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Middle East & Africa


Egypt pound weakens to new low of 7.51 pounds per dollar CAIRO: Egypt's pound weakened to 7.51 per dollar from 7.49 at the last sale at a central bank auction on Sunday, hitting the weakest level it has been allowed to reach since auctions began in December 2012.The bank offered 40 million dollars and sold 38.4 million at a cut-off price of 7.5101 pounds per dollar, it said.The rates at which banks are allowed to trade dollars are determined by the results of central bank sales, giving the bank effective control over official exchange rates, though there remains an active black market in the pound.Egypt's central bank last week gave banks permission to widen the band around the official rate at which they can trade dollars, to 10 piasters above or below the official rate from 3 piasters.Expectations that the bank will devalue have grown since it announced a surprise 50-basis-point cut in benchmark interest rates this month. The bank said ...

Nigerian naira to steady on dollar sales, others seen mixed LAGOS: Nigeria's volatile naira is likely to steady next week on dollar sales by oil companies, while East African currencies are expected to be supported by central bank intervention.NIGERIAThe naira is likely to trade around its present levels next week on the back of expected month-end dollar sales by some energy companies and intervention by the central bank.The local currency has remained volatile in the wake of falling oil price and the exit of offshore ...
South Africa's rand gains as central bank dampens rate cut hopes JOHANNESBURG: South Africa's rand recovered earlier losses against the dollar on Thursday, after the central bank kept domestic rates unchanged and moved to dampen market expectations of a rate cut this year due to lower oil prices.At 1617 GMT the rand traded at 11.5300 to the greenback , up 0.41 percent from Wednesday's close.Government bonds also gained, with yields on the paper due in 2026 falling 4.5 basis points to a fresh 20-month low of ...
Kenyan shilling weaker as importers buys dollars, shares fall NAIROBI: The Kenyan shilling was a touch weaker on Thursday on dollar demand from importers, while stocks nudged lower.The shilling closed at 91.60/70 to the dollar compared with 91.55/65 on Wednesday.Duncan Kinuthia, head of trading at the Commercial Bank of Africa said the local currency's decline was offset by tight money market liquidity."The usual corporate names - oil, energy, telcos - were buying dollars," he said."As long as there is tightness, I don't expect it ...
South Africa's rand slips to week low ahead of rate decision JOHANNESBURG: South Africa's rand fell to its weakest in a week early on Thursday as the dollar gained after the U.S. Federal Reserve's latest policy statement indicated it was still on track to raise interest rates this year.At 0628 GMT the rand had slipped 0.28 percent to 11.6100 per dollar from an overnight close of 11.5775, cooling after a rally that saw it gain more than half a percent.The upbeat tone of the much-anticipated Fed ...
Nigerian naira falls sharply against dollar LAGOS: Nigerian naira fell sharply against the dollar, shortly after the forex market opened on Thursday, a day after the interbank market soaked up a large dollar sale by the state-oil company.The unit opened at 189.30 naira to the dollar and quickly fell 1.56 percent to 192.30 by 0841 GMT. The naira closed at 186 on Wednesday.State-oil company NNPC on Wednesday sold around $350 million to some lenders, boosting interbank market dollar liquidity.Copyright Reuters, 2015 ...
Liquidity crunch buoys Kenyan shilling, stocks down NAIROBI: The Kenyan shilling strengthened on Wednesday on tightening liquidity in the money markets. Stocks edged lower.At the 1300 GMT close, commercial banks quoted the shilling at 91.55/65 to the dollar, compared with Tuesday's close of 91.60/70.Traders said the shilling was receiving support from a shortage of the local currency after investors bought Treasury bills and bonds worth a total 26.6 billion shillings ($290.9 million) last week.Tight shilling liquidity makes it more expensive to hold ...


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Arrow DJIA 17,164.95 1.45
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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 $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln