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Middle East & Africa


Nigerian naira weakens on black market as dollar demand grows LAGOS: The Nigerian naira weakened by 1.13 percent against the dollar on the parallel market on Monday amid rising demand for hard currencies. The local currency was trading at 223 to the dollar on the parallel market, down from 220.50 to the dollar on Friday. "The market is experiencing strong demand for the dollar from some individuals and businesses stocking for school resumption," one trader said. Nigeria's naira had traded as low as 240 to the dollar after the central bank listed some 41 items that could not be imported at the official exchange rate. It strengthened after the bank increased the supply of dollars to bureaux de change, where importers were buying their dollars. "The demand for the dollar is increasing while some customers are willing to buy at whatever rate they can get," Aminu Gwadabe president of Bureau de change operators told Reuters. The naira is currently trading ...

Ugandan shilling steady, tight supply seen offering support KAMPALA: The Ugandan shilling was steady on Monday, but was expected to firm as market players unwind their hard currency positions to cope with tight supply of shillings. At 0921 GMT commercial banks quoted the shilling at 3,665/3,675, unchanged from Friday's close. "The key driver for the shilling going forward will be liquidity," said a trader at a leading commercial bank. "Shillings are scarce and I think we're likely to see players unwinding their positions ...
Weaker rand a boost for South African stocks, drag on bonds JOHANNESBURG: South African equities have marched ahead this year despite sluggish economic growth, with local investors scaling back their bond exposure in favour of shares that offer a hedge against a sharply weaker currency. Central bank regulations limiting local investors to taking only 25 percent of their assets offshore have prevented a mad rush out of South Africa that might have ensued with the rand's nearly 20 percent fall against the dollar this year.But asset ...
Kenyan shilling weakens, seen under further pressure NAIROBI: Kenya's shilling weakened further against the dollar on Friday amid heavy demand for the US currency from the energy and telecoms sectors and a general weakening of emerging market currencies.At the close of trade at 1330 GMT, commercial banks quoted the shilling at 105.60/70 per dollar, weaker than Thursday's close of 104.95/105.15.The shilling has been edging closer to its all time low of about 107 to the dollar, set in October 2011."We have a ...
Ugandan shilling firmer on slumping importer demand, tight liquidity KAMPALA: The Ugandan shilling was firmer on Thursday, buoyed by tight liquidity and slumping demand as most importers took to the market sidelines, unwilling to buy greenbacks at current levels deemed expensive. At 0948 GMT commercial banks quoted the shilling at 3,665/3,675, stronger than Wednesday's close of 3,680/3,690. "The market is taking a breather, we're not seeing much demand at the current level," said Shahzad Kamaluddin, trader at Crane Bank. "A lot of importer customers ...
Egyptian pound steady at dollar sale, exchange bureaux CAIRO: Egypt's central bank kept the pound steady at a dollar sale on Thursday, selling $37.8 million at a cut-off price of 7.7301 pounds per dollar, unchanged from Tuesday. The central bank had kept the pound at 7.5301 for five months until July, when it allowed it to slide to 7.6301. On July 5 the bank let it slip a further 0.10 pounds. Allowing the pound to weaken in a controlled way could boost exports ...
Ugandan shilling gains as Treasury auction depresses liquidity KAMPALA: The Ugandan shilling posted marginal gains on Wednesday, helped by scant supply of shillings in the runup to a Treasury auction and subdued dollar demand. At 0906 GMT commercial banks quoted the shilling at 3,670/3,680, stronger than Tuesday's close of 3,680/3,690. "There's significant tightness in liquidity because the auction has taken away some of the money," said Faisal Bukenya, head of market making at Barclays Bank. Bank of Uganda (BoU) was due later on ...


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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 $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 05, 2015
Reserves $18.349 bln