- The South African Reserve Bank (SARB) has announced that the country's current account deficit has narrowed in the fourth quarter under review.
The Reserve Bank announced in its 'Quarterly Bulletin' for March 2010 released today the South African deficit on the current account of the balance of payments narrowed steadily from 6.7 percent of gross domestic product in the first quarter of 2009 to 2.8 percent in the fourth quarter.
SARB also explained that on a calendar year basis, South Africa's deficit on the current account relative to the gross domestic product narrowed from 7.1 percent in 2008 to 4.0 percent in 2009.
According to local media reports, the bank explained that the narrowing of the current account deficit in 2009 could mainly be attributed to an increase in international trade volumes and a concomitant stronger rise in the value of merchandise goods exported from South Africa.
Reports further pointed out that the country’s trade surplus with the rest of the world had widened from R22.3 billion in the third quarter of 2009 to R24.9 billion in the fourth quarter, while for the whole year, the trade balance changed from a deficit of R35.6 billion recorded in 2008 to a surplus of R2.3 billion in 2009.
afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.
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afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.