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Middle East & Africa


South Africa's rand weakens on US rate hike hopes JOHANNESBURG: South Africa's rand extended its losses against a surging dollar on Monday after the U.S. Federal Reserve Chair Janet Yellen signalled the central bank was poised to raise rates this year.At 1435 GMT the rand was 0.57 percent weaker at 11.9605 to the dollar from its closing level on Friday."Late on Friday we obviously saw the dollar strengthen significantly because of Yellen's comments ... and that is why the rand lost out," said Ion de Vleeschauwer, a currency dealer at Bidvest Bank.He added that trading volumes were thin as several markets including the United Kingdom and the United States were shut for holidays."The whole financial world is out of action today, it's really been dull trading."The dollar hit a one-month high against a basket of major currencies on Monday after stronger-than-expected underlying U.S. inflation bolstered the Federal Reserve's case for an interest rate hike later this year.Yellen's comments that ...

South Africa's rand slips as Fed remarks boost dollar JOHANNESBURG: South Africa's rand weakened on Monday along with fellow emerging markets' (EM) currencies as the dollar rallied after the Federal Reserve signalled a rate hike by year-end.By 0700 GMT the rand slipped 0.32 percent to 11.9310 versus the dollar, which marched to a month-high after positive CPI data and strong indications by U.S. Federal Reserve chair Janet Yellen that the bank would raise rates in 2015.The news lifted the dollar index, which measures the ...
Egyptian pound steady at official auction, weaker on black market CAIRO: Egypt's central bank kept the pound steady at 7.53 to the dollar at a foreign exchange auction on Sunday, while the currency weakened on the black market.The central bank has held the official exchange rate steady for more than three months since letting the pound weaken at the beginning of 2015. This weakening and other measures have helped reduce black market trading significantly.In Sunday's auction, the bank said it had offered $40 million and ...
South Africa's rand softer, bonds flat on rate decision JOHANNESBURG: South Africa's rand was a touch softer against the dollar on Thursday, coming off the session's highs after the central bank left rates unchanged despite a hawkish policy statement that had fuelled last minute expectations for a hike.Governor Lesetja Kganyago said the bank's monetary policy committee voted 4:2 in favour of keeping the benchmark repo at 5.75 percent but warned the deteriorating inflation outlook meant the stance could not be "maintained indefinitely".The rand touched ...
South Africa's rand, bonds boosted by soft inflation print JOHANNESBURG: South Africa's rand firmed against the dollar on Wednesday after softer-than-expected inflation bolstered the case for local lending rates to remain on hold.At 1526 GMT the rand gained 0.37 percent to 11.8640 per dollar, pulling away from the crucial 12.00 mark after April headline inflation quickened to 4.5 percent year-on-year, slightly below expectations."Fixed rates are printing lower and the currency was also impacted positively," said Marten Banninga of World Wide Capital Securities.Yields on governments ...
South Africa's rand weaker against globally firmer dollar JOHANNESBURG: South Africa's rand weakened against the dollar on Monday as the greenback made broad-based gains, recovering from almost four-month lows reached last week on another bad round of U.S. economic data.At 1501 GMT the local unit, which touched two-week highs on Friday, shed 0.54 percent to 11.8475 per dollar compared with its closing 11.7800 in New York on Friday.The dollar gained against the basket of major currencies in a market eyeing the U.S. inflation ...
Kenyan shilling firms, shares tread water NAIROBI: The Kenyan shilling firmed on Friday, helped by subdued corporate dollar demand and sales of the US currency by companies seeking funds for tax payments next week.The main share index was little changed.At the close of trade, commercial banks quoted the shilling at 95.85/95 to the dollar, from 96.15/25 at Thursday's close."We have the fact that next week corporates will be paying their taxes. So you find that now corporate demand might ease as ...


Index Closing Chg%
Arrow DJIA 18,232.02 0.29
Arrow Nasdaq 5,089.36 0.03
Arrow S&P 2,126.06 0.22
Arrow FTSE 7,031.72 0.05
Arrow DAX 11,815.01 0.42
Arrow CAC-40 5,142.89 0.07
Arrow Nikkei 20,264.41 0.30
Arrow H.Seng 27,992.83 1.70
Arrow Sensex 27,957.50 0.53

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln