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Middle East & Africa


Kenyan shilling gains on dollar inflows, stocks tread water NAIROBI: The Kenyan shilling strengthened on Wednesday on dollar inflows from charities, while stocks were steady.The shilling closed at 89.10/89.20, compared with Tuesday's close of 89.30/89.40.Duncan Kinuthia, head of trading at Commercial Bank of Africa, said foreign missionaries and non-governmental organizations with operations in Kenya were a major source of hard currency during the session."They always need to sell to fund local operations, so the money comes in foreign currency and they have to convert it into local currency," Kinuthia said.He said demand for dollars had eased from telecommunications, energy, and oil companies, which are usually the most consistent buyers."They usually have more or less a fixed amount that they have to buy... and when they do that, they don't need to buy more, especially if the currency is moving against them," Kinuthia said.Kenya's central bank sought to mop up 5 billion shillings ($56.05 million) from the market on Wednesday ...

South Africa's rand slightly firmer, lifted by finance Minister comments JOHANNESBURG: The rand edged firmer against the dollar on Wednesday as the finance minister's comments on South Africa's fiscal outlook helped the local unit fend off persistent concerns about growth prospects.Speaking to Reuters in London, recently appointed Finance Minister Nhlanhla Nene said that while South Africa was likely to cut its 2014 growth forecast next week, he did not expect the economy to slip into recession."We are moving in a direction to restrain expenditure in ...
Kenyan shilling stable, liquidity watched NAIROBI: The Kenyan shilling was little changed on Tuesday although traders said rising liquidity in money markets could weaken the currency.At 0645 GMT, the shilling was trading at 89.25/35 to the dollar, compared with Monday's close of 89.20/89.30.Average overnight lending rates dropped to 5.9673 percent on Monday from 6.1625 percent on Friday, pointing to improved liquidity, which could weigh on the currency as it makes it slightly cheaper for banks to fund long dollar positions."That ...
South Africa's rand firmer as US holiday offers reprieve JOHANNESBURG: South Africa's rand took advantage of a U.S. market holiday on Monday to claw back more than half a percent in gains versus the dollar, sneaking into firmer territory after a two-session losing streak.The local unit firmed 0.57 percent to 11.047 by 1420 GMT , reversing two consecutive days of losses in the previous week.The rand clung on to good news out of China as the world's second-largest economy reported a surprise up-tick in ...
Kenyan shilling treads water against the dollar NAIROBI: The Kenyan shilling held steady against the dollar on Monday as importers remained on the sidelines.At 0805 GMT, leading commercial banks posted the shilling at 89.10/20, unchanged from Friday's close.The shilling, which is 2.8 percent down against the US currency this year, has been under pressure due to a dearth of dollars as tourism, a key source of foreign exchange, dwindled in the wake of frequent attacks by Islamists.Traders said the supply of dollars ...
Egyptian pound steady on official, weaker on black market CAIRO: Egypt's pound held steady at a central bank dollar sale on Monday, when the bank said it sold $37.4 million at a cut-off price of 7.1401 pounds per dollar.The price was unchanged from Thursday's sale.In the unofficial market, the pound was trading at 7.38 to the dollar, slightly weaker than Thursday's rate of 7.37, one trader said.The rate for dollar sales has stayed in a tight range since the beginning of June, after the ...
Ugandan shilling weakens on importer demand KAMPALA: The Ugandan shilling fell for a second session on Monday, weighed down by dollar demand from importers, with the weakening seen as likely to persuade the central bank to keep interest rates on hold on Tuesday.At 0942 GMT commercial banks quoted the shilling at 2,673/2,683, weaker than Friday's close of 2,667/2,677."We're seeing a continuation of appetite from importers," said Centenary Bank trader Sage Daniel Muganza.Muganza said liquidity in the interbank market was tightening after ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln