners of a business plan competition held in March of this year by the Climate Technology Initiative Private Financing Advisory Network. The plan was a collaboration with ECOWAS and the Sustainable Energy Fund for Africa. These organizations are positioned to fund startups and small scale projects. http://allafrica.com/stories/201310280618.html
  • The African Renewable Energy Fund (AREF) is a private equity fund targeting small to mid sized energy projects in Sub-Saharan Africa. AfDB has contributed $25 million and an additional $39.5 million will come from partner organizations including the Sustainable Energy Fund for Africa ($25 million, to the main fund and $10 million to the Project Support Facility), and the Global Environment Facility ($4.5 million). The targeted fund size is $150-200 million. AREF is managed by Berkeley Energy. The fund will support several AfDB initiatives including the Climate Change Action Plan for 2011-2015.

    http://allafrica.com/stories/201311131489.html

  • Sovereign wealth funds are making enormous investments in energy. For example, the Temesek Fund of Singapore has acquired a $1.3 billion liquified natural gas block. The block was bought from Ophir Energy of the UK, indicating that sovereign wealth funds in addition to funding large projects could provide an exit for earlier stage investors. While not a direct investment in an African owned entity, the deal does signal a level of confidence in an asset in Tanzania. If fact 10% of the fund is allocated to investments in the developing world outside Asia, implying a potentially large chunk going to Africa.

    http://www.forbes.com/sites/chriswright/2013/11/19/temaseks-africa-investment-a-sign-of-the-future-for-sovereign-wealth-funds/.Upgq0yjKevU.twitter

Energy entrepreneurs should give serious consideration to starting or supporting projects in Africa. The need has been there for a long time. Now capital, management and technical assistance, and other resources are becoming available.

 

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Emerging Markets Exchange Rates & Interest Rates – 29 November 2013

EXCHANGE RATES 11/22/2013 11/29/2013 %CHG
AMERICAS
ARGENTINA 6.0815 6.1363 -0.89%
BRAZIL 2.2904 2.3333 -1.84%
CHILE 519.2450 531.2200 -2.25%
COLUMBIA 1927.9300 1,931.7000 -0.20%
COSTA RICA 498.9450 499.0200 -0.02%
JAMAICA 102.9300 102.9300 0.00%
MEXICO 13.0334 13.1038 -0.54%
PERU 2.8015 2.8015 0.00%
TRINIDAD & TOBAGO 6.4100 6.4100 0.00%
VENEZUELA 6.2921 6.2921 0.00%
AFRICA
BOTSWANA 8.5948 8.6170 -0.26%
COTE D’IVOIRE (CFA) 485.0140 481.7720 0.67%
GHANA 2.2650 2.2750 -0.44%
KENYA 86.6500 86.6200 0.03%
NAMIBIA 10.0840 10.1666 -0.81%
NIGERIA 158.6100 158.3000 0.20%
SENEGAL (CFA) 485.0140 481.7720 0.67%
SOUTH AFRICA 10.0840 10.1666 -0.81%
TANZANIA 1614.0000 1,614.0000 0.00%
UGANDA 2537.0000 2,525.0000 0.48%
ZAMBIA 5.4800 5.5350 -0.99%
ZAMBIA-Boz Bid 5.4818 5.5107 -0.52%
ZAMBIA-Boz Ask 5.5018 5.5307 -0.52%
ZIMBABWE 378.0000 378.0000 0.00%
INDIA 62.8900 62.4900 0.64%
INTEREST RATES 11/22/2013 11/29/2013
UNITED STATES
3 month T-Bill 0.07% 0.06%
6 Month T-Bill 0.10% 0.11%
10 Year T-Bond 2.75% 2.75%
30 Yr Fixed Mortgage-Bankrate.com 4.39% 4.44%
30 Yr Fixed Mortgage-MBA 4.48%
AMERICAS
BRAZIL
SELIC Rate-Daily 9.40% 9.90%
MEXICO
3 Month T-Bill 3.50% 3.49%
6 Month T-Bill 3.56% 3.56%
1 Year T-Bill 3.62% 3.62%
PERU
Central Bank Reference Rate 4.00% 4.00%
AFRICA
GHANA
3 Month T-Bill 19.01% 18.87%
6 Month T-Bill 19.36% 19.25%
1 Year T-Bill 18.00% 18.00%
2 Year T-Bill 18.20% 18.20%
3 Year T-Bill
5 Year T-Bill
KENYA
3 Month T-Bill 10.00% 9.82%
6 Month T-Bill 10.60% 10.52%
1 Year T-Bond 10.99% 10.94%
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 10.99% 10.99%
182 Day Gov’t Security-PMO 12.14% 12.14%
364 Day Gov’t Security-PMO 13.18% 13.18%
SOUTH AFRICA
3 Month T-Bill 5.06% 5.12%
6 Month T-Bill 5.15% 5.24%
1 Year T-Bill 5.42% 5.48%
10.5% (2026) 8.22% 8.33%
13.5% (2015) 6.10% 6.20%
UGANDA
3 month T-Bill 11.05% 10.80%
6 Month T-Bill
1 Year T-Bill
2 Year T-Bond 14.17% 14.17%
3 Year T-Bond 14.02% 14.02%
5 Year T-Bond 14.77% 14.77%
10 Year T-Bond 14.38% 14.38%
ZAMBIA
3 Month T-Bill 7.50% 8.00%
6 Month T-Bill 14.15% 14.74%
1 Year T-Bill 15.25% 15.48%
2 Year T-Bill 14.00% 14.00%
3 Year T-Bill 15.50% 15.50%
5 Year T-Bond 16.50% 16.50%
10 Year T-Bond 18.15% 18.15%
15 Year T-Bond 18.00% 18.00%
INDIA
3 Month T-Bill 8.94% 8.94%
6 Month T-Bill 9.12% 9.12%
1 Year T-Bill 8.99% 8.93%
Base Lending Rate 10.25% 10.25%
Policy Rate 8.75% 8.75%
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