By Reuters Staff
(Corrects typo in final paragraph)
OTTAWA, Jan 20 (Reuters) - The arrival of a COVID-19 vaccine and strong foreign growth is brightening the outlook for the Canadian economy in the medium term, but the near-term remains choppy with a contraction expected in the first quarter, the Bank of Canada said on Wednesday.
The central bank, outlining its quarterly economic forecasts, said that despite the stronger outlook it does not expect inflation to return sustainably to target until 2023, keeping interest rates at historic lows until that point.
“The medium-term outlook is stronger than in the October Report because of the positive effects from vaccines, greater fiscal stimulus, stronger foreign demand and higher commodity prices,” the Bank of Canada said.
Qatar National Bank, the Gulf's biggest lender, sold $1 billion in five-year bonds at 95 basis points (bps) over mid-swaps after attracting more than $2.5 billion in orders for the debt sale, a document showed on Tuesday.
Kenya has secured a debt repayment moratorium from China which will save it 27 billion shillings ($245.23 million) in the period to June, its finance minister said on Wednesday.
Zambia's mining investment arm ZCCM-IH said it expects to find a new investor for Mopani Copper Mines by the end of the year, as the International Monetary Fund looks into Zambia's deal with Glencore, Mopani's majority stakeholder.
Bahrain sold $2 billion in three-tranche bonds on Wednesday, a document showed, after the coronavirus pandemic and low oil prices exacerbated its fiscal deficit and pushed total outstanding debt to nearly $40 billion.