Global Finance celebrates BoT boss

The Central Bankers’ Reports, published annually by Global Finance since 1994, rate central bank governors of 101 countries and territories, including the European Union, Eastern Caribbean, Central African States and West African States, all of which have monetary unions.

The magazine offers free country economic reports, which ranked Prof Luoga seventh in Africa and third in East Africa with a B- grade, with Morocco’s central bank governor Abdellatif Jouahri among the top 10 best central bankers in the world.

Central Bank of Egypt Governor Tarek Amer also made the world top 10 for 2021, with Mauritania Governor Cheikh El Kebir Moulay Taher earning the lowest rating (D) in the African zone.

Jouahri, the governor of Bank al-Maghrib (Morocco), received an A grade, the highest award bestowed by central bank testimonials, for the fourth straight year, which is attributed to tripling commercial banks’ money supply and expanding financial resources will be a series of bonds and securities that Apex Bank would accept in exchange for the refinancing.

Egypt’s central bank governor Tarek Amer was also rated “A” for his commitment to restoring Egypt’s macroeconomic stability and the BoT for lowering their discount rate on lending to banks and lowering reserve requirements to provide additional liquidity for banks attributed to banks.

“The central bank said it would offer banks and other financial institutions regulatory flexibility to restructure loans to borrowers experiencing financial difficulties because of the coronavirus pandemic. Mobile money operators were allowed to increase their daily transaction limits,” the report said.

Tanzania’s GDP grew 5.7 percent in the first quarter of 2021, helped by global gold demand. GDP grew 7.0 percent in 2019, forecasting a lower growth rate and subdued inflation of less than 5.0 percent this year.

Elsewhere in East Africa, Kenya‘s Central Bank Governor Patrick Njoroge ranked the continent third at B+, with the report saying Kenya’s tea and flower exports resumed in late July.

The country’s economic recovery is being fueled by growing remittances from overseas workers and a bumper corn harvest, the governor said.

The Kenyan central bank lowered its benchmark interest rate early in the crisis and also lowered reserve requirements, allowing commercial banks to restructure bad loans.

Governor John Rwangombwa of Rwanda’s central bank ranked fourth on the continent and second in the B+ region as the country responded quickly to address the impact of the coronavirus on its fast-growing economy.

In March-April, the bank cut reserve requirements to ease liquidity constraints to a record low of 4.5 percent, allowing commercial banks to restructure outstanding loans for borrowers facing temporary liquidity problems due to the pandemic.

The government announced a $52 million package for local banks to help finance business continuity, while the World Bank approved $14.25 million in International Development Association (IDA) loans to provide immediate funding for the Covid -19 emergency project in the country, she added.

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