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Bahrain downgraded; Angola ups rate; Barclays further cuts Barclays Africa stake

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Bahrain downgraded; Angola ups rate; Barclays further cuts Barclays Africa stake

* Swiss banks have begun reporting suspicious transactions conducted by some of their Saudi Arabian clients to the Swiss Money Laundering Reporting Office amid the Saudi government's anti-corruption crackdown, insiders told the Financial Times.

* Barclays Plc said its total shareholding in Barclays Africa Group Ltd. will decrease to about 14.9% for regulatory reporting purposes after it transferred a combined 7.0% stake in the South Africa-based bank to local subsidiaries of two international financial institutions at 136.09 South African rand per share. Settlement of the transfer is expected to take place Dec. 5.

* A number of Turkish lenders including Türkiye Halk Bankasi denied allegations that they were involved in Turkish-Iranian gold trader Reza Zarrab's money laundering schemes designed to assist Iran in avoiding U.S. sanctions.

MIDDLE EAST AND NORTH AFRICA

* S&P Global Ratings lowered Bahrain's long-term foreign- and local-currency sovereign credit ratings to B+ from BB- with a stable outlook, saying the country's external liquidity has become extremely weak.

* Following the downgrade, the Central Bank of Bahrain said it remains committed to maintaining a fixed exchange rate regime, noting that the policy "has provided a strong anchor for monetary policy throughout the years and helped in creating a stable business environment."

* Bahrain-based Khaleeji Commercial Bank BSC has set Dec. 19 as the date to co-list its share in Dubai Financial Market following approvals from the Central Bank of Bahrain and the Securities and Commodities Authority of the United Arab Emirates. The number of shares that will be listed in Dubai will not exceed 10% of the bank's capital.

* Commercial bankers said Qatar's riyal is stabilizing in offshore trade after the country's central bank pledged to ensure liquidity in the foreign exchange market by increasing its supply of U.S. dollars amid an ongoing diplomatic rift between Qatar and some of its neighbors, Reuters reported.

* The potential merger of Qatari banks Masraf Al Rayan (QPSC), Barwa Bank QSC and International Bank of Qatar (QSC) are expected to be unveiled in the next few days following completion of the initial study, Alwatan reported.

* Israeli Finance Minister Moshe Kahlon said his country may need to adjust its corporate tax rate after the U.S. Senate approved a sweeping tax bill that could slash the corporate tax rate to 20% from 35%, Reuters reported. Israel's corporate tax rate is to be reduced this month to 23% from 24% but a lower rate in the U.S. could prompt Israeli companies to consider moving to the U.S.

* Saudi Arabia's Capital Market Authority has approved Blominvest's request to offer, register and list units of the Blom Fund of REITs on the Saudi Stock Exchange. The regulator also approved for NCB Capital's request to offer, register and list units of the Al Ahli REIT Fund on the Saudi bourse, according to Argaam.

* The Saudi Arabian Monetary Agency has directed local lenders in a letter to prepare for the transition to one- and two-riyal coins, while gradually ceasing to deal with banknotes of those denominations, Argaam reported, citing Al Eqtisadiah.

* Kuwait's Capital Markets Authority said nine local companies, including Kuwait Finance House KSCP and Boubyan Bank KSCP, are to be listed on the FTSE Russell Index, Kuwait News Agency reported. FTSE Russell is expected to announce by March 2018 an updated list for the Kuwaiti companies.

* Central Bank of Iran Governor Valiollah Seif said the integration of the payment systems of Iran and Russia will be implemented by Dec. 10, allowing citizens to use their bank cards in both countries, the Financial Tribune reported. The integration plan was initially set to be implemented in August.

* Mohammad Javad Azari Jahromi, Iran's minister of communications and information technology, said the necessary infrastructures are ready for the implementation of digital banking in the country, the Financial Tribune reported. Implementation can proceed after the Central Bank of Iran announces regulations for digital banking.

* Asiya Investments board member Barak Alasimi has resigned.

* The Casablanca Stock Exchange has shaken up its pricing system in the first changes in 10 years, Financial Afrik said. The change is intended to assist small and midsize businesses to list on the exchange.

EAST AND WEST AFRICA

* Mounir Gwarzo, the head of Nigeria's financial regulator, the Securities and Exchange Commission, has been suspended, Financial Afrik wrote. The suspension was announced by Finance Minister Kemi Adeosun "to allow for an unhindered investigation of several allegations of financial impropriety," added the Premium Times.

* The IMF's executive board approved the extensions of the standby credit facility arrangement and the policy support instrument for Rwanda to Jan. 31, 2018.

* The IMF's executive board completed the first review of the arrangement under the three-year extended credit facility for Benin, enabling the disbursement of about $22.58 million.

CENTRAL AND SOUTHERN AFRICA

* Angola's central bank has raised the benchmark interest rate from 16% to 18% in an attempt to curb the high levels of accumulated inflation, Jornal de Angola wrote. It is the first time in one year and a half that the monetary authorities have opted for an increase in the country's interest rates.

* Zimbabwe's new president, Emmerson Mnangagwa, unveiled his new Cabinet members, renaming Patrick Chinamasa finance minister, among other appointments, Bloomberg News reported. The new cabinet will be sworn in today.

* IMF spokesman Gerry Rice said an IMF staff mission will be sent to Zimbabwe over the next few days to meet with the country's new government officials and assess its fiscal and economic situation, Reuters reported.

* Zambia National Commercial Bank Plc, or Zanaco, has launched its mobile banking application as part of efforts to become fully digitalized by 2020, according to Lusaka Times.

* African Phoenix Investments Ltd. said Enos Banda's term as CEO of Phoenix ended Nov. 30 but he will remain on the board as a nonexecutive director of the company.

* Net 1 UEPS Technologies Inc. appointed Alex Smith CFO, secretary and treasurer, effective March 1, 2018. Smith will replace Herman Kotze, who was recently appointed CEO.

* Société Générale Cameroon has launched a new mobile phone-accessible electronic bank called YUP, Camer.be said.

* African private equity group AFIG Funds has significantly changed its management, bringing on board two Deloitte Senegal senior managers — Thiaba Camara Sy as deputy general manager and Olga Lawson to head its investment team, Financial Afrik said.

IN OTHER PARTS OF THE WORLD

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S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.

Sheryl Obejera, Henni Abdelghani, Pádraig Belton and Mariana Aldano contributed to this report.

The Daily Dose Middle East and Africa has an editorial deadline of 5 a.m. London time. Some external links may require a subscription.