The IMF sees a greater risk to the global economy if central banks start cutting interest rates too soon than if they move “slightly” too late, Managing Director Kristalina Georgieva said Thursday.
The US Federal Reserve, the European Central Bank (ECB) and others have held interest rates elevated in recent months in an attempt to bring inflation back down toward target, following a post-pandemic surge in prices.
With inflation now falling in many of the world’s advanced and emerging economies, attention has now turned to when they should start cutting rates to stimulate investment and economic growth.
“Our team has looked back in history, and the conclusion they drew is that the risk of premature easing is higher than the risk of being slightly behind,” Georgieva told reporters during a briefing at the International Monetary Fund in Washington.
“But don’t keep it tight if you don’t have to,” she said. “So look at the data, act on the data.”
Georgieva’s comments come a day after the US Fed’s rate-setting committee voted to hold interest rates steady. Fed Chair Jerome Powell poured cold water on the idea of an interest rate cut at its next meeting in March — sending stocks on Wall Street lower.
“I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting to identify March as the time to cut,” he told reporters on Wednesday.
Earlier in the week, ECB President Christine Lagarde said policymakers there were confident that rate cuts were coming, but would not commit to a specific date.
Georgieva told reporters on Thursday that the United States was close to achieving a so-called “soft landing,” when policymakers bring inflation back to target without triggering a recession.
“We are poised for soft landing, it’s not done,” she said. “You’re still 50 feet above ground and we know that until you land it’s not over.”
UBA To Sponsor ECOWAS Mining Forum, Elumelu To Deliver Keynote Address
United Bank for Africa (UBA) Plc, has been announced as the official sponsor of the 4th edition of the ECOWAS Mining and Petroleum Forum (ECOMOF 2024) scheduled to take place at the Palais des Congrès in Cotonou, Benin from February 22 to February 24, 2024.
The regional event is expected to see a large gathering of key players and stakeholders in the mining and petroleum sectors of the Economic Community of West African States (ECOWAS) and as the financial institution of choice, with presence in 20 African countries and active involvement in major continental development projects, UBA is the preferred partner for the event, underlining the bank’s commitment to the growth of mining and Petroleum industry in the sub-region but to the whole not African economic development.
UBA Group chairman, Tony Elumelu, would give the keynote address during the opening ceremony of this all-important event.
Elumelu who doubles as Chairman of Transcorp Group, with extensive interests in energy and power, will be speaking on the theme: “Geo-extractive Resources and Technologies: what pooling strategies for Value Creation in West Africa”
His speech is expected to highlight UBA’s increasing effort to support and develop the African continent through strategic investments in the key sectors of mining and petroleum.
Under the esteemed leadership of the President of the Republic of Benin, His Excellency, Patrice Talon, and the President of the Federal Republic of Nigeria and current President of ECOWAS, His Excellency Mr. Bola Tinubu, UBA Group will at the forum aim to restate its commitment towards supporting economic and social development across the continent.
The focus of ECOMOF 2024 underscores the significance of transforming the mining and oil sectors into economic pillars by formulating attractive policies for investors, essential for the sectors’ substantial contribution to the Gross Domestic Products (GDP) of ECOWAS member states.
The Transnational Corporation Group (Transcorp Plc) – a diversified conglomerate with strategic investments in various sectors, including power and energy – will also actively participate in the forum.
Key officials from UBA Group and Transcorp Plc, including the Chief Executive Officer UBA Africa, Abiola Bawuah; UBA’s Group Head, Corporate and Energy Bank, Ebele Ogbue, and President/ Chief Executive Officer, Transcorp Group, Owen Omogiafo will be actively involved in discussions and panels on the sidelines of the event.
Anticipated to attract over 2,000 participants from diverse sectors, including representatives from mining and oil industries, government officials, international and national investors, industry experts, ECOWAS delegates, and international organisations, ECOMOF 2024 promises to be a significant platform for collaborative dialogue and partnership building.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 35 million customers globally. Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
Access Bank Unveils Exclusive Valentine Offers To Spread Love And Joy This Season
As the season of love approaches, Access Bank is delighted to announce a range of special Valentine offers designed to make this love season memorable for its valued customers.The ‘Love is more’ themed campaign limited-time offers are aimed at spreading love and financial well-being all through the month of February.
According to the Bank’s Group Head, Consumer Banking, Njideka Esomeju’ “Access Bank is committed to enhancing the financial well-being of our customers while celebrating love in all its forms. These Valentine offers are a token of our appreciation for their continued trust and loyalty. To celebrate more love this season, we are going to select 4 lucky couples who will enjoy a romantic dinner in a 5-star hotel in Lagos, Abuja, or Port Harcourt. All you have to do to stand a chance of being selected is to upload a short video on Instagram or Facebook sharing your Valentine’s love story and why you deserve this special date night and a feature of AccessMore that is beneficial to you as a couple using the hashtag #MyAccessMoreValetineStory. We will also select and reward 20 single individuals with a prepaid card loaded with N50,000 each when they upload a short video on Instagram or Facebook sharing their experience using the AccessMore’s lifestyle features with #MyAccessMoreValetineStory.
To welcome our new customers who want to enjoy special privileges and sign up on Xclusiveplus annual plan, we will reward them with an instant 20GB data for free. Other benefits for them include priority treatment, international airport lounges access, movies, and event tickets and more. Our existing Xclusiveplus subscribers will get up to 50 per cent discount and up to N5000 cashback, when they make purchases on Konga with their Visa Signature card. While our first 180 customers to perform a minimum of 10 transactions daily on *901# between 12 -16th of February will stand a chance to win N5,000.
For our SME customers, simply initiate a minimum of 10 transactions totaling N500,000 every week from February 7th to 29th. The top 3 transacting MSMEs will be rewarded with N200,000 weekly for 3 Weeks of the love season and the MSME customer with the highest transactions by the end of the love season will receive a grant of N1 Million. Other incentives include: 12 lucky winners to be onboarded on Konga with the 3-month free subscription and an end-to-end user support of listing their products on Konga and Free business registration to new to bank customers with indicated interest.
Customers can also purchase their dream car through our vehicle finance scheme with a 10 per cent equity contribution payment. The customer will also get a free vehicle registration and a free auto gift pack.
Every customer can get access a wide range of amazing discounts and offers on our products this season. Bancassurance, Vehicle Finance, Savings Account, Everyday banking Account, XclusivePlus, XtraWins, Digital lending, Switch to Solar, Diamond Business Advantage Account(DBA).
Access Bank is a subsidiary of Access holdings and a leading financial institution dedicated to providing innovative and personalized banking solutions to customers. With a strong commitment to customer satisfaction, the Bank strives to make banking a delightful experience for all segments. Access Bank operates through a network of more than 700 branches and service outlets spanning 3 continents, 20 countries and over 70 million customers. The Bank employs over 28,000 thousand people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.
Wigwe’s Death: Access Holdings Appoints Bolaji Agbede As Acting CEO
Access Holdings Plc on Monday announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer.
This follows the death of its former Group Chief Executive Officer, Herbert Wigwe, who died alongside his wife, son, and a former chairman of the Nigeria Exchange Group, Abimboloa Ogunbanjo on Friday.
A statement made by the company’s Board of Directors and dated February 12, 2024, stated that the appointment was subject to the approval of the Central Bank of Nigeria.
“Further to its announcement dated February 11, 2024, the Board of Directors of Access Holdings Plc (‘the Company’) has today announced the appointment of Ms Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the unfortunate demise of its former Group Chief Executive Officer, Dr Herbert Wigwe, on February 9, 2024.
Agbede who joined Access Bank in 2003 as an Assistant General, has nearly three decades of professional experience cutting across banking and business consultancy services.
She served in different roles at the bank including, Head, Group Human Resources between 2010 and 2022 before she was appointed the company’s founding Executive Director, Business Support in 2022, a role she held until her new appointment
She holds a Bachelor’s Degree in Mathematics and Statistics from the University of Lagos and a Masters of Business Administration Degree from Cranfield University UK in 2002.
She is also a member of the Chartered Institute of Management UK and the Chartered Institute of Personnel Management of Nigeria.
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