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Middle East & Africa


Kenya shilling firms after central bank intervenes, shares rise NAIROBI: Kenya's shilling strengthened from three-year lows on Friday after the central bank intervened to support the currency by selling dollars. Stocks rose. The shilling closed at 89.90/90.0 to the dollar, compared to Thursday's close of 90.25/35 - its lowest level since November 2011. The central bank has in the past sold dollars to support the currency when it touched 89.50 levels. Most traders had anticipated action when it broke through the 90 level this week. The shilling has fallen by about 4.3 percent against the dollar this year, due to a slump in hard currency inflows from tourism following a spate of attacks by Islamic militants.Tea export inflows have been hit by a global glut. The dollar has also recently strengthened against other currencies. Martin Runo, a senior trader at Chase Bank, said he still expected the shilling to remain under pressure. "The shilling has a weaker bias, there ...

Nigeria's naira trading outside central bank's band despite interventions LAGOS: Nigeria's naira firmed 0.88 percent on Friday, after the central bank stepped up dollar sales to try to support the currency, under pressure as the price of oil, the country's main revenue earner tumbled to a four-year low. However, although the central bank has spent billions of dollars this week in interventions, the naira is still worth 2.7 percent less against the dollar than when the week started and remains outside the bank's preferred ...
Ugandan shilling firms on expectations of central bank intervention KAMPALA: The Ugandan shilling strengthened on Friday on expectations that the central bank would support the currency by selling dollars directly into the market, leading commercial banks to cut their dollar positions.At 1140 GMT commercial banks quoted the shilling at 2,742/2,752, stronger than Thursday's close of 2,750/2,760."There were expectations in the market that BoU (Bank of Uganda) might come in to try to arrest the pace of depreciation," said David Bagambe, trader at Diamond Trust ...
Kenyan shilling hits new 3-year low, Kenya Airways drags shares NAIROBI: The Kenyan shilling fell to a new three-year low on Thursday, hurt by dollar demand from energy companies, while shares fell on Kenya Airways' poor first-half results.The shilling closed at 90.25/35 to the dollar, its lowest level since November 2011, down from Wednesday's close of 90.10/15, weakened by dollar demand from energy importers.The shilling has fallen by about 4.6 percent against the dollar this year, mainly due to a slump in hard currency inflows ...
South Africa's rand firmer as mining output surprises JOHANNESBURG: South Africa's rand edged slightly firmer against the U.S dollar on Thursday after a surprise expansion in mining output provided a rare piece of good news for Africa's most developed economy.At 1537 GMT the rand had firmed 0.12 percent to 11.1800 per dollar, once again testing close to a technical support of 11.1600, which it failed to hold in the previous session.Yields on government bonds were up, the benchmark issue due in 2026 adding ...
Egyptian pound steady on official and weaker on black market CAIRO: The Egyptian pound was unchanged at a central bank dollar sale on Thursday and slightly weakened on the black market.The bank said it had sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, unchanged from the previous sale on Monday.The rates at which banks are allowed to trade dollars are determined by the results of central bank sales, giving the bank effective control over official exchange rates. The bank offered $40 ...
Ugandan shilling falls on dollar demand by manufacturing, energy sectors KAMPALA: The Ugandan shilling weakened further to a three-year low on Thursday on increased dollar demand by energy and manufacturing firms, traders said.At 1201 GMT commercial banks quoted the shilling at 2,750/2,760, weaker than Wednesday's close of 2,725/2,735, levels last seen in October 2011."Demand is very strong from manufacturing and energy buyers," said Shahzad Kamaluddin, trader at Crane Bank."However the market is also so high in liquidity... banks are drawing down on this to build ...


Index Closing Chg%
Arrow DJIA 17,810.06 0.51
Arrow Nasdaq 4,712.97 0.24
Arrow S&P 2,063.50 0.52
Arrow FTSE 6,750.76 1.08
Arrow DAX 9,732.55 2.62
Arrow CAC-40 4,347.23 2.67
Arrow Nikkei 17,357.51 0.33
Arrow H.Seng 23,437.12 0.37
Arrow Sensex 28,334.63 0.95

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