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Middle East & Africa


Ugandan shilling steady, seen under pressure on liquidity injection KAMPALA: The Ugandan shilling was stable on Friday after the central bank injected local currency liquidity into the interbank market but the local currency was expected to weaken on emerging dollar demand.At 0839 GMT commercial banks quoted the shilling at 3,000/3,010, little changed from Thursday's close of 2,995/3,005. The central bank, Bank of Uganda (BoU) sold local currency to banks via a seven-day reverse repo to improve liquidity but it was unclear how much shillings it pumped into the market. "Because of shilling scarcity players were unwinding positions but they can now breathe after the reverse repo," said Isaac Iga, chief dealer at Orient Bank, referring to banks that had been selling down their dollar positions. "They can now rebuild positions and it's pushing the unit down." This is the second liquidity injection into the market by the BoU this week after it carried out a 296.5 billion shillings ($98.83 ...

Weak US data offers South African rand reprieve JOHANNESBURG: South Africa's rand recouped earlier losses against the dollar on Thursday, turning slightly firmer after weak U.S. home sales and manufacturing activity data pointed to sluggish growth.Signs of faltering expansion in the world's biggest economy have made a June rate hike less likely.This has in turn bolstered investors' appetite for assets denominated in high-yielding emerging currencies like the rand.At 1539 GMT the local unit traded at 12.2005 versus the greenback, up 0.22 percent from ...
South Africa's rand eases on strong US housing resale data JOHANNESBURG: South Africa's rand weakened against the dollar on Wednesday as the greenback widened its gains on strong U.S. housing data, adding pressure on emerging market currencies.By 1507 GMT, the rand was trading 1 percent weaker at 12.2450 to the U.S. currency from its New York close at 12.1230 on Tuesday, its lowest in six weeks."The dollar has been trading fairly stronger on the session, relatively range bound. Data from the U.S. related to home ...
Kenyan shilling weakens, stocks up for second straight session NAIROBI: The Kenyan shilling weakened 0.4 percent and stayed at three-year lows on Monday due to dollar demand from the energy and telecoms sectors, while stocks increased slightly.The shilling closed trade at 93.75/85 to the dollar, from Friday's close of 93.40/50 - near levels last seen in November 2011."There is a bit of demand from corporate clients; energy sector and telecommunications," said John Muli, a trader at African Banking Corporation.Chris Muiga, a trader National Bank ...
Egyptian pound steady on official market, weaker on black market CAIRO: Egypt's central bank kept the pound steady at 7.53 to the dollar at a foreign exchange auction on Sunday, while the currency weakened slightly on the black market. The central bank has kept the official exchange rate steady for more than two months after letting the pound weaken at the start of the year. This and other measures have combined to reduce black market trading dramatically. The bank said it offered $40 million at ...
South Africa's rand falls on US inflation data, power cuts JOHANNESBURG: South Africa's rand fell to a one-week low against the dollar on Friday as the greenback was bolstered by US inflation data that raised hopes of a rate hike, while local power cuts and anti-immigrant unrest hit sentiment. At 1428 GMT, the rand was trading 0.71 percent weaker at 12.0480 to the dollar compared with its closing level on Thursday and also at its softest levels since April 9, according to Thomson Reuters data."What ...
South Africa's rand recovers as soft US data weighs on dollar JOHANNESBURG: South Africa's rand strengthened against the dollar on Thursday as soft U.S. housing and jobs data weighed on the dollar, adding uncertainty over the timing of a rate rise from the Federal Reserve.At 1530 GMT, the rand was trading 0.61 percent firmer at 11.9925 to the dollar, compared with an overnight close of 12.0320 in New York."The U.S. data is very soft, so that's supporting the trend of slight bearing of dollar longs, with ...


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Arrow DJIA 18,080.14 0.12
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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 $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln