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Middle East & Africa


Kenyan shilling weakens as dollar demand grows NAIROBI: The Kenyan shilling weakened on Tuesday as demand for dollars increased among manufacturers, energy companies and banks covering their short dollar positions.At 0855 GMT, commercial banks quoted the shilling at 87.95/88.05 to the dollar, compared with Monday's close of 87.90/88.00."Manufacturers and energy players were in the market buying dollars, as well as banks who had gone short," said Sheikh Mehran, head of trading at I&M Bank.The shilling has weakened since Friday, when banks started buying the greenback after signs that a domestic funding crunch was easing. Overnight interbank borrowing rates had risen over the past two weeks, when the government delayed releasing funds to departments and local authorities.The central bank injected funds into the market from Tuesday to Thursday last week to alleviate the crunch. .Traders said there were scant inflows, with some dollar sales of tea expected on Tuesday afternoon. Over-production has kept tea prices subdued this year.Traders ...

Ugandan shilling posts gains on inflows from charities KAMPALA: The Ugandan shilling gained on Tuesday, helped by inflows from non-governmental organisations and lower demand for dollars among importers.At 0923 GMT, commercial banks quoted the currency at 2,610/2,620, slightly up from Tuesday's close of 2,615/2,625."I am seeing a bit of inflows coming in from NGOs, so the shilling is getting a boost from that," said David Bagambe, a trader at Diamond Trust Bank."However, demand generally is also very weak and then we have pockets ...
Kenyan shilling steady, traders eye liquidity levels NAIROBI: The Kenyan shilling was steady on Monday and traders predicted it would stay in a tight trading range for now, with a bias for easing.At 0835 GMT, commercial banks quoted the shilling at 87.80/88.00 to the dollar, compared with Friday's close of 87.90/88.00.On Friday, the shilling weakened slightly when banks bought dollars after signs that a domestic funding crunch was easing."With the market's improved liquidity, we'll see interbank players choose to cover their short ...
Egyptian pound steady on both official and black markets CAIRO: The Egyptian pound remained stable at a central bank dollar sale on Monday and on the black market.The central bank said it sold $39.6 million at a cut-off price of 7.1401 pounds per dollar, unchanged from its last sale on Thursday.The rate for the dollar sales has stayed within 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 ...
Ugandan shilling seen gaining from sluggish dollar demand KAMPALA: The Ugandan shilling was little changed on Monday but is expected to strengthen as importing firms remain on the sidelines awaiting the dollar to weaken before buying.At 0926 GMT, commercial banks quoted the shilling at 2,613/2,623, a notch up from Friday's close of 2,615/2,625."Most players are betting the shilling still has room to climb," said Faisal Bukenya, head of market-making at Barclays Bank Uganda."We are going to see a lot of players keep on ...
South African rand eases as global tensions drive uncertainty JOHANNESBURG: South Africa's rand weakened slightly against the dollar on Monday as political tensions in Ukraine continued to drive global risk aversion. The currency edged close to a week-high of 10.6250 before pulling back within its recent range, trading at 10.6680 by 0644 GMT, down 0.16 from its New York close on Friday. Government bonds were slightly stronger, with yields on the benchmark 2015 paper down 1 basis point to 6.695 percent and that on ...
Kenyan shilling under pressure as funding crunch eases NAIROBI: The Kenyan shilling edged down on Friday, weighed by demand for dollars from banks replenishing their dollar positions as a domestic funding crunch eases.At 0800 GMT, commercial banks posted the shilling at 87.95/88.05, down from Thursday's close of 87.85/95."As money markets loosen up, people are squeezing out dollar shorts," said a trader with a leading commercial bank.Banks had sold off their dollars to fund their shilling positions in the last few sessions after short-term ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
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WeeklyAugust 15, 2014
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