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Middle East & Africa


Egyptian pound stable at central bank sale, weaker on black market CAIRO: The Egyptian pound was stable at a central bank dollar sale on Thursday but weakened on the black market.The central bank said it sold $37.4 million at a cut-off price of 7.1401 pounds per dollar, unchanged from its last sale on Wednesday.The rate for the dollar sales has stayed in a very tight range since the beginning of June, after the bank allowed the pound to weaken in May. It had offered $40 million on Thursday.On the black market, the dollar changed hands for 7.42 pounds, one market participant said, weaker than Wednesday's rate of 7.38/40.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 African rand pauses after four session slide JOHANNESBURG: South Africa's rand was largely unchanged against the US dollar on Tuesday, recovering after four sessions of losses but still unable to shake off negative economic sentiment following a banking downgrade this week. By 0649 GMT, the local unit had firmed slightly to 10.7300 per dollar after earlier touching its softest level against the greenback since August 8 this year. The currency came under pressure in the previous session from a rampant US dollar, ...
Ugandan shilling stronger, buoyed by shortage KAMPALA: The Ugandan shilling rose on Wednesday buoyed by a shortage of the local currency, and was seen strengthening after yields on government debt increased.At 1119 GMT commercial banks quoted the shilling at 2,600/2,610, stronger than Tuesday's close of 2,615/2,625."The market is very short on shillings and consequently the local unit is getting a lot of support," said Ahmed Kalule, trader at Bank of Africa.Kalule said the shortage had pushed up the cost of overnight ...
Kenyan shilling firms, main share index slips NAIROBI: The Kenyan shilling firmed on Wednesday, lifted by profit-taking and exporters cashing in on the currency's recent losses, while the NSE-20 share index stumbled.At the 1300 GMT close of trade, commercial banks quoted the shilling at 88.20/30 to the dollar, up from Tuesday's close of 88.35/88.45, its low for this year.The shilling slipped past 88.20 per dollar late on Monday, triggering panic-buying among importers in Tuesday's session, which pushed it to its 2014 low."It ...
Kenyan shilling firms against dollar, gains may be short-lived NAIROBI: The Kenyan shilling firmed on Wednesday, buoyed by dollar inflows from the tea sector, but traders said the currency was more likely to weaken again in coming days.At 0730 GMT, commercial banks quoted the shilling at 88.20/88.35 to the dollar, slightly down from Tuesday's close of 88.35/88.45."There are inflows from tea sector sales," said John Njenga, trader at Commercial Bank of Africa.Tea is one of Kenya's leading foreign currency earners and is sold at ...
Egyptian pound unchanged on official and black markets CAIRO: The Egyptian pound remained stable at a dollar sale by the central bank and on the black market on Wednesday.The central bank said it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, the same as its price in its last sale, on Monday.On the black market the dollar changed hands at 7.38/40 pounds, the same rate as a day before.The rate for dollar sales has stayed in a tight range ...
Kenyan shilling weakens against dollar, shares rise NAIROBI: The Kenyan shilling weakened on Tuesday, hurt by dollar demand from the banking, oil and telecoms sectors, while shares rose.At the close of trade, commercial banks quoted the shilling at 88.35/88.45 to the dollar, down from Monday's close of 88.20/88.30.Traders said banks were buying the dollar to cover their short-dollar positions."The shilling has been weakening rapidly at a time when there is tight liquidity in the market," said Nahashon Mungai, a trader at Kenya ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln