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Middle East & Africa


Kenyan shilling steady, seen gaining NAIROBI: The Kenyan shilling was steady on Monday but traders said it could firm in coming days on dollar inflows from foreign investors bidding for a Treasury bond later this week.At 0744 GMT, commercial banks quoted the shilling at 87.70/90 to the dollar, compared with Friday's close of 87.75/85."It's likely there could be some dollar inflows into the market," said Nahashon Mungai, trader at KCB Bank Group, in reference to the two-year bond reopening.The central bank will auction the bond worth 10 billion shillings on Wednesday.Traders said they forecast the shilling would trade in the 87.50 to 88.00 range in coming days, but would come under pressure later in the month when importers usually seek dollars."We hold the view that 88.00 levels is still a very strong psychological level to break," said Bank of Africa in a report. "We expect the shilling to touch 88.00 before we see a substantive ...

Egyptian pound steady at central bank sale and on black market CAIRO: The Egyptian pound remained stable at a central bank dollar sale on Monday and 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 last sale on Thursday.The rate for the dollar sales has stayed within a very tight range since the beginning of June, after it had allowed the pound to weaken in May. It had offered $40 million on ...
South Africa's rand holds onto post rate-hike gains JOHANNESBURG: South Africa's rand held steady against the dollar on Monday, starting the week with a firmer tone after the central bank raised interest rates late last week and global risk aversion abated. At 0647 GMT, the rand traded at 10.6250 to the dollar, at its strongest since the start of the month, and compared with a 10.6420 close in New York on Friday. Global markets were calm on Monday after risk appetite was sapped ...
South Africa's rand, bonds firmer in post-MPC glow JOHANNESBURG: South Africa's rand recovered its footing against the dollar on Friday, shaking off the previous day's late bout of risk aversion triggered by the downing of a Malaysian plane in Ukraine.Investors were still applauding the South African Reserve Bank's 25 basis point hiking of interest rates on Thursday to stem inflation pressures, a move seen boosting the rand's yield appeal. The local unit was up 0.93 percent 10.6595 to the greenback by 1521 GMT, ...
Kenyan shilling eases slightly, seen under pressure NAIROBI: The Kenyan shilling eased slightly on Thursday because of interbank demand for dollars, and traders said it was expected to remain under pressure in the days ahead as the supply of shillings built up.At 0715 GMT, commercial banks quoted the shilling at 87.70/80 to the dollar, compared with Wednesday's close of 87.65/75."We have seen some interbank (dollar) buying," said a senior trader at one commercial bank.Traders said the shilling was expected to come under ...
South Africa's rand flat vs dollar ahead of rates decision JOHANNESBURG: South Africa's rand was largely flat against the dollar on Thursday ahead of a central bank decision on interest rates later in the session. The currency was unmoved from its New York close, trading at 10.6800 per dollar at 0600 GMT after nudging up in the previous session after statistics revealed domestic retail sales had grown ahead of market forecasts in May.The market remained split on whether Reserve Bank Governor Gill Marcus will hike ...
Kenya shilling eases slightly, eye on 88 level NAIROBI: The Kenyan shilling weakened on Wednesday because of demand from oil companies for dollars, then steadied on expectations the central bank would intervene if it got much weaker.At 0730 GMT, commercial banks quoted the shilling at 87.80/90 to the dollar, slightly down from Tuesday's close of 87.75/85."We saw the oil sector in the market buying dollars, so that's the marginal weakening on the shilling," John Njenga, trader at Commercial Bank of Africa, said.Traders said ...


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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