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Middle East & Africa


South Africa's rand holds steady against weakened dollar JOHANNESBURG: South Africa's rand held within a recent range against the dollar on Tuesday as concerns about economic growth in the United States knocked the greenback off its recent highs. The dollar was pressured by disappointing manufacturing data in the previous session that raised fears about growth in the world's largest economy.The rand was at 10.8250 to the dollar at 0656 GMT, firming slightly from Monday's close but remaining within its trading levels. "Global markets are relatively subdued, leaving dollar/rand struggling to break below 10.82," said John Cairns, a currency strategist for Rand Merchant Bank. "Event risks aren't particularly high and the local market seems intent on waiting for the MPC decision on Thursday." The South African Reserve Bank will announce its second monetary policy decision of the year on Thursday after hiking rates for the first time in nearly six years in January as a weak rand stoked inflation. ...

Egypt allocates $1bn for local wheat purchase CAIRO: The Egyptian government expects the domestic wheat harvest to reach 9.5 million tonnes and has allocated seven billion Egyptian pounds ($1 billion) to buy wheat from farmers, the agriculture minister was quoted as saying on Saturday.Ayman Abu Hadid said in remarks published by the official Al Gomhuria newspaper the government would start its purchases in mid-April and pay farmers 420 pounds per Ardeb (150 kg) - around $400 a tonne.Egypt typically buys 3.6 million ...
Copper prices below $5,000 could threaten Zambian mines: minister LUSAKA: Zambian mines are still operating profitably despite the fall in copper prices but could be threatened if the price dropped below $5,000 per tonne, Mines Minister Christopher Yaluma said on Saturday.Copper markets have been edgy over slowing Chinese demand and fears that credit upheaval in the world's second-biggest economy could unwind financing deals using the metal as collateral.Benchmark three-month copper on the London Metal Exchange has been falling steadily since January and sank to ...
Kenya tea prices dip at latest sale NAIROBI: The highest price for top Kenyan tea fell to $3.60 per kg at this week's sale from $3.70 per kg last week, Africa Tea Brokers (ATB) said. Prices for Best Broken Pekoe Ones (BP1s) fetched $264-$360 per kg compared with $2.80-$3.70 per kg last week, ATB said. Best Brighter Pekoe Fanning Ones (PF1s) sold at $2.22-$2.95 from $2.30-$3.02 per kg at the last sale. ATB said 17.72 percent of the 132,739 packages, or 8.55 ...
Uganda's coffee exports up 3pc yr/yr in February NAIROBI: Uganda's coffee exports in February rose by 2.9 percent year-on-year to 354,837 60-kg bags, helped dry weather that has hastened the drying of beans, a state agency said on Thursday. "The central and eastern regions where harvesting is underway have been witnessing dry weather which is very important in fast drying of the beans," said a source at the state-run Ugandan Coffee Development Authority (UCDA). "It (dry weather) is also important because it helps ...
Top price for Kenyan coffee drops at auction NAIROBI: The top price of Kenya's benchmark coffee grade fell to $441 per 50 kg bag at this week's auction from $626 per bag last week, the Nairobi Coffee Exchange (NCE) said on Wednesday.Kenya's speciality coffee beans are known for their high quality and are sought after by roasters for blending with coffee of lesser quality.Grade AA fetched $205-$441 per bag compared with $202-626 at the previous sale, while grade AB sold at $163-352 versus ...
Egypt imports official suspected of corrupt rice deals, not wheat CAIRO: Egypt referred an import official from the General Authority for Supply Commodities (GASC) to administrative prosecutors on suspicion of corruption over local rice deals, not wheat, the Supplies Ministry spokesman told Reuters on Sunday. Egypt is the world's biggest wheat importer and any loss of confidence in that trade could have had significant consequences for the market. "The case has no relation at all with wheat, it is about dealings to purchase local rice ...


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 06, 2015
Reserves $18.201 bln