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Middle East & Africa


Egyptian pound steady at central bank sale, weaker on black market CAIRO: The Egyptian pound was steady at a central bank dollar sale on Monday but weakened on the black market.The central bank said it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, the same price as its last sale on Thursday.The bank's rates have stayed within a very tight range since the beginning of June, after the bank allowed the pound to weaken in May. It offered $40 million on Monday.On the black market, the dollar changed hands for 7.37 pounds, weaker than Thursday's price of 7.33 pounds.The rates at which banks are allowed to trade dollars are determined by the results of the central bank sales, giving the bank effective control over official exchange rates.Copyright Reuters, 2014 ...

South Africa's rand under pressure from wage strikes JOHANNESBURG: South Africa's rand hovered near its previous close against the dollar on Monday and could weaken during the week as investors worry about the impact of incessant labour unrest on the fragile economy. The local unit barely moved on Reserve Bank data showing net gold and foreign exchange reserves edged up slightly to $44.828 billion in June from $44.506 billion in May. By 0643 GMT the rand traded at 10.7715 to the greenback , ...
Kenya's shilling weakens marginally before political rally NAIROBI: Kenya's shilling weakened marginally in early trade on Monday with all eyes on a planned opposition rally in the capital, which could stoke political tensions.Traders said market direction was being dictated by political events rather than fundamental demand. Most companies seek dollars near the end of the month to meet payments to suppliers.At 0646 GMT, commercial banks quoted the shilling at 87.90/88.00 to the dollar, weakening slightly from Friday's close of 87.85/95. Traders said ...
Ugandan shilling weaker on expected higher demand for dollars KAMPALA: The Ugandan shilling was a touch weaker on Friday amid expectations of higher demand for dollars from importers in the telecommunications and energy sectors. At 0911 GMT, commercial banks quoted the shilling at 2,625/2,635, a tad down from Thursday's close of 2,620/2,630. "There's anticipation of significant demand for dollars from telecommunication and energy corporates," said Faisal Bukenya, head of market making at Barclays Bank. The shilling, which has been under pressure in recent weeks ...
Kenyan shilling little changed, stuck in a range NAIROBI: The Kenyan shilling barely moved on Thursday in thin trading volumes and is expected to stay in a range against the dollar for the next few days, traders said, partly due to the absence of any significant economic data.At 0801 GMT, commercial banks quoted the shilling at 87.75/85 to the dollar amid thin volumes, compared with Wednesday's close of 87.80/90.Duncan Kinuthia, head of trading at Commercial Bank of Africa, said the shilling could tighten ...
Kenyan shillings firms, political tensions eyed NAIROBI: The Kenyan shilling was a touch stronger on Wednesday, with diminishing dollar demand lifting the local currency while traders said the outcome of planned political rallies over the next week should determine the shilling's direction.At 0850 GMT, commercial banks quoted the shilling at 87.70/80 to the dollar amid thin volumes, compared with Tuesday's close of 87.80/90."The end of (dollar) demand that had spilled over in the first day of the month has been diminishing ...
Kenyan shilling eases after GDP growth weakens in first quarter  NAIROBI: The Kenyan shilling weakened on Tuesday, undermined by importer demand for dollars, amid concerns that the east African country's foreign exchange earners were flagging.At 0845 GMT, commercial banks quoted the shilling at 87.70/80 to the dollar, compared with Monday's close of 87.50/60.Traders said there were worries about dollar inflows after official data showed leading foreign exchange earners such as horticulture exports did not do well in the first quarter.On Monday, the statistics office said ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln