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Middle East & Africa


Ugandan shilling weakens, sapped by liquidity surge KAMPALA: The Ugandan shilling was weaker against the dollar on Friday, sapped by a surge in interbank demand for the greenback after the central bank injected liquidity this week. At 0954 GMT commercial banks quoted the shilling at 3,425/3,435, weaker than Thursday's close of 3,410/3,420. Bank of Uganda this week conducted two reverse repos, pumping hundreds of billions of shillings into the interbank to try to ease up a liquidity squeeze. "The market is high on liquidity and there's interbank activity which has weakened the local unit," said Ali Abbas, a trader at Crane Bank. Abbas said there was also limited end of month corporate demand for the US currency. Manufacturers typically buy greenbacks at the end of the month to pay for raw material shipments for the next month. The local currency is down 19.2 percent in the year todate and its medium term outlook is seen as bearish, ...

South Africa's rand weakens ahead of US GDP data JOHANNESBURG: South Africa's rand weakened against the dollar on Thursday ahead of US GDP data that could reinforce expectations the Federal Reserve will raise interest rates in September, sapping liquidity for emerging market currencies. At 0620 GMT, the rand was half a percent weaker at 12.6100 against the dollar compared to 12.5500, its closing level in New York. "The rand is range-trading on the back of an uneventful FOMC statement, but is at risk of ...
Kenya's shilling slips, eyes on any central bank action NAIROBI: Kenya's shilling weakened in early business on Thursday as companies sought dollars to meet end-of-month payments but traders said clients were cautious in case the central bank intervened to sell dollars again.By 0654 GMT, the shilling was trading at 101.95/102.05, slipping from Wednesday's close of 101.60/70.The central bank sold dollars on Wednesday at around the 102.50 level. The sales provided brief support, although the shilling has remained under pressure due to global dollar strength ...
South Africa's rand a touch firmer as market bets on dovish Fed JOHANNESBURG: South Africa's rand firmed for a third straight session against the dollar on Wednesday as investors bet that the US Federal Reserve might issue a dovish policy statement, boosting the appeal of high-yielding emerging market assets. With investors focused on the Fed, the rand barely moved after a Statistics South Africa survey showed that unemployment eased slightly to 25 percent in the second quarter from 26.4 percent previously.At 1545 GMT the rand was trading ...
South Africa's rand pauses ahead of Fed, local jobs data JOHANNESBURG: South Africa's rand was largely unchanged on Wednesday as investors cautiously awaited a US Federal Reserve policy statement and local unemployment data later in the session.At 0625 GMT the rand was barely changed at 12.5650 per dollar, failing to hold on to momentum that saw the unit trade firm to 12.52 overnight after crashing to a 14-year low on Monday."The rand is almost stuck in a bit of a consolidation range for the day," ...
South Africa's rand moves up from 14-year lows vs dollar, awaits US Fed JOHANNESBURG: South Africa's rand gained slightly against the dollar on Tuesday, pulling away from the previous day's 14-year lows after a sell-off traders and analysts said looked to have been overdone. The rand hit a session high of 12.5250/dollar and was trading 0.42 percent firmer at 12.5645 by 1619 GMT compared with Monday's close. The rand had stumbled to 12.69 on Monday, its weakest since December 2001, taking the brunt of an emerging market sell-off ...
South Africa's rand edges off 14-year low, China risks loom JOHANNESBURG: South Africa's rand recovered slightly early on Tuesday after touching a fresh 14-year in the previous session as emerging markets wobble on concerns over China's economy.At 0630 GMT the rand edged 0.18 percent firmer to 12.5945 per dollar, recovering from a low of 12.69 on Monday when the unit failed to breach the key 12.70 technical support."Worth noting that the last time the rand traded at these levels, the ensuing correction saw us revisit ...


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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 $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln