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Middle East & Africa


Kenya shilling steady, seen vulnerable after Easter NAIROBI: The Kenyan shilling was steady on Thursday, but traders said the currency was vulnerable and could weaken next week as month's end demand for dollars increases.At the 0746 GMT, commercial banks quoted the shilling at 86.85/95 to the dollar from Wednesday's close of 86.80/90.The shilling touched 87.00/87.10 on Tuesday, its weakest in more than three months, and some traders said the currency was likely to weaken to that level after the Easter holiday, when banks would close on Friday and Monday."Expect demand for greenback to continue being felt in the market after market break. I see 87 level next week after Easter," Bank of Africa trader Robert Gatobu said.For now, the market was tight. Companies were draining shillings to pay value-added taxes by April 20, and rushing to pay them on Thursday, before the holiday. Banks were also squaring positions before the break, which could further support the currency."There ...

South Africa's rand, gov't bonds hold steady before long weekend JOHANNESBURG: South Africa's rand firmed within a recent range on Thursday, trading sideways for a second session as investors avoided taking big positions ahead of a long weekend. The rand was at 10.5400 to the dollar at 0647 GMT, 0.25 percent off a 10.5665 close in New York on Wednesday and trading within levels set two sessions ago. Government bonds tracked the currency's moves and yields were just a notch firmer on the 2026 and ...
Kenyan shilling steady, stocks down slightly NAIROBI: The Kenyan shilling was steady on Wednesday and traders said it was expected to be lifted by tea exporters selling dollars and the central bank's mopping-up of excess liquidity.Stocks edged lower.At the 1300 GMT close of trade, commercial banks quoted the shilling at 86.80/90 to the dollar, compared with Tuesday's closing rate of 86.85/95."We saw some flows coming in yesterday from tea and that is what maybe has support the local unit. That's why ...
Kenyan shilling flat, eyes on the central bank NAIROBI: Kenya's shilling was treading water against the dollar on Friday, with traders expecting central bank liquidity mop ups to prop up the local currency over coming days.Leading commercial banks at 0730 GMT quoted the shilling at 86.35/55, unchanged from Thursday, in thin volumes.The Central Bank of Kenya (CBK) has frequently drained liquidity over the past month after overnight borrowing rates tumbled. The falling overnight rate made it cheaper for banks to fund long dollar ...
Kenyan shilling unchanged, seen stuck in a range NAIROBI: Kenya's shilling was flat on Thursday, with traders expecting the local currency to be stuck in a range against the dollar.Leading commercial banks at 0820 GMT quoted the shilling at 86.50/60, unchanged from Wednesday, in thin volumes."It's fairly quiet. The market is devoid of drivers and that ... leaves us stuck in a tight range," said Commercial Bank of Africa trader Joshua Anene.Anene said the shilling has been trading in a narrow band between ...
Ugandan shilling strengthens as banks cut dollar positions KAMPALA: The Ugandan shilling firmed on Thursday, boosted by banks cutting their dollar positions in the interbank market as demand from importers declined. At 0741 GMT, commercial banks quoted the currency of Africa's largest coffee exporter at 2,520/2,530, stronger than Wednesday's close of 2,528/2,530."Demand from importers is largely absent, which is forcing most banks to cut back on their dollar positions," said Faisal Bukenya, head of market making at Barclays Bank."I am expecting it (the ...
South Africa's rand hits new 2014 highs after dovish Fed JOHANNESBURG: South Africa's rand scaled new 2014 peaks on Thursday, extending gains from the previous session after the release of minutes of the Federal Reserve suggesting policymakers will be more cautious about raising interest rates than markets had thought.The minutes of the US Fed's March meeting showed officials fretted that investors would overreact to policymakers' latest views on interest rates that appeared to map out a more aggressive cycle of rate hikes than was actually ...


Index Closing Chg%
Arrow DJIA 16,408.54 0.10
Arrow Nasdaq 4,095.52 0.23
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Arrow CAC-40 4,431.81 0.59
Arrow Nikkei 14,516.27 0.68
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Arrow Sensex 22,628.84 1.58

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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln