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Middle East & Africa


South Africa's rand on the back foot ahead of PPI, trade data JOHANNESBURG: South Africa's rand traded softer than its previous close against the dollar on Thursday and could weaken further if the latest trade data shows a wider-than-expected deficit for June.The rand was at 10.6880 per dollar by 0642 GMT, down 0.26 percent from where it ended the New York session on Wednesday.Government bonds were also a shade weaker, with yields for the heavily-traded 2026 and 2015 issues each nudging 1 basis point higher to 8.30 percent and 6.705 percent respectively.The rand fell to a 1-1/2 week low of 10.7190 on Wednesday, after U.S. GDP data beat market forecasts and the Federal Reserve issued a hawkish statement, reducing appetite for high yielding but riskier emerging currencies."What these moves have created as far as the rand is concerned is an environment where there could be a lot at stake over the next few trading sessions," Standard Bank trader Warrick Butler said.The rand ...

Kenyan shilling steady, eyes on inflation data NAIROBI: The Kenyan shilling was steady on Thursday and traders said they expected it to keep the trend in coming days, barring consumer price inflation figures rising beyond the central bank's target level.At 0750 GMT, commercial banks quoted the shilling at 87.80/90 to the dollar, compared with Wednesday's close of 87.70/90.Traders said they were keeping an eye on July's inflation data, due to be released on Thursday, with any significant rise above 7.5 percent likely ...
Egyptian pound stable at central bank sale, weaker on black market CAIRO: The Egyptian pound was stable at a central bank dollar sale on Thursday and weakened slightly on the black market.The central bank said it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, unchanged from its most recent sale last Thursday, before the Muslim Eid holiday.The rate for the dollar sales has stayed within a very tight range since the beginning of June, after the bank allowed the pound to weaken ...
South Africa's rand steady, could soften on trade data JOHANNESBURG: South Africa's rand was flat against the dollar in early Monday trade, with the risk of weakening during the week if domestic trade data shows a widening deficit.At 0654 GMT the local unit traded at 10.5140 versus the greenback, a touch softer than Friday's close at 10.5105.In fixed income, yields edged higher, with the 2026 benchmark adding 1.5 basis points to 8.205 percent and the 2015 paper inching up 1 basis points to 6.65 ...
Kenyan shilling inches down on dollar demand NAIROBI: The Kenyan shilling edged down on Monday, under pressure from importers buying dollars to meet their end-month obligations, market participants said.At 0700 GMT, commercial banks posted the shilling at 87.75/85 per dollar, marginally down from Friday's closing rate of 87.65/75."There seems to be demand and no supply to match it," said John Njenga, a trader at Commercial Bank of Africa.He said the demand was mainly coming from oil firms and manufacturers.The shilling was, however, ...
Ugandan shilling rises slightly, more gains seen KAMPALA: The Ugandan shilling edged up on Friday on the back of banks selling dollars and market participants said it could rise further next week due to inflows from charity groups. At 0952 GMT, commercial banks quoted the shilling at 2,623/2,633, slightly up from Thursday's close of 2,627/2,637. "In the interbank we've seen some significant (dollar)selling which has strengthened the shilling," said Benon Okwenje, trader at Stanbic Bank."I am expecting strong inflows as we approach ...
Kenya shilling steady as dollar demand offset by tight liquidity NAIROBI: The Kenyan shilling was steady on Friday with pressure from importers seeking dollars balanced by tight shilling liquidity.At 0820 GMT, commercial banks quoted the Kenyan currency at 87.70/90 to the dollar, compared with Thursday's close of 87.80/90."We are range-bound, but we have seen tightness in the money market ... so that's offering some support," said John Njenga, trader at Commercial Bank of Africa.He said the usual end-of-the-month demand for dollars from importers was expected ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln