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Middle East & Africa


South Africa's rand firms for 3rd day as emerging markets rally JOHANNESBURG: South Africa's rand firmed against the U.S. dollar for a third straight day on Thursday, boosted by positive emerging market sentiment after the U.S. federal reserve suggested interest rate hikes were some way off.At 1535 GMT, the rand was 0.69 percent firmer at 11.5280 against the greenback, having rallied more than 1 percent earlier in the session."What we are seeing in dollar/rand today is very much correlated to the improvement in the risk appetite that we have across markets," said Murat Toprak, forex strategist at HSBC in London.Federal Reserve Chair Janet Yellen had said on Wednesday that it was unlikely to hike rates for "at least a couple of meetings", meaning April of next year at the earliest.Government bonds also recovered with the yield on the benchmark 2026 paper falling 13 basis points to 7.980 percent.Bonds were also boosted by favourable local producer price inflation (PPI). Data showed PPI ...

Egyptian pound steady on official market, weaker on black market CAIRO: The Egyptian pound was unchanged at a central bank dollar sale on Thursday and weaker on the unofficial market after the government established a fourth weekly dollar auction.The bank offered $40 million and said it had sold $38.2 million at a cut-off price of 7.1401 pounds to the dollar, a rate unchanged from its sales on Wednesday and Monday.The rates at which banks are allowed to trade dollars are determined by the results of ...
Kenyan shilling steady, seen gaining slightly NAIROBI: The Kenyan shilling held steady on Thursday, with traders expecting the trend to continue amid less dollar demand as companies close their books for the holiday season.At 0730 GMT, commercial banks quoted the shilling at 90.35/45 to the dollar, equal to Wednesday's close."As companies close out for the festive season, we shall see less dollar demand. So we expect the shilling to be supported by that a bit," said a trader at a major ...
South Africa's rand rallies after Fed soothes EM sentiment JOHANNESBURG: South Africa's rand rallied against the dollar on Thursday as a statement by the US central bank signalling interest rates would remain near zero offered respite to struggling emerging market currencies.Sharp volatility in the past two sessions due to a public holiday and the Russian rouble's dramatic nosedive on Tuesday had seen the local unit test six-year lows, threatening to move out of a recent range and hold beyond 11.8000 mark. By 0609 GMT, ...
South Africa's rand inches higher, remains vulnerable JOHANNESBURG: South Africa's rand was slightly firmer in late afternoon trade on Wednesday, having recouped losses after the collapsing Russian rouble slowed its decline.The rouble's tumble - it is down 50 percent so far this year - has impacted other emerging market currencies, such as the rand. But the drop slowed slightly as Russia's finance ministry said it had started selling foreign currency, helping the rand stage a tentative recovery.Still, the South African currency remains ...
Kenyan shilling firms, stocks down on profit-taking NAIROBI: The Kenyan shilling firmed on Wednesday helped by hard currency inflows from offshore investor seeking to buy government bonds, while stocks fell on profit-taking.The shilling closed at 90.35/45 to the dollar, compared with Tuesday's close of 90.55/65."It must have been to lack of (dollar) demand... Also, some interest on the bond side," Julius Kiriinya, a trader at African Banking Corporation, said.The central bank auctioned a new two-year Treasury bond and a re-opened 15-year bond ...
Kenyan shilling steady, bond sale, subdued demand seen helping  NAIROBI: Kenya's shilling firmed on Wednesday, with traders expecting more gains, helped by offshore investor flows to buy government bonds later in the day and subdued dollar demand as companies close down for the holidays.At 0857 GMT, commercial banks quoted the shilling at 90.40/60 to the dollar, compared with Tuesday's close of 90.55/65.The central bank is due to auction a new two-year Treasury bond and a re-opened 15-year bond worth a total 20 billion shillings ...


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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 $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln