BancABC MAKES PROFIT
ABC Holdings has announced phenomenal results for the year ended 30 June 2013.
Retail banking sector was the major driver for the growth experienced by the bank.
The sector has achieved remarkable growth in Botswana, Zambia, and Zimbabwe.
The bank revealed that the Mozambique bank continued with its slow growth which is hampered by costs of expansion into the retail space which will only start contributing to revenue in the coming period.
The report says BancABC Tanzania was a challenge for the group.
The group pre-tax profit stood at P169 million.
BANK RATE SLASHED TO 8 PERCENT
The Central Bank has cut Bank rates to 8 percent at the meeting of the Monetary Policy Committee held on August 13, 2013.
Inflation fell to 5.8 percent in June, and to 5.7 in July moving inside the objective range of 3 – 6 percent, and is expected to remain within during the second half of the year.
Overall, the outlook for inflation remains positive, and is consistent with a more accommodative policy stance.
SADC MAKES PROGRESS IN TRADE
The Southern African Development Community (SADC) has revealed that it has made progress in the trade and economic liberalization.
The secretariat 2011-2012 annual report says efforts to make headway in the establishment of SADC Customs Union are beginning to yield results as the High Level Expert Group on the SADC Customs Union has received and adopted a report on the framework for the SADC Customs Union.
Satisfactory progress has also been recorded in Standardization, Quality Assurance and Accreditation and Metrology.
The SADC Cooperation in Standardization has so far harmonised a total of 94 standards with 19 of this being harmonised in 2011/2012.
US$500 BILLION FOR SADC INFRASTRUCTURE
About US$500 billion of capital is required for SADC to roll out the Regional Infrastructure Master Plan (RIMP).
The SADC Ministers of Finance and Infrastructure have approved the SADC Regional Integrated Master Plan, which is expected to be rolled out between 2014 and 2027.
About US$100 billion will be from private sources.