02122016Fri
Last update: Fri, 12 Feb 2016 09pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Egyptian pound slips further on black market, official rate unchanged CAIRO: The Egyptian pound continued to weaken on the black market on Sunday, piling more pressure on the central bank to devalue the currency even as the official rate against the dollar remained unchanged at an auction.Egypt, which heavily relies on imports for its food and energy needs, is facing a foreign currency crisis with the pound trading at substantially lower rates on the black market than the rate set by the central bank.The central bank surprised the market in November when it strengthened the pound by 20 piasters and has held it steady at 7.73 pounds to the dollar since then.At Sunday's auction, the bank sold $39.1 million at a cut-off price of 7.7301 pounds to the dollar, unchanged from the previous auction on Thursday.The black market rate was 8.72 pounds per dollar, compared with a range of 8.63-8.68 traders quoted on Wednesday, even though some traders and bankers ...

Markets - FXMM - Middle East & Africa

South Africa's rand flat ahead of US jobs data JOHANNESBURG: South Africa's rand weakened slightly early on Friday, pausing a rally that has seen the unit trade below the crucial 16 rand per dollar mark for three straight sessions as global risk appetite has improved. Stocks were set to open flat at 0700 GMT, with the JSE securities exchange's Top-40 futures index slipping 0.1 percent. By 0645 the rand was flat at 15.8995 per dollar, easing off its firmest level in one month after ...

Markets - FXMM - Middle East & Africa

Kenya's shilling steady, helped by some offshore inflows NAIROBI: Kenya's shilling was steady in early trading on Friday, with some offshore dollar inflows offering support.By 0708 GMT, the shilling was quoted at 102.10/30 to the dollar, little changed on Thursday's close of 102.10/20.One trader said some offshore investors had sold dollars. "We saw some of them having some interest in government securities," he said.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Ugandan shilling edges up as banks sell dollars KAMPALA: The Ugandan shilling inched up on Friday after banks sold dollars due to sluggish importer demand for the greenback. At 0918 GMT, commercial banks quoted the shilling at 3,450/3,460, slightly up from Thursday's close of 3,455/3,465. "Banks are selling off whatever (dollar) flows are coming through," said Faisal Bukenya, head of market making at Barclays Bank. Bukenya said the central bank had mopped up excess liquidity on Friday via a seven-day repurchase agreement (repo), ...

Markets - FXMM - Middle East & Africa

Ugandan shilling steady as banks trim dollar positions KAMPALA: The Ugandan shilling was steady on Thursday, supported by commercial banks which have been trimming long dollar positions.At 0903 GMT, commercial banks quoted the shilling at 3,460/3,470, from Wednesday's close of 3,465/3,475."It's now useless to keep long dollar positions, players are exiting those positions because ... clients are not buying (dollars)," said Charles Icadu, trader at Ecobank Uganda.Icadu said some banks were staying on the sidelines as they await a central bank rate decision ...

Markets - FXMM - Middle East & Africa

South Africa's rand slightly weaker, eyes US jobs data JOHANNESBURG: South Africa's rand weakened on Wednesday as sentiment toward risky assets remained subdued with rate hikes in the United States beckoning, while mining shares led stocks higher. By 1520 GMT, the rand had slipped 0.31 percent to 16.2700 per dollar, failing to hold on to gains earlier in the session after a rise in oil prices helped soothe the appetite for emerging assets. Bonds were also weaker, with the benchmark paper due in 2026 ...

Markets - FXMM - Middle East & Africa

Kenyan shilling holds steady, shares inch up NAIROBI: The Kenyan shilling held steady against the dollar on Tuesday while shares eked out meager gains.At the 1330 GMT close of trade, commercial banks posted the shilling at 102.25/35 per dollar, unchanged from Monday's closing rate."Activity is still thin," said a trader with a Nairobi-based commercial bank.Another trader said the shilling may have benefited from a liquidity mop-up by the central bank during the session, which usually makes it slightly more expensive for banks ...