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Middle East & Africa


Ugandan shilling weakens as commercial banks buy dollars KAMPALA: The Ugandan shilling lost ground on Wednesday as commercial banks bought dollars, but its weakening was expected to be limited by a shortage of local currency.At 1027 GMT, commercial banks quoted the shilling at 2,743/2,753, weaker than Tuesday's close of 2,730/2,740."Some banks are going long, I think the bullish trend of the dollar in international markets is driving their demand," said Shahzad Kamaluddin, trader at Crane Bank."However there's significant tightness in availability of the local unit so we could see a rebound."Traders said overnight interbank lending rates ranged between 10-13 percent on Wednesday from a range of 6-9 percent a few days ago.Sage Daniel Muganza, trader at Centenary Bank said the dollar demand will be short lived."On the other hand what will be more fundamental in driving the shilling is the dwindling importer demand," he said.The local currency has lost 8.1 percent against the dollar so far this year, ...

Egyptian pound weakens on black market on Qatari repayment jitters CAIRO: The Egyptian pound was flat at a central bank dollar sale on Wednesday but weakened significantly on the black market as Egypt's plans to repay a $2.5 billion Qatari deposit raised concerns of a looming dollar shortage, traders said.The bank offered $40 million on Wednesday and said it had sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, unchanged from its last sale on Monday.The rates at which banks are allowed ...
South Africa's rand a touch softer ahead of CPI, US Fed JOHANNESBURG: South Africa's rand retreated slightly against the dollar on Wednesday, although traders did not expect it to break out of current ranges ahead of the release of US Federal Reserve minutes. Domestic consumer inflation data set to be released at 0800 GMT was unlikely to impact the currency much, with economists polled by Reuters expecting the year-on-year rate to have stayed unchanged at 5.9 percent in October. This would be within the Reserve Bank's ...
Kenyan shilling steady, eyes on central bank NAIROBI: Kenya's shilling was steady early on Wednesday with investors and companies holding back on dollar purchases and keeping the currency below levels where the central bank intervened last week to sell dollars.By 0715 GMT, the shilling was trading at 90.05/15 to the US currency, little changed on Tuesday's close of 90.10/20."We have seen buyers stay on the sidelines at levels above 90," said Duncan Kinuthia, head of trading at Commercial Bank of Africa. "There ...
South Africa's rand strengthens to 2-week high vs dollar JOHANNESBURG: South Africa's rand climbed 1 percent to 11.0230 on Tuesday, its strongest in two weeks against the dollar as Japan's slide into recession helped boost demand for higher-yielding emerging market assets."The rand is stronger because high yields are in vogue at the moment," said David Gracey, a currency trader at Investec Bank. Copyright Reuters, 2014 ...
Kenyan shilling eases on corporate dollar demand, stocks dip NAIROBI: Demand for dollars from importers and manufacturers weakened Kenya's shilling on Tuesday although it ended off lows for the session, while share prices also slipped.At the market close of 1300 GMT, the shilling was at 90.10/20, compared with Monday's finish of 89.90/90. The currency touched a low of 90.15/25 before reversing some losses.The weakness was broadly driven by corporate demand for dollars, but traders said some firms saw the shilling's lows for the day ...
South Africa's rand, bonds hold steady, look offshore for direction JOHANNESBURG: South Africa's rand held steady against the dollar early on Tuesday as it waited for direction from abroad, while lower oil prices and Japan's slip into recession supported government debt. AT 0640 GMT the rand nudged up to 11.1175 to the dollar, off a 11.1345 close in New York on Monday. The currency was trading within Monday's levels, with little on the domestic calendar to inspire moves in either direction. Local factors will come ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln