Business

MONETARY UNION:Financial Markets; Key pillar The Rwanda Central Bank Governor, Claver Gatete has said that the East African Community (EAC) needs to sustain its financial markets in order to make it operate with more efficiency.

Rwanda Commercial Bank (BCR) is reporting a surge in net profit from its unaudited financial highlights, for the year 2011 compared to the same period the previous year.

Tanzania government is to conduct a nationwide study on the magnitude of counterfeit products later this year aimed at evaluating the impact of counterfeits on the country’s economies, consumers and the government, said in a statement here on Friday.

South Africa will increase its petrol and diesel prices this week, the Energy Department has said.

The new World Bank chief should have a keen understanding of major global development challenges and facilitate solutions to those critical problems, a U.S. expert said on Friday as the Washington-based international financial agency is seeking a successor to its outgoing President Robert Zoellick.