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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 weakness has assisted in boosting export demand overall. Rand weakness as a stimulant for economic growth is misleading advice," said Investec economist Annabel Bishop. South African manufacturers have previously complained about a strong rand exchange rate but analysts say export numbers are not reacting satisfactorily to the depreciated currency. Instead, the weak rand has fanned inflation and resulted in higher borrowing costs. At 1610 GMT, the rand traded at 10.6525 to the dollar, down 0.3 ...

Kenyan shilling stable, end month dollar demand eyed NAIROBI: The Kenyan shilling was steady against the dollar on Friday, though traders said the currency could come under pressure from importers buying dollars to pay their end-month bills.At 0845 GMT, commercial banks posted the shilling at 88.40/50 per dollar, barely changed from Thursday close of 88.35/45."Being the last working day of the month, some importers are looking to cover last minute end-month requirements," said Eric Gathecha, a trader at I&M Bank."But the shilling is ...
Kenyan shilling stable after central bank support NAIROBI: The Kenyan shilling was steady against the dollar on Thursday, and traders said they expected the currency to trade in a tight range with scant demand or supply for the greenback.At 0700 GMT, commercial banks posted the shilling at 88.35/45 per dollar, unchanged from Tuesday's close.Traders said the shilling was underpinned by support from the central bank, which pumped an unspecified amount of dollars into the market on Tuesday, lifting the shilling from 88.80/90, ...
South Africa's rand seen firmer on demand for riskier assets JOHANNESBURG: South Africa's rand was little changed in early trade on Thursday, with analysts saying it would likely to trade firmer, as hopes of more stimulus from the European Central Bank underpinned risk appetite. At 0638 GMT the rand was little changed against the dollar at 10.6125, from its close of 10.6100 in New York on Wednesday. The currency firmed nearly 1 percent over the previous two sessions, supported by increased emerging market risk appetite ...
South Africa's rand buoyed by emerging market appetite JOHANNESBURG: South Africa's rand strengthened for a second day against the U.S. dollar on Wednesday, supported by increased emerging market risk appetite and after the economy avoided slipping into recession in the previous session.The local unit rallied to its strongest in six-days against the greenback, trading at 10.6300 by 1545 GMT, 0.44 percent stronger than its New York close.Economist Jana van Deventer at ETM Analytics said the rand, along with other emerging market currencies, was ...
Ugandan shilling extends losses as dollar demand from banks weighs KAMPALA: The Ugandan shilling extended losses for a third straight day on Wednesday, pressured by commercial banks' appetite for dollars.At 1115 GMT commercial banks quoted the shilling at 2,607/2,617, weaker than Tuesday's close of 2,600/2,610."Demand pressure has come in from some commercial banks who were short," said Faisal Bukenya, head of market making at Barclays Bank.Ahmed Kalule, trader at Bank of Africa, said recent demand by corporates had left most commercial banks short, spurring their ...
Egyptian pound steady against the dollar at central bank sale CAIRO: Egypt's pound held steady at a central bank dollar sale on Wednesday, with the bank saying it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, unchanged from Monday's rate.The rate for dollar sales has stayed in a very tight range since the beginning of June, after the bank allowed the pound to weaken in May. The central bank offered $40 million on Wednesday.The rates at which banks are allowed to ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln