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Middle East & Africa


Egyptian pound steady at dollar sale, lower at parallel market CAIRO: The Egyptian pound was stable at a dollar sale on Tuesday, with the central bank selling $37.8 million at a cut-off price of 7.7301 pounds per dollar, while the currency weakened on the parallel market.Earlier this month the central bank surprised the market by strengthening the pound by 20 piasters from 7.9301 pounds to the dollar.The official cut-off price was unchanged from Sunday's dollar sale, but one trader said the dollar changed hands at 8.60 pounds in the parallel market on Tuesday, compared with 8.55 pounds on Sunday.Egypt announced in October that Hesham Ramez would be replaced as central bank governor this month by senior banker Tarek Amer. The move was welcomed by traders, who expect a new approach to the country's currency crisis.Cairo has sought to tame a once-thriving currency black market with measures such as a cap on dollar-denominated bank deposits.The central bank gave permission in January ...

Ugandan shilling steady, helped by subdued dollar demand KAMPALA: Uganda's shilling was broadly stable on Tuesday, helped by tight liquidity and subdued appetite for the U.S. dollar.At 0939 GMT, commercial banks quoted the shilling at 3,375/3,385, unchanged from Monday's close."There are pockets of shilling tightness in the interbank (market)," said Ali Abbas, trader at Crane Bank, adding that regular end-month corporate demand for dollars could start putting pressure on the local currency in the coming days.Companies such as manufacturers usually seek dollars towards ...
Kenyan shilling closes steady; shares rise NAIROBI: The Kenyan shilling was little changed against the dollar on Monday as expectations of central bank intervention lent support to the local currency, while stocks rose.At the close of trade, commercial banks quoted the shilling at 102.15/25 per dollar, barely changed from Friday's close of 102.10/20.Traders said trading volumes were thin, partly due to importers' lower appetite for dollars ahead of Christmas."The aggressive posture of the central bank was supporting the shilling," said one ...
Nigerian naira eases on parallel market after central bank cut dollar supply LAGOS: Nigeria's naira currency eased 2.17 percent against the dollar on the parallel market on Monday after the central bank cut dollar supply to bureaux de change operators in a bid to conserve forex reserves, traders said.The local currency traded at 235 to the dollar on the parallel market compared with 230 a dollar on Friday, but remained unchanged at 197 to the dollar on the official interbank market. "The central bank has reduced the ...
South Africa's rand eases on US rate hike jitters, stocks fall JOHANNESBURG: South Africa's rand ended a five-day winning streak to the dollar on Monday as the dollar firmed one the likelihood of a December rate hike by the US Federal Reserve and its negative impact on emerging markets. Resource stocks pulled the bourse lower as base metals fell to multi-year lows on worries that the surge higher in the dollar will deter producers from making supply cuts in a market battling poor demand, especially in ...
Egyptian pound steady at auction and on parallel market CAIRO: Egypt's central bank kept the pound steady at 7.7301 to the dollar at its official foreign currency auction on Sunday, less than two weeks after surprising the market by strengthening it.The central bank sold 37.8 million dollars at a cut-off price of 7.7301 pounds to the dollar. Earlier this month it strengthened the pound by 20 piasters from 7.9301.Egypt, which is heavily dependent on imports for food and energy, is facing a dollar shortage ...
Ugandan shilling firms slightly on liquidity mop-up KAMPALA: The Ugandan shilling was slightly firmer on Friday, due to the central bank mopping up excess liquidity but was seen under pressure from commercial banks buying the dollar, spurred by the International Monetary Fund cutting economic growth forecasts. At 0921 GMT commercial banks quoted the shilling at 3,360/3,370, stronger than Thursday's close of 3,375/3,385. "The shilling strengthening is on the back of liquidity mop-up," said Shahzad Kamaluddin, a trader at Crane Bank. The Bank ...


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln