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Middle East & Africa


Ugandan shilling firms on tight liquidity KAMPALA: The Ugandan shilling firmed on Tuesday as importers held back in expectation that the currency will strengthen against the dollar because of tight money market liquidity. At 0843 GMT commercial banks quoted the shilling at 3,655/3,665, against Monday's close of 3,665/3,675. "Most importers are staying out of the market as they wait for the dollar to climb down (weaken)," said Faisal Bukenya, head of market-making at Barclays Bank. "However local currency liquidity is also very tight it is limiting interbank buying." Traders have said the scarcity of shillings was also forcing some banks to trim their hard-currency positions. So far this week the central bank has stayed out of the money market. The bank has drained liquidity from the market in the past to support the shilling, which has lost 24.4 percent against the dollar this year. Investor fears over political uncertainty ahead of next year's elections, strong demand ...

South Africa's rand firms over 1pc as China worries wane JOHANNESBURG: South Africa's rand firmed more than 1 percent against the dollar, recovering from record lows in the previous session as bets on a rate hike in United States faded due to worries over global growth. The rand rose 1.04 percent to 13.8150 per dollar. Copyright Reuters, 2015 ...
Nigerian naira weakens on black market as dollar demand grows LAGOS: The Nigerian naira weakened by 1.13 percent against the dollar on the parallel market on Monday amid rising demand for hard currencies. The local currency was trading at 223 to the dollar on the parallel market, down from 220.50 to the dollar on Friday. "The market is experiencing strong demand for the dollar from some individuals and businesses stocking for school resumption," one trader said. Nigeria's naira had traded as low as 240 to ...
Ugandan shilling steady, tight supply seen offering support KAMPALA: The Ugandan shilling was steady on Monday, but was expected to firm as market players unwind their hard currency positions to cope with tight supply of shillings. At 0921 GMT commercial banks quoted the shilling at 3,665/3,675, unchanged from Friday's close. "The key driver for the shilling going forward will be liquidity," said a trader at a leading commercial bank. "Shillings are scarce and I think we're likely to see players unwinding their positions ...
Weaker rand a boost for South African stocks, drag on bonds JOHANNESBURG: South African equities have marched ahead this year despite sluggish economic growth, with local investors scaling back their bond exposure in favour of shares that offer a hedge against a sharply weaker currency. Central bank regulations limiting local investors to taking only 25 percent of their assets offshore have prevented a mad rush out of South Africa that might have ensued with the rand's nearly 20 percent fall against the dollar this year.But asset ...
Kenyan shilling weakens, seen under further pressure NAIROBI: Kenya's shilling weakened further against the dollar on Friday amid heavy demand for the US currency from the energy and telecoms sectors and a general weakening of emerging market currencies.At the close of trade at 1330 GMT, commercial banks quoted the shilling at 105.60/70 per dollar, weaker than Thursday's close of 104.95/105.15.The shilling has been edging closer to its all time low of about 107 to the dollar, set in October 2011."We have a ...
Ugandan shilling firmer on slumping importer demand, tight liquidity KAMPALA: The Ugandan shilling was firmer on Thursday, buoyed by tight liquidity and slumping demand as most importers took to the market sidelines, unwilling to buy greenbacks at current levels deemed expensive. At 0948 GMT commercial banks quoted the shilling at 3,665/3,675, stronger than Wednesday's close of 3,680/3,690. "The market is taking a breather, we're not seeing much demand at the current level," said Shahzad Kamaluddin, trader at Crane Bank. "A lot of importer customers ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 08, 2015
Reserves $20.05 bln