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Middle East & Africa


Egyptian pound unchanged on official and black markets CAIRO: The Egyptian pound remained stable at a dollar sale by the central bank and on the black market on Wednesday.The central bank said it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, the same as its price in its last sale, on Monday.On the black market the dollar changed hands at 7.38/40 pounds, the same rate as a day before.The rate for dollar sales has stayed in a tight range since the beginning of June, after the bank allowed the pound to weaken in May. It had offered $40 million on Wednesday.The rates at which banks are allowed to trade dollars are determined by the results of the central bank sales, giving the bank effective control over official exchange rates.Copyright Reuters, 2014 ...

Kenyan shilling weakens against dollar, shares rise NAIROBI: The Kenyan shilling weakened on Tuesday, hurt by dollar demand from the banking, oil and telecoms sectors, while shares rose.At the close of trade, commercial banks quoted the shilling at 88.35/88.45 to the dollar, down from Monday's close of 88.20/88.30.Traders said banks were buying the dollar to cover their short-dollar positions."The shilling has been weakening rapidly at a time when there is tight liquidity in the market," said Nahashon Mungai, a trader at Kenya ...
South Africa's rand slips as US economy boosts dollar JOHANNESBURG: South Africa's rand weakened in morning trade on Tuesday as encouraging economic reports in the United States pushed the dollar higher.At 0644 GMT, the rand had fallen 0.2 percent from its New York close to 10.6250 per dollar, nearing a four-day high it touched in the previous week.The dollar was buoyed by a report showing home-builder sentiment in the United States at a seven-month high . The world's largest economy is seeing a recovery ...
Kenyan shilling eases against dollar, central bank action eyed NAIROBI: The Kenyan shilling weakened on Tuesday, hurt by dollar demand from the oil and telecommunication sectors, as traders watched to see if the central bank would intervene to stop the currency's depreciation.At 0730 GMT, commercial banks quoted the shilling at 88.25/88.35 to the dollar, slightly down from Monday's close of 88.20/30.The shilling, down about 2.3 percent against the dollar this year, has been weakening over the past few weeks, even though liquidity has tightened. ...
Ugandan shilling loses ground as energy, telecom firms buy dollars KAMPALA: The Ugandan shilling weakened against the dollar on Tuesday, giving up some of its recent gains due to a pick-up in demand for dollars from commercial buyers.At 0921 GMT commercial banks quoted the shilling at 2,605/2,615, weaker than Monday's close of 2,597/2,607."The shilling is being weighed down by demand from mainly manufacturing, telecoms and energy firms," said Faisal Bukenya, head of market making at Barclays Bank."These corporates have been out of the market but ...
Ugandan shilling firmer on interbank sell off, positive rating KAMPALA: The Ugandan shilling gained on Monday as banks sold off dollars, with a favourable sovereign rating by Fitch helping to buoy investor confidence.At 0931 GMT, commercial banks quoted the shilling at 2,597/2,607, stronger than Friday's close of 2,600/2,610."There has been an offloading of positions in the interbank" that is strengthening the shilling, said Isaac Iga, chief dealer at Orient Bank."I think Fitch's rating created a positive sentiment especially for offshore people ... the tone ...
Kenyan shilling weakens, shares fall as Kenya Airways dips NAIROBI: The Kenyan shilling weakened on Monday after banks bought dollars to cover short positions, traders said.At the close of trade, commercial banks quoted the shilling at 88.20/88.30 to the dollar, from 88.05/88.15 on Friday.The shilling has been supported by tighter conditions on the interbank market, where the weighted average lending rate rose to 11.9492 percent on Friday from about 7.5 percent in mid-July.Sheikh Mehran, head of trading at I&M Bank, said there was little ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln