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South Africa's rand hits fresh 14-year low as economy struggles JOHANNESBURG: South Africa's rand touched a fresh 14-year low against the dollar on Wednesday amid concerns about the ailing local economy and after a US Federal Reserve official backed a US rate hike next month.Investors are worried that growth in Africa's most advanced economy has remained subdued since a 2009 recession with output seen below 2 percent this year, partly due to the worst electricity crisis in seven years.The economic development minister said on Wednesday that the key mining sector, which accounts for about 7 percent of GDP, was in "trouble" as it struggled with widespread job losses and lower commodity prices.The rand hit a session low of 12.7725, its weakest since Dec. 2001 according to Thomson Reuters data. The local unit was trading at 12.7580 by 0631 GMT, down 0.1 percent from Tuesday's close.The move partly reflected a stronger dollar after a US Fed official expressed support for an ...


Dollar rises after Fed official's rate hike comment TOKYO: The dollar rose against the euro and yen in Asia Wednesday, adding to gains driven by a US Federal Reserve official's support for a September interest rate hike.In Tokyo, the dollar fetched 124.40 yen, against 124.36 yen in New York and 123.98 yen in Tokyo earlier Tuesday. The euro edged down to $1.0864 and 135.10 yen from $1.0882 and 135.32 yen in US trade. On Tuesday, the dollar advanced against other major currencies after ...

Euro under pressure after hair-raising Greek stock plunge TOKYO: The euro was under pressure Tuesday following a sell-off in New York as a plunge on the Greek stock market revived worries about Athens' future in the eurozone.The single currency slipped to $1.0936 and 135.64 yen Tuesday morning from $1.0954 and 135.82 yen in New York.The dollar crept up to 124.09 yen from 123.99 yen, but gains were held back by weak US and Chinese manufacturing data.On Monday, Greece's stock exchange, resuming trade after ...

Dollar gains as upcoming jobs data stokes rate hike expectations NEW YORK: The dollar gained on Monday as investors looked ahead to jobs data on Friday that is expected to show a still strengthening labor market. Strong job gains may boost expectations that the Federal Reserve is closer to raising interest rates, which many see as likely to begin in September. Employers are expected to have added 223,000 jobs in July, according to the median estimate of 100 economists polled by Reuters. "The labor market ...

Sterling steady before Bank of England ‘Super Thursday’ LONDON: Sterling trod water, less than 1 percent off a 7-1/2-year high against the euro on Monday with all eyes on a bumper day of data and Bank of England publications on Thursday that could give the pound another boost. Sterling has risen steadily for four months against the single currency, even as the euro stabilised against the dollar, driven chiefly by a revival of speculation that Britain's central bank could raise interest rates at ...

Weak Mexican peso stokes price pressure, shakes up central bank MEXICO CITY: Mexican companies warn they will have to raise prices if a steep slide in the peso currency persists, adding pressure on the central bank to hike interest rates despite a weak economy. With economic growth running at only slightly above 2 percent, business leaders have mainly held back from passing the increased costs of imported goods and materials on to consumers, but some now say they cannot continue to bear the full burden. ...

Kenyan shilling firms on tight liquidity, stocks down NAIROBI: The Kenyan shilling strengthened on Monday, helped by tight liquidity and expectations that the central bank will raise its lending rate this week, while stocks fell for a third-straight session.At the close of trade, commercial banks quoted the shilling at 101.35/45 to the dollar, from Friday's close of 102.35/45.Traders said the shilling had strengthened due to tight liquidity in the money markets, which had pushed interbank lending rates higher.The weighted average interbank lending rate ...


 



 
Index Closing Chg%
Arrow DJIA 17,550.69 0.27
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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune-July
Trade Balance $-22.095 bln
Exports $23.885 bln
Imports $45.980 bln
WeeklyAugust 03, 2015
Reserves $18.536 bln