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Middle East & Africa


Kenya shilling eases slightly, stocks edge higher NAIROBI: The Kenyan shilling closed slightly weaker on Monday due to dollar demand from oil companies, while stocks edged higher.At close of trade at 1300 GMT, commercial banks quoted the shilling at 88.50/60 to the dollar, compared with Friday's close of 88.40/50.The slight easing was in line with earlier trader forecasts which pointed to dollar demand carrying over from August. Typically demand for the US currency comes from importers in sectors such as manufacturing, energy and telecommunications."There was (dollar) demand here and there that pushed it higher," said John Njenga, a trader at Commercial Bank of Africa, citing oil companies.Traders said liquidity in the money markets would also determine the direction the shilling takes, given that a reverse repurchase agreement that injected 30 billion shillings into the market last week was maturing on Tuesday."If they don't roll it over, the money market will be tight and we expect (the shilling) ...

South Africa's rand treads narrow path, weak economy a strain JOHANNESBURG: South Africa's rand traded largely flat against the dollar in a lacklustre Monday session due to a holiday in the United States, with weak domestic economic fundamentals likely to keep the currency under pressure.A political crisis in neighbouring Lesotho, while not directly impacting the rand, could also send out an investor-negative signal about stability in the region, traders said.The local unit drifted in a narrow 10.6460/6845 range during the session, and was at 10.6775 ...
Ugandan shilling gains as central bank soaks up liquidity KAMPALA: The Ugandan shilling strengthened on Monday as the central bank drew some liquidity out of the market and corporate demand for dollars diminished.At 0941 GMT, commercial banks quoted the shilling at 2,608/2,613, stronger than last Friday's close of 2,610/2,615."The central bank is mopping up surplus shillings, which has pushed up the local unit a bit," said David Bagambe, trader at Diamond Trust Bank. " I think what is also helping is that demand from ...
Egypt pound steady on official and black markets CAIRO: Egypt's pound held steady at a central bank dollar sale on Monday, with the bank saying it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, unchanged from last week's rate. In the unofficial market, the pound was steady, trading at 7.38 to the dollar, traders said. The rate for dollar sales has stayed in a very tight range since the beginning of June, after the bank allowed the pound to ...
Kenya shilling steady, seen easing NAIROBI: The Kenyan shilling held steady on Monday but traders said they expected it to ease due to a carry-over of dollar demand from the end of August.At 0717 GMT, commercial banks quoted the shilling at 88.40/50 to the dollar, the same as Friday's close.Traders said dollar demand that had carried over from the end of August would put pressure on the shilling. Typically demand for the US currency comes from importers in sectors such ...
South Africa's rand trades slightly weaker within range JOHANNESBURG: South Africa's rand steadied near the weaker end of a recent range against the dollar on Monday, opening the week on the backfoot as investors worried about Ukraine/Russia tensions and weakness in the local economy. The rand was at 10.6715 against the dollar at 0622 GMT, slightly weaker than its close of 10.6670 in New York on Friday. With US markets closed for a holiday on Monday, the rand was expected to trade within ...
South Africa rand weak as trade data, Ukraine pile pressure JOHANNESBURG: South Africa's rand weakened against the dollar on Friday, pressured by a bigger-than-expected domestic trade gap and a low appetite for risky assets as investors worry about Ukraine-Russia tensions. The revenue service issued trade figures which showed South Africa's trade account in a nearly 7 billion rand shortfall in July as imports outpaced the pace of exports even as the rand has remained weak."There is still no evidence in the trade figures that rand ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln