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South Africa's rand notches further gains, could lose steam JOHANNESBURG: South Africa's rand consolidated its overnight gains against the dollar Thursday, but could struggle to hold its ground given weak domestic economic fundamentals and looming rate hikes in the United States.At 0647 GMT, the rand traded 0.43 percent firmer at 11.9440 to the greenback, compared with Wednesday's close at 11.9950 in New York.Government bonds were similarly firmer, with the yield on the benchmark 2026 government bond falling 6.5 basis points to 7.66 percent.The firmer rand was largely in response to the dollar's modest losses after data pointed to the world's biggest economy slowing significantly in the first quarter, which could delay the Federal Reserve's decision to begin hiking interest rates.Stronger than expected jobs numbers on Friday could, however, reignite the argument for policy tightening in the U.S., drawing investors away from emerging markets.A weak outlook for South Africa's own economy, worsened by chronic electricity shortages, also points to the ...

Kenyan shilling steady, seen supported by bond sale NAIROBI: Kenya's shilling was little changed on Wednesday, with dollar demand in the interbank market offset by central bank liquidity mop ups and hard currency inflows from investors preparing to buy a bond.By 0920 GMT, commercial banks quoted the shilling at 92.35/55 to the dollar, barely changed from Monday's close of 92.35/45.Sheikh Mehran, head of trading at I&M Bank, said there was early dollar demand by banks in the interbank market but the volumes were ...
Nigeria's naira firms 0.46pc on parallel market after Buhari wins election LAGOS: Nigeria's naira firmed 0.46 percent to 217 against the dollar on Wednesday on the parallel market after opposition leader Muhammadu Buhari won the presidential election in Africa's biggest economy, a black market dealer told Reuters.The dealer said he had seen little demand for dollar compared with before the polls. The interbank opened at 197 naira to the dollar, a level it had traded at since February, after the central bank pegged the rate, following ...
Ugandan shilling weakens as manufacturing dollar demand weighs KAMPALA: The Ugandan shilling weakened on Wednesday, undermined by rising dollar demand from manufacturing firms and was expected to lose further ground amid a surge in market liquidity.At 0928 GMT commercial banks quoted the shilling at 2,980/2,990, weaker than Tuesday's close of 2,973/2,983."There's significant corporate demand mainly from manufacturing firms which is weighing on the shilling," said Isaac Iga, chief dealer at Orient Bank.The shilling weakened to its all-time low of 3,116/3,126 last month, pressured ...
Egyptian pound steady on official and black market CAIRO: Egypt's central bank kept the pound steady at 7.53 pounds to the dollar at a foreign exchange auction on Wednesday, and the domestic currency was unchanged on the black market.The central bank has kept the official exchange rate steady for more than a month after letting the pound weaken in an attempt to wipe out black-market trading.The bank said it offered $40 million at auction and sold $38.4 million at a cut-off price of ...
South Africa's rand firms vs dollar, local data caps gains JOHANNESBURG: South Africa's rand firmed close to half a percent against the dollar early on Wednesday as the US currency floundered, dragged lower by weaker share prices and worries over a nuclear deal with Iran.By 0645 GMT the rand had gained 0.49 percent to 12.0725 per dollar, from a close of 12.1325 overnight in New York, boosted slightly after South Africa's trade deficit narrowed sharply in February."The downside might extend into this morning but does ...
Ugandan shilling stable, seen weaker on liquidity injection KAMPALA: The Ugandan shilling was stable on Tuesday but was expected to weaken after the central bank pumped local currency into the interbank market through a reverse repo.At 1141 GMT commercial banks quoted the shilling at 2,970/2,980, unchanged from Monday's close."Am expecting some players will be taking positions with improved liquidity conditions," said Ahmed Kalule, trader at Bank of Africa. "We could see a marginally weaker unit (shilling) going forward."Kalule said the central, Bank of ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln