{"id":57949,"date":"2022-09-22T23:07:40","date_gmt":"2022-09-22T23:07:40","guid":{"rendered":"https:\/\/www.africannewspaper.net\/2022\/09\/22\/very-difficult-18-months-ahead-for-african-banks-fitch-2022-23-outlook-the-north-africa-post\/"},"modified":"2022-09-22T23:07:50","modified_gmt":"2022-09-22T23:07:50","slug":"very-difficult-18-months-ahead-for-african-banks-fitch-2022-23-outlook-the-north-africa-post","status":"publish","type":"post","link":"https:\/\/www.africannewspaper.net\/2022\/09\/22\/very-difficult-18-months-ahead-for-african-banks-fitch-2022-23-outlook-the-north-africa-post\/","title":{"rendered":"\u201cVery difficult\u201d 18 months ahead for African banks \u2014 Fitch 2022-23 Outlook \u2013 The North Africa Post"},"content":{"rendered":"\n<div>\n<p>The next 12-18 months will be \u201cvery difficult\u201d for African banks as widespread inflation, currency devaluations and interest-rate hikes sweep the region, a senior director of credit ratings agency Fitch said on Wednesday (21 September).<br \/>African economies have struggled over the last year in the face of external forces including lingering effects from the COVID-19 pandemic, a global economic downturn and most recently Russia\u2019s war in Ukraine. The next one-and a half years will have limited growth opportunities, but African banks can expect to remain profitable in the face of shocks with medium severity, Mahin Dissanayake told the media. \u201cThese countries have global pressures as well as domestic pressures, so we think that the operating environment for banks is looking quite gloomy going forward,\u201d Dissanayake said.<br \/>He also pointed out that Morocco is the most likely country to be affected by the European economic slowdown, due to its dependence on European tourism and trade. Nigerian banks are likely to be affected by the country\u2019s currency, the naira\u2019s, ongoing depreciation, he said. He said that Nigeria, an import-dependent country, will likely experience higher import costs as the dollar strengthens. Corporate borrowers will have a difficult time passing on these increased costs to their customers. Dissanayake stated that currency shortages could pose problems for Nigerian banks directly and may cause them to make more loans to small businesses.<\/p>\n<\/div>\n<p>Source: <a href=\"https:\/\/northafricapost.com\/61005-very-difficult-18-months-ahead-for-african-banks-fitch-2022-23-outlook.html\">north africa post<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The next 12-18 months will be \u201cvery difficult\u201d for African banks as widespread inflation, currency devaluations and interest-rate hikes sweep the region, a senior director of credit ratings agency Fitch said on Wednesday (21 September).African economies have struggled over the last year in the face of external forces including lingering effects from the COVID-19 pandemic, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - 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