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Middle East & Africa


Kenyan shilling steady, seen gaining slightly NAIROBI: The Kenyan shilling held steady on Thursday, with traders expecting the trend to continue amid less dollar demand as companies close their books for the holiday season.At 0730 GMT, commercial banks quoted the shilling at 90.35/45 to the dollar, equal to Wednesday's close."As companies close out for the festive season, we shall see less dollar demand. So we expect the shilling to be supported by that a bit," said a trader at a major bank in Nairobi.Traders forecast the shilling, which has lost 4.1 percent to the dollar so far this year, to trade in the 90.00 to 90.60 range against the dollar in the next few days.Another trader at a Nairobi-based commercial Bank said the security situation in Kenya could still undermine the shilling."I hope the security situation remains calm, that there are no incidents, because that would effect us also," he said.A fall in tourist numbers - ...

South Africa's rand rallies after Fed soothes EM sentiment JOHANNESBURG: South Africa's rand rallied against the dollar on Thursday as a statement by the US central bank signalling interest rates would remain near zero offered respite to struggling emerging market currencies.Sharp volatility in the past two sessions due to a public holiday and the Russian rouble's dramatic nosedive on Tuesday had seen the local unit test six-year lows, threatening to move out of a recent range and hold beyond 11.8000 mark. By 0609 GMT, ...
South Africa's rand inches higher, remains vulnerable JOHANNESBURG: South Africa's rand was slightly firmer in late afternoon trade on Wednesday, having recouped losses after the collapsing Russian rouble slowed its decline.The rouble's tumble - it is down 50 percent so far this year - has impacted other emerging market currencies, such as the rand. But the drop slowed slightly as Russia's finance ministry said it had started selling foreign currency, helping the rand stage a tentative recovery.Still, the South African currency remains ...
Kenyan shilling firms, stocks down on profit-taking NAIROBI: The Kenyan shilling firmed on Wednesday helped by hard currency inflows from offshore investor seeking to buy government bonds, while stocks fell on profit-taking.The shilling closed at 90.35/45 to the dollar, compared with Tuesday's close of 90.55/65."It must have been to lack of (dollar) demand... Also, some interest on the bond side," Julius Kiriinya, a trader at African Banking Corporation, said.The central bank auctioned a new two-year Treasury bond and a re-opened 15-year bond ...
Kenyan shilling steady, bond sale, subdued demand seen helping  NAIROBI: Kenya's shilling firmed on Wednesday, with traders expecting more gains, helped by offshore investor flows to buy government bonds later in the day and subdued dollar demand as companies close down for the holidays.At 0857 GMT, commercial banks quoted the shilling at 90.40/60 to the dollar, compared with Tuesday's close of 90.55/65.The central bank is due to auction a new two-year Treasury bond and a re-opened 15-year bond worth a total 20 billion shillings ...
Egyptian pound steady on official, black markets CAIRO: The Egyptian pound held steady at a central bank dollar sale on Wednesday and was unchanged on the unofficial market after the government established a fourth weekly dollar auction.The bank offered $40 million and said it had sold $38.4 million at a cut-off price of 7.1401 pounds to the dollar, a rate unchanged from its last sale on Monday.The rates at which banks are allowed to trade dollars are determined by the results of ...
Ugandan shilling weakens as banks buy dollars KAMPALA: The Ugandan shilling weakened for a second straight day on Tuesday as commercial banks bought dollars and traders expected the local currency to lose further ground unless the central bank intervened.At 1025 GMT commercial banks quoted the shilling at 2,780/2,790, weaker than Monday's close of 2,768/2,778."Most commercial banks are short after yesterday's strong energy sector demand (for dollars)," said Robert Mpuuga, trader at Housing Finance Bank."They (banks) are now covering those positions."The shilling fell ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 15, 2014
Reserves $13.922 bln