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Middle East & Africa


South Africa's rand halts 4-day gains as investors shun risk JOHANNESBURG: South Africa's rand snapped a four-day winning streak against the dollar on Friday, amid a lack of domestic impetus to counter rising concerns about the state of the global economy which left investors averse to risky assets. The market has moved on from the euphoria of respected deputy Governor Lesetja Kganyago being appointed to take over as central bank chief when Gill Marcus retires on Nov. 8. Market players are now focused on Finance Minister Nhlanhla Nene's mid-term budget later this month, which is likely to show a widening deficit that could force the government to borrow more. At 1514 GMT, the rand was at 11.1050 against the dollar, down 0.44 percent from where it ended the New York session on Thursday. Government bonds also relinquished some of their recent gains, with the yield for the 2026 benchmark instrument pulling back from the previous day's five-week lows to close ...

Kenya shilling dips in quiet morning trade, may gain next week NAIROBI: Kenya's shilling weakened slightly in quiet Friday morning business as traders bought dollars to square positions before the weekend, while demand for shillings to meet tax payments could help strengthen the currency next week.By 0720 GMT, the shilling was 89.05/89.15 to the dollar, modestly weaker than Thursday's close of 89.00/89.10 but still in a tight range of recent sessions of roughly 89.00 to 89.30."It's Friday so typically we don't see a lot of trading ...
Ugandan shilling slips on manufacturer dollar demand, rate expectations KAMPALA: The Ugandan shilling weakened on Friday due to a surge in demand for dollars by manufacturing firms and commercial banks before the central bank's decision on Tuesday that could see the key lending rate cut.At 0929 GMT commercial banks quoted the shilling at 2,670/2,680, weaker than Wednesday's close of 2,653/2,663. "I am seeing a lot of appetite from importers like manufacturing firms who want dollars to buy raw materials," said Isaac Iga, chief dealer ...
Kenyan shilling stronger on inflows from offshore investors NAIROBI: The Kenyan shilling was stronger on Thursday, and traders said it was expected to strengthen mainly due to dollar inflows from investors seeking to buy a Treasury bond on sale.At 1005 GMT, commercial banks quoted the shilling at 88.95/89.10 to the dollar, compared with Wednesday's close of 89.05/89.15.The central bank said it will auction a 12-year infrastructure bond worth up to 15 billion shillings ($168.63 million), which traders said was attractive to investors.The proceeds ...
Egypt's pound steady on official market, stronger on black market CAIRO: Egypt's pound held steady at a central bank dollar sale on Thursday, when the bank said it sold $37.4 million at a cut-off price of 7.1401 pounds per dollar.The price was unchanged from the previous day's sale.In the unofficial market, the pound was trading at 7.37 to the dollar, stronger than Wednesday's rate of 7.40, one trader said.The rate for dollar sales has stayed in a tight range since the beginning of June, after ...
Ugandan shilling weakens as energy, manufacturing sectors buy dollars KAMPALA: The Ugandan shilling weakened on Wednesday due to dollar demand by manufacturing and energy firms, but expected inflows from offshore investors could help it regain some lost ground.At 0918 GMT commercial banks quoted the shilling at 2,655/2,665, weaker than Tuesday's close of 2,645/2,655."Energy and manufacturing firms are coming in with strong appetite which is pushing the shilling (weaker)," said Ahmed Kalule, trader at Bank of Africa.Hard currency inflows from offshore to buy government debt ...
Kenyan shilling firms on tea, offshore investor dollar flows NAIROBI: The Kenyan shilling strengthened on Wednesday, helped by dollar inflows from tea exporters and offshore investors seeking to buy government debt.At 0910 GMT, commercial banks quoted the shilling at 89.05/89.15 to the dollar, compared with Tuesday's close of 89.15/25.Traders said investors were selling dollars in preparation for this month's central bank Treasury bond auction."This ... sees offshore players start to sell dollars in the market in readiness for the auction," said Nahashon Mungai, trader ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln