05072016Sat
Last update: Sat, 07 May 2016 03am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Kenyan shilling firms slightly shrugs bank receivership NAIROBI: Kenya's shilling gained slight ground on Friday, shaking off jitters from a day earlier after the central bank put one bank, Chase Bank, under receivership.At 0943 GMT, commercial banks quoted the shilling at 101.20/30 to the dollar, compared with Thursday's close of 101.30/40.The shilling has appreciated 1 percent against the dollar so far this year."It had weakened a bit yesterday on the news for Chase Bank, then there was word that central bank intervened and sold dollars. There was really nothing t weaken it, apart from risk aversion," a senior trader at one commercial bank. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Ugandan shilling firms due to low corporate dollar demand KAMPALA: The Ugandan shilling firmed on Friday, buoyed by a low corporate dollar demand, traders said. At 1119 GMT commercial banks quoted the shilling at 3,345/3,355, stronger than Thursday's close of 3,355/3,365. "There's no buzz in the market, corporate demand is completely flat," said Shahzad Kamaluddin, trader at Crane Bank. A market note from Alpha Capital Partners, however, said this week's policy easing move could spur a rebound in dollar demand and pressure the shilling. ...

Markets - FXMM - Middle East & Africa

Kenyan, Ghanaian and Zambian currencies to firm, Nigeria's to ease NAIROBI: Kenyan, Ghanaian and Zambian currencies are expected to gain ground in the next week to Thursday, while Nigeria's will weaken, traders said.KENYAKenya's shilling is seen firming after weakening on news that the central bank said it had placed Chase Bank under receivership for 12 months to protect depositors, creditors and the public.At 1131 GMT, commercial banks quoted the shilling at 101.25/35 to the dollar, compared with last Thursday's close of 101.40/50."We expect the shilling ...

Markets - FXMM - Middle East & Africa

Uganda shilling stable, slow consumer spending offers support  KAMPALA: The Ugandan shilling was unchanged on Thursday as weak consumer spending continued to dampen appetite for hard currency among importers.At 1039 GMT commercial banks quoted the shilling at 3,355/3,365, unchanged from Wednesday's close."Consumer spending and general pace of the economy appears to be sluggish and it's impacting demand for dollars," said Faisal Bukenya, head of market making at Barclays Bank Uganda. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Egyptian pound stable at extra official auction as Saudi king visits CAIRO: Egypt's central bank said it kept the pound stable at 8.78 pounds to the dollar in an extra foreign currency auction on Thursday, coinciding with a visit by Saudi Arabia's King Salman to sign an oil deal.The bank, which holds regular forex auctions on Tuesdays, said it sold $118.7 million of an intended $120 million.Meanwhile the pound weakened on the black market as demand for dollars rose, three traders told Reuters.Egypt, which relies heavily ...

Markets - FXMM - Middle East & Africa

South Africa's rand turns weaker after S&P warns of pressure on credit rating JOHANNESBURG: South Africa's rand relinquished earlier gains against the dollar on Wednesday, turning weaker after Standard & Poor's said low economic growth remained a pressure point on its credit rating. Ratings agencies have warned of possible downgrades for Africa's most advanced economy, which has struggled to expand significantly since a 2009 recession. Investors have also been worried about Pretoria's commitment to fiscal prudence after President Jacob Zuma suddenly fired two finance ministers in December. On ...

Markets - FXMM - Middle East & Africa

South African rand weakens after S&P hints at pressure on credit rating JOHANNESBURG: South Africa's rand relinquished earlier gains against the dollar on Wednesday, turning weaker after Standard & Poor's said weak economic growth remained a pressure point on its credit rating. The rand fell to a session low of 15.2800 against the greenback, down 1.1 percent from Tuesday's New York close of 15.1050.Copyright Reuters, 2016 ...