09262016Mon
Last update: Mon, 26 Sep 2016 06pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Egypt closes 48 forex bureaus in black market crackdown CAIRO: Egypt's central bank has closed 48 foreign exchange bureaus since the start of the year for trading at black market rates and other violations, banking sources said on Wednesday, as the country tries to end speculation against the Egyptian pound. Egypt has accelerated a crackdown against black market traders it blames for growing pressure to devalue the currency. The dollar is being sold on the black market for about 12.65 to 12.75 Egyptian pounds, according to traders, far more than the official rate of 8.78.Import-dependent Egypt has struggled with a worsening shortage of foreign currency since the 2011 uprising that ended Hosni Mubarak's 30-year rule but also scared away foreign investors and tourists -- key earners of hard currency.Egypt's parliament on Tuesday set prison sentences of three to 10 years and fines up to 5 million pounds ($563,000) for black market currency trading."The number of exchange companies closed since ...

Markets - FXMM - Middle East & Africa

Uganda shilling eases slightly after central bank rate cut KAMPALA: The Ugandan shilling weakened slightly on Monday after the central bank slashed its benchmark policy rate by 100 basis points to 14 percent as traders sought to beef up their dollar positions.At 1200 GMT commercial banks quoted the shilling at 3,372/3,382, weaker than Friday's close of 3,365/3,375. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South Africa's rand firmer in quiet trade, stocks inch up JOHANNESBURG: South Africa's rand stretched gains on Monday, still riding the wave of last week's peaceful local government elections and further signs of a delay to interest rate hikes in the United States. Stocks ended slightly higher, with Steinhoff in focus after the retailer announced a surprise $3.8 billion acquisition of a US beds retailer. By 1530 GMT the rand had gained 0.44 percent to 13.6400 per dollar, stretching a rally to its firmest level ...

Markets - FXMM - Middle East & Africa

Nigeria's naira hits post-peg black market low of 400 LAGOS: Nigeria's naira hit 400 against the dollar on the black market on Friday, bureaux de change traders said, falling to its lowest since the central bank floated the currency in June. On the official interbank market, the naira ended at 311 per dollar, 0.3 percent weaker, after trades worth $12.63 million. The naira has dropped steadily on the black market this week after opening at 381 on Monday. Traders say dollar demand has been ...

Markets - FXMM - Middle East & Africa

South Africa rand hits 9-month high as poll results trickle in, stocks flat JOHANNESBURG: South Africa's rand hit a nine-month high against the dollar and government bonds firmed on Thursday as the smooth local elections and expectations of continued low interest rates abroad boosted sentiment. Stocks ended flat on Thursday as gold mining companies, which benefit from rand weakness, retreated in the face of the currency's gains, while paper maker Sappi surrendered earlier hefty gains on stellar results. At 1510 GMT, the rand traded at 13.7650 per dollar, ...

Markets - FXMM - Middle East & Africa

South Africa's rand, stocks slip ahead of elections JOHANNESBURG: South Africa's rand lost some ground against the US dollar on Tuesday with traders taking a cautious stance ahead of local government elections on Wednesday and global economic data later in the week. Stocks slipped to an almost two-week low on Tuesday with financials among the biggest decliners on the index but gold mining companies kept the downside momentum in check. At 1500 GMT, the rand traded at 13.9650 per dollar, 0.33 percent softer ...

Markets - FXMM - Middle East & Africa

South Africa's rand retreats, stocks end higher as financials climb JOHANNESBURG: South Africa's rand retreated on Monday, surrendering recent gains as some investors cashed in profits from the previous week's rally to nine months highs. Stocks were higher, buoyed mostly by financials shares. By 1530 GMT the rand had slipped 0.22 percent to 13.9200 per dollar, compared to a close at 13.8900 in New York on Friday. Traders said the rand was likely to resume gains into the week given the current low yield environment ...