Foreign exchange market

The European currency as well as the greenback saw their rates fall. It is the Dollar which falls the most among the main currencies. The decline reached -0.55% against the Yen or the Canadian Dollar, and even -0.6% against the Swiss Franc (at 0.9220) then -0.7% against the Pound (1.3860). The Dollar Index fell -0.25% to 92.43 while a 'stat' published today does not explain such disaffection for the greenback. For the umpteenth time, the Algerian dinar fell against the US dollar. At the Bank of Algeria, the US dollar hits a new record, further sinking the national currency. The last two records date from last August 9 and 23, when the value of the dollar was 135.09 and 135.88 Algerian dinars.

Cryptocurrencies

After the regulator's warning, Binance, one of the world's largest cryptocurrency exchanges, said it would restrict its services in Singapore days after the city-state's central bank said that it had to stop offering payment services. Binance will therefore remove the app from Singapore's iOs and Google Play stores.

Since its trough below $30,000 in July 2021, bitcoin has found a second wind and is on the rise again despite the shocks from both sides. The world's largest and best-known cryptocurrency soared over the weekend (+2.9% from Friday to $51,597), hitting $52,214 on Monday, its highest since mid-May. Ether, the coin linked to the ethereum blockchain network, rose 1.16% to $3,932.07 on Sunday, adding $44.97 to its previous close. Enough to fuel all the hopes of the fans, who again predict its soaring towards 100,000 dollars.

Money Market

The State of Guinea-Bissau has issued on the financial market of the West African Monetary Union (WAMU) Treasury bonds (ORD) with a maturity of 5 and 7 years. Worth 14.491 billion FCFA, this operation was organized in partnership with the Agence UMOA-Titres based in Dakar. The objective is to enable the country to mobilize the savings of natural and legal persons in order to cover the financing needs of the State budget within the framework of its economic recovery plans.

According to data compiled by the Central Bank of West African States (BCEAO), bids on the weekly auction window amounted to 3,411.8 billion FCFA against 3,344.9 billion FCFA in June 2021 and 3,457.5 billion FCFA a year earlier, an increase of 2.00% over one month and a decrease of 1.32% over one year. The BCEAO reports that the auctions have been carried out since March 31, 2020 at a fixed rate, namely the minimum interest rate for tenders, which has been reduced from 2.50% to 2.0% as of June 24, 2020.

Stock market

At the end of the trading session of this Thursday, September 9, 2021, the market capitalization of the shares market of the Regional Stock Exchange (BRVM) recorded an increase of 16.658 billion FCFA. That of the bond market is still down, recording - 3.079 billion FCFA, at 7096.654 billion FCFA against 7099.733 billion FCFA the day before. The total value of transactions plunged from 2.477 billion FCFA the day before to 239.832 million FCFA this Thursday, September 9. The BRVM 10 index rose by 0.12% to 140.27 points against 140.10 points the day before. As for the BRVM Composite index, it recorded an increase of 0.32% to 177.57 against 177.01 points the day before.

According to statistics on undertakings for collective investment in transferable securities (OPCVM) made public by the Regional Stock Exchange (BRVM), the mutual fund (FCP) SOGEAVENIR, whose management company is SOGESPAR with SOGEBOUSE as custodian, has experienced a strong variation of 208.20% compared to its original value. As of August 31, 2021, the net asset value of this FCP whose portfolio is diversified thus reached 1541 FCFA against 500 FCFA at its launch. SOGEAVENIR thus ranks first in the top 5 (largest positive change) of UCITS with daily valuation in terms of change in their net asset value.

Raw materials

Between American and Chinese reserves, oil prices stabilized on Thursday while American oil inventories melted last week after the passage of Hurricane Ida. China has decided to use its strategic reserves, according to the economic press. This announcement concerns millions of barrels that were put up for sale in July, according to the Bloomberg agency, which quotes an anonymous government source. Crude inventories fell less than expected. On the other hand, gasoline inventories fell by 7.2 million barrels, much more strongly than the 3.3 million expected.

As a new harvest season begins, cotton reached a peak of 0.96 cents per pound on August 23. An increase of 47.7% compared to the very low level encountered at the beginning of September 2020. The natural increase that accompanied the resumption of Asian production at the end of 2020 is to date accelerated by the recovery in orders but also by the persistent freight crisis and the Uyghur-linked cotton boycott. This increase comes as analysts from the United States Department of Agriculture (USDA) expect global consumption of 123.3 million bales, for the season from August 2021 to the end of July 2022.

Companies

After its establishment in West Africa (Cheki Nigeria and Cheki Ghana), the Nigerian automotive technology company, Autochek, announced the acquisition of Cheki Kenya and Cheki Uganda from Ringier One Africa Media (ROAM) for a undisclosed amount. This new acquisition completes its expansion in East Africa. The Lagos-headquartered startup has expanded its operations to Kenya, Ghana, Tanzania, Uganda, Zambia and Zimbabwe.

Iraq and TotalEnergies complete a mega contract for 27 billion dollars. The contract between Iraq and TotalEnergies covers four projects in the field of natural gas, solar energy and seawater reprocessing in southern Iraq. The investments will reach a total of some 27 billion dollars (22.7 billion euros), according to the Iraqi Minister of Oil, Ihssan Ismaïl.

Bitt Inc has been selected by the Central Bank of Nigeria (CBN) as a technical partner in the implementation of e-Naira, the electronic version of the local currency which is expected to be unveiled before the end of the year. Among highly competitive bidders, the issuing institute reports that the selection of the fintech was based on the company's technological competence, efficiency, platform security, interoperability and implementation experience. . In choosing Bitt Inc, the central bank “will build on the company's experience with digital currency.

Banks and Insurance

The African Development Bank (AfDB) retains its triple A with the Japan Credit Rating Agency (JCR). The Japanese Credit Rating Agency confirmed the AfDB's long-term rating of AAA with a stable outlook. The JCR agency commended the Bank for its strong support to its member countries, as evidenced by the seven general capital increases carried out to date. The Agency believes that the Bank will continue to comply with the regulations as it has taken corrective measures including a special temporary capital increase due in March 2021 and an optimization of its asset portfolio, and that progress is being made. made in debt settlement.

In addition, the AfDB, in collaboration with the Knowledge Platform on Green Growth and other partners, launched a new initiative on September 9, 2021. It focuses on the integration of natural capital in the financing of development in Africa. The Natural Capital for African Development Finance (NC4-ADF) Program, which spans the period 2020-2022. It aims to integrate natural capital approaches into development financing in Africa. Also, the financial institution disbursed a sum of $100,000, or 55.24 million CFA francs to support the Africa Green Revolution Forum (AGRF), the largest agricultural conference in Africa. The AfDB's participation in AGRF 2021 is part of ongoing efforts to help align Africa's voice with the commitments that will be made at the UN Food Systems Summit later this year.

The net banking income (NBI) of Société Générale Côte d'Ivoire (SGCI) recorded an annual increase of 88.732 billion FCFA in the first half of 2021. The figures published by company officials show an annual increase of 12%. supported by an increase in the net interest margin (+11%) in line with the evolution of outstanding loans and commissions and other income (+14%). Net income amounted to 30.894 billion FCFA (56 million USD), up +28% compared to June 2020.

Versus Bank and its Managing Director received the distinction of the best banker in Côte d'Ivoire. The bank received the ICS award for the best commercial bank in West Africa. At the same time, its CEO Ehui Jérôme received the prize for the best banker in Côte d'Ivoire. This is the merit of an exceptional year marked by an evolution of its net result which goes from 1.5 billion Fcfa to 3.1 billion Fcfa (+ 105%) in a period disrupted by the covid crisis.

Financial crimes

Senegal announces the Web forum organized by the National Office for the Fight against Fraud and Corruption (OFNAC) on the National Anti-Corruption Strategy which will be launched on Thursday, September 16, 2021, under the effective chairmanship of the President of the Republic , Macky Sall. The event will be furnished with official speeches, animation, a film screening on the main stages of formulation of the Strategy and declarations of commitment from stakeholders, to accompany and support the implementation of the Strategy. against corruption (SNLCC) 2020-2024.

During the 21st Council of Ministers of Africa, the Anti-Money Laundering Group in Eastern and Southern Africa noted the progress made by Madagascar in the fight against money laundering. However, efforts remain to be made since the same Board considers this progress "insufficient to address the shortcomings observed in the Mutual Evaluation Report (MER) adopted in 2018, and this, compared to the 40 recommendations of the Financial Action Task Force (FATF) in the fight against money laundering and the financing of terrorism (LBCFT)”.

According to the survey recently published by the United Nations Interregional Crime and Justice Research Institute (Unicri) and the German International Development Cooperation Agency (GIZ), the total amount of illicit capital outflows of Tunisia, in 2013, reached nearly two billion dollars (5.6 billion dinars, at constant prices), which amounts to about 181 dollars (507 dinars) per capita, indicates the same source. Unicri and GIZ rank Tunisia as the eighth most corrupt country in the North Africa and Middle East (MENA) region.

Togolese police have apprehended twenty-one suspected Nigerian cybercriminals posing as cryptocurrency specialists. Living in 04 homes located in the Yokoè Agblégan district in Lomé, this gang attracts their victims to groups buying and selling currencies online with false identities. Investigations revealed that these individuals are part of a large network of cybercriminals based in Nigeria.

Regional growth

A high-level mission led by Goodluck Jonathan, former Nigerian president and mediator of the Economic Community of West African States (ECOWAS) in the political crisis in Mali, visited Bamako from September 5 to 7, 2021. This visit is part of the implementation of the recommendations of the Conference of Heads of State and Government of ECOWAS held on June 19, 2021 in Accra with a view to monitoring the management of the transition. Several recommendations were made by the delegation, among others: the implementation of concrete actions in the effective preparation of the electoral process, the respect of the consensus on the legal framework to be used for the elections, the preparation of the electoral list, and the choice of the body or bodies to conduct the elections.

The Network of Public Finance Practitioners of Uemoa is holding its eleventh meeting in the Togolese capital. On the menu of the meeting organized by the WAEMU Commission, the review of the work of the West African Accounting Council (CCOA). The objective of the Network of Public Finance Practitioners is the examination and validation by the members of the Network of the results of the work of the West African Accounting Council on the development of rules for the depreciation and provision of assets of the State as well as the accounting standards for the application of the State Accounting Plan.

The ^2nd meeting of the WAEMU Statutory Committee of Experts for the year 2021 was launched by the President of the WAEMU Commission, Abdoulaye DIOP. Bringing together Experts, executives from the Organs and Institutions of UEMOA, BCEAO, BOAD and CREPMF, this meeting devotes the examination of two texts. Texts intended, will say the President of the WAEMU Commission, "to make operational Regulation No. 03/2020/CM/UEMOA of June 26, 2020 establishing a Diploma of Accounting and Financial Expertise (DECOFI) within the 08 Member States of the Union”.