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Middle East & Africa


Kenyan shilling steady, seen supported by bond sale NAIROBI: Kenya's shilling was little changed on Wednesday, with dollar demand in the interbank market offset by central bank liquidity mop ups and hard currency inflows from investors preparing to buy a bond.By 0920 GMT, commercial banks quoted the shilling at 92.35/55 to the dollar, barely changed from Monday's close of 92.35/45.Sheikh Mehran, head of trading at I&M Bank, said there was early dollar demand by banks in the interbank market but the volumes were thin."The market is in a holiday mood at the moment, so there is not much happening," said Mehran, who added that an upcoming infrastructure bond should lend support to the shilling.Kenya's central bank has invited bids for a 12-year infrastructure bond worth up to 25 billion shillings ($271 million) in a tap sale.Traders said the bank should also receive support from central bank liquidity mop ups, which makes it more expensive to hold dollars. The ...

Nigeria's naira firms 0.46pc on parallel market after Buhari wins election LAGOS: Nigeria's naira firmed 0.46 percent to 217 against the dollar on Wednesday on the parallel market after opposition leader Muhammadu Buhari won the presidential election in Africa's biggest economy, a black market dealer told Reuters.The dealer said he had seen little demand for dollar compared with before the polls. The interbank opened at 197 naira to the dollar, a level it had traded at since February, after the central bank pegged the rate, following ...
Ugandan shilling weakens as manufacturing dollar demand weighs KAMPALA: The Ugandan shilling weakened on Wednesday, undermined by rising dollar demand from manufacturing firms and was expected to lose further ground amid a surge in market liquidity.At 0928 GMT commercial banks quoted the shilling at 2,980/2,990, weaker than Tuesday's close of 2,973/2,983."There's significant corporate demand mainly from manufacturing firms which is weighing on the shilling," said Isaac Iga, chief dealer at Orient Bank.The shilling weakened to its all-time low of 3,116/3,126 last month, pressured ...
Egyptian pound steady on official and black market CAIRO: Egypt's central bank kept the pound steady at 7.53 pounds to the dollar at a foreign exchange auction on Wednesday, and the domestic currency was unchanged on the black market.The central bank has kept the official exchange rate steady for more than a month after letting the pound weaken in an attempt to wipe out black-market trading.The bank said it offered $40 million at auction and sold $38.4 million at a cut-off price of ...
South Africa's rand firms vs dollar, local data caps gains JOHANNESBURG: South Africa's rand firmed close to half a percent against the dollar early on Wednesday as the US currency floundered, dragged lower by weaker share prices and worries over a nuclear deal with Iran.By 0645 GMT the rand had gained 0.49 percent to 12.0725 per dollar, from a close of 12.1325 overnight in New York, boosted slightly after South Africa's trade deficit narrowed sharply in February."The downside might extend into this morning but does ...
Ugandan shilling stable, seen weaker on liquidity injection KAMPALA: The Ugandan shilling was stable on Tuesday but was expected to weaken after the central bank pumped local currency into the interbank market through a reverse repo.At 1141 GMT commercial banks quoted the shilling at 2,970/2,980, unchanged from Monday's close."Am expecting some players will be taking positions with improved liquidity conditions," said Ahmed Kalule, trader at Bank of Africa. "We could see a marginally weaker unit (shilling) going forward."Kalule said the central, Bank of ...
South Africa's rand weaker with further losses seen JOHANNESBURG: South Africa's rand weakened against the dollar early on Tuesday, extending the previous session's losses, after the resignation overnight of the chairman of Eskom, the latest ruction to hit the power utility.State-owned Eskom has introduced regular power cuts this year, hurting economic activity in South Africa, as it struggles with a backlog of maintenance on aging power stations.At 0645 GMT the rand was 0.11 percent softer at 12.1675 per dollar, after marking a third ...


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Arrow DJIA 17,776.12 1.11
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Arrow H.Seng 24,900.89 0.81
Arrow Sensex 27,957.49 0.07

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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 20, 2015
Reserves $16.132 bln