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Middle East & Africa


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 central bank's pegged rate of 197. "Banks are rejecting dollar deposits they are not able to transfer excess liquidity to their correspondent banks abroad, which is restricting importers from using domiciliary accounts," said Aminu Gwadabe, president of Nigeria's Bureau de Change association. The naira had weakened on the parallel market to as much as 242 to the dollar, on persistent dollar shortages. The central bank last month limited importers' access to dollars on the official ...

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 ...
Kenya's shilling slips, eyes on any central bank action NAIROBI: Kenya's shilling weakened in early business on Thursday as companies sought dollars to meet end-of-month payments but traders said clients were cautious in case the central bank intervened to sell dollars again.By 0654 GMT, the shilling was trading at 101.95/102.05, slipping from Wednesday's close of 101.60/70.The central bank sold dollars on Wednesday at around the 102.50 level. The sales provided brief support, although the shilling has remained under pressure due to global dollar strength ...
South Africa's rand a touch firmer as market bets on dovish Fed JOHANNESBURG: South Africa's rand firmed for a third straight session against the dollar on Wednesday as investors bet that the US Federal Reserve might issue a dovish policy statement, boosting the appeal of high-yielding emerging market assets. With investors focused on the Fed, the rand barely moved after a Statistics South Africa survey showed that unemployment eased slightly to 25 percent in the second quarter from 26.4 percent previously.At 1545 GMT the rand was trading ...
South Africa's rand pauses ahead of Fed, local jobs data JOHANNESBURG: South Africa's rand was largely unchanged on Wednesday as investors cautiously awaited a US Federal Reserve policy statement and local unemployment data later in the session.At 0625 GMT the rand was barely changed at 12.5650 per dollar, failing to hold on to momentum that saw the unit trade firm to 12.52 overnight after crashing to a 14-year low on Monday."The rand is almost stuck in a bit of a consolidation range for the day," ...


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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