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Middle East & Africa


Kenyan shilling hits lowest since January 2012 NAIROBI: The Kenyan shilling hit its lowest level since January 2012 on Monday, weighed down by concerns that hard currency inflows would be hit by a slump in tourism.At the 1300 GMT close of trade, commercial banks posted the shilling at 88.65/75 per dollar, weaker than Friday's close of 88.25/35.Concerns over dollar inflows have grown in recent months, in large part due to falling business in the key tourist industry, which has been hurt by a number of Islamist militant attacks that have scared away visitors from beach resorts.Commercial Bank of Africa trader John Njenga said dollar inflows from tea exports and non-governmental organisations (NGOs) had also been weak."It is the end of the month so (dollar) orders have started building up," said a trader at a leading commercial bank, highlighting worries about tourism revenues. "There was also an element of panic-buying."Firms, especially importers, seek dollars at the end of ...

Iraq rejects offers in tender for 30,000 tonnes of rice BAGHDAD: Iraq's state grains buyer has rejected offers on an international tender to buy at least 30,000 tonnes of rice, a trade ministry official said on Friday. The closing date for the tender was Aug. 11 and offers stayed valid until Aug. 15. "Only three companies submitted offers with high prices, which we decided to reject. A new rice tender will be issued next week," said the official. Iraq made no purchase in a previous ...
Uganda coffee exports drop 20 year/yr in July NAIROBI: Uganda's coffee exports fell 20 percent to 314,304 60-kg bags of coffee in July compared with the same month in 2013 due to drought, regulator Uganda Coffee Development Authority (UCDA) said on Thursday. Coffee exports earned a total $37.8 million compared with $45 million in July 2013, a UCDA source said. Between October 2013 to July 2014, coffee exports stood at 3,028,534 bags compared with 3,039,934 bags that were exported in the year ago ...
South Africa's net reserves dip to $44.315bn in July JOHANNESBURG: South Africa's net gold and foreign exchange reserves were at $44.315 billion in July from $44.828 billion in June, data from the Reserve Bank showed on Thursday. Gross reserves edged higher to $49.89 billion at the end of the month, from $48.647 billion in June, while the forward position, which represents the bank's unsettled or swap transactions, fell to $2.975 billion from $3.117 billion. Economists polled by Reuters expected net reserves to come in ...
Kenya's tea exports inch up in first half of year NAIROBI: Kenya's tea exports rose slightly in the first six months of the year, while average prices at the auction dipped and output was steady, the Tea Board of Kenya said on Wednesday.The east African country exported 250 million kg in January to June, from 246.7 million kg in the same period last year. Output for dipped 0.2 percent to 225.2 million kg, the regulator said in a statement.Kenya is the world's leading exporter of ...
Private Egyptian buyers purchase 60,000 T Black Sea wheat: trade HAMBURG: Private Egyptian buyers in the past week purchased about 60,000 tonnes of wheat from the Black Sea region, all for August shipment, European traders said on Monday.Some 30,000 tonnes with 12.5 percent protein content was purchased at $257 a tonne c&f and a further 30,000 tonnes with 11.5 percent protein content was purchased at $247 a tonne c&f, traders said.Benchmark Chicago wheat touched four-year lows in the last week, pressured by expectations of rising ...
Cameroon robusta coffee exports hit 10,469 tonnes by end June YAOUNDE: Robusta coffee exports from Cameroon reached 10,469 tonnes by the end of June since the start of the 2013/14 season in December, down slightly from 10,695 tonnes for the same period last year, according to official statistics. Data from the National Cocoa and Coffee Board (NCCB) showed that Cameroon exported 2,382 tonnes of robusta coffee in June, down from 2,700 in May but up from 2,269 tonnes in the same month last year. Cameroon ...


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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 $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 26, 2015
Reserves $17.749 bln