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Liberia gets new president; Rwanda cuts rate; Saudi-Sudan banking ties restored

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Liberia gets new president; Rwanda cuts rate; Saudi-Sudan banking ties restored

Editor's note: The Daily Dose MEA will not be published Jan. 1, 2018. The next feature will be published Jan. 2, 2018.

MIDDLE EAST AND NORTH AFRICA

* As expected, the Central Bank of Egypt maintained the overnight deposit rate, overnight lending rate and the rate of its main operation at 18.75%, 19.75% and 19.25%, respectively. The discount rate was also left unchanged at 19.25%.

* CI Capital Holding Co. SAE completed its acquisition of a majority stake in Reefy – Micro Finance Enterprise Services Co., Daily News Egypt reported. Meanwhile, CI Capital CEO Mahmoud Atallah said the company will most likely be listed on the Egyptian Exchange in the second half of 2018.

* Saudi Arabia agreed to restore banking relations with Sudan, allowing transactions between the two countries, Reuters reported, citing the Sudan News Agency. Central Bank of Sudan Governor Hazem Abdelqader said he expects banking transactions with Saudi Arabia to reach $600 million in 2018.

* Prince Mishaal bin Abdullah and Prince Faisal bin Abdullah, both sons of Saudi Arabia's late King Abdullah, have been released after being arrested as part of the Saudi government's corruption crackdown, according to Bloomberg News.

* Riyad Bank's board recommended a cash dividend of 38 Saudi Arabian halalas per share for the second half of 2017.

* Wafa Insurance Inc. will be allowed to issue new auto insurance policies and renew existing ones, effective from Dec. 28, after the Saudi Arabian Monetary Authority lifted the ban issued against the insurer in August, Argaam reported.

* Al Ahlia Insurance Co. BSC changed its legal name to Solidarity Bahrain BSC after completing its merger with Solidarity General Takaful BSC.

* Oman ORIX Leasing Co. SAOG and National Finance Co. SAOG signed the agreement for their proposed merger.

EAST AND WEST AFRICA

* Former soccer star George Weah won Liberia's presidential election, defeating Vice President Joseph Boakai. Weah is set to replace Ellen Johnson Sirleaf next month, potentially marking the first democratic presidential transition in the country in 70 years.

* The National Bank of Rwanda reduced its key repo rate to 5.5% from 6.0% in the first quarter of 2018.

CENTRAL AND SOUTHERN AFRICA

* South Africa's Constitutional Court is expected to issue a ruling today on whether parliament should launch impeachment proceedings against President Jacob Zuma over allegations that he used roughly $15 million in state funds to upgrade his private home, Reuters and eNCA reported.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: Nomura eyes China retail brokerage biz, to boost US ops; Sri Lanka holds rates

Europe: Barclays tax hit; Goldman denies Dublin rumor; German insurers' €2B nat-cat cost

Latin America: Cade recommends approval of Itaú-XP deal; Argentina passes tax reform

North America: FINRA fines JP Morgan Securities $2.8M; Atlantic Capital selling trust biz

North America Insurance: Aegon to reinsure US life block; activist investor opposes Humana/Kindred deal

Leo Magno, Henni Abdelghani, Sophie Davies and Helen Popper 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.