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Middle East & Africa


South African rand flat; decline in FX reserves has little effect JOHANNESBURG: South Africa's rand was little changed in early Friday trade, barely moving when central bank data showed a dip in net gold and foreign exchange reserves.Investors were looking to US jobs numbers due later on Friday for clues on the timing of rate hikes in the world's biggest economy.The was at 12.7295 to the dollar at 0634 GMT, just 0.11 percent off Thursday's New York close at 12.7150.Government bonds were similarly flat, with the yield for the 2026 benchmark dipping half a basis point to 8.215 percent.The rand hardly shifted after the South Africa Reserve Bank said net gold and foreign exchange reserves slipped to $41.007 billion in July from $41.59 billion in June.Like other emerging market currencies, the rand has fallen prey to expectations that policy tightening in the US is imminent, and has given up 10 percent of its value since the start of the year.Copyright Reuters, ...

South Africa's rand hits fresh 14-year low as economy struggles JOHANNESBURG: South Africa's rand touched a fresh 14-year low against the dollar on Wednesday amid concerns about the ailing local economy and after a US Federal Reserve official backed a US rate hike next month.Investors are worried that growth in Africa's most advanced economy has remained subdued since a 2009 recession with output seen below 2 percent this year, partly due to the worst electricity crisis in seven years.The economic development minister said on Wednesday ...
Kenyan shilling firms on tight liquidity, stocks down NAIROBI: The Kenyan shilling strengthened on Monday, helped by tight liquidity and expectations that the central bank will raise its lending rate this week, while stocks fell for a third-straight session.At the close of trade, commercial banks quoted the shilling at 101.35/45 to the dollar, from Friday's close of 102.35/45.Traders said the shilling had strengthened due to tight liquidity in the money markets, which had pushed interbank lending rates higher.The weighted average interbank lending rate ...
Nigeria naira gains on black market as banks reject dollar deposits LAGOS: The naira gained on the parallel market on Monday, after Nigeria's commercial banks stopped accepting cash deposits in dollars, a move to discourage speculation in the currency. The naira was quoted at 216 on the parallel market on Monday, strengthening by 4.1 percent from 225 naira to the dollar on Friday. It was quoted at 240 a week ago. On the official interbank market, the naira traded at 199 at 1130 GMT, near the ...
Egyptian pound steady at official auction and in exchange bureaus CAIRO: Egypt's central bank kept the Egyptian pound EGP= steady at 7.73 per dollar at a foreign exchange auction on Sunday after a depreciation earlier last month. The pound remained steady at currency exchange bureaus.The central bank said it had offered $40 million and sold $37.8 million at a cut-off price of 7.7301 pounds per dollar CBEO, unchanged from Thursday's rate.The central bank held the pound at 7.5301 for five months until earlier last month, ...
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 ...
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 ...


Index Closing Chg%
Arrow DJIA 16,643.01 0.07
Arrow Nasdaq 4,828.32 0.32
Arrow S&P 1,988.87 0.06
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Arrow DAX 10,298.53 0.17
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Arrow Nikkei 19,136.32 3.03
Arrow H.Seng 21,612.39 1.04
Arrow Sensex 26,392.38 0.61

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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln