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Middle East & Africa


Kenyan shilling hits new 3-year low, Kenya Airways drags shares NAIROBI: The Kenyan shilling fell to a new three-year low on Thursday, hurt by dollar demand from energy companies, while shares fell on Kenya Airways' poor first-half results.The shilling closed at 90.25/35 to the dollar, its lowest level since November 2011, down from Wednesday's close of 90.10/15, weakened by dollar demand from energy importers.The shilling has fallen by about 4.6 percent against the dollar this year, mainly due to a slump in hard currency inflows from tourism following a spate of attacks by Islamic militants.Traders said the local currency would fall further without intervention by the central bank, which has in the past sold dollars to support the local currency when the shilling touched 89.50 levels. Most traders were surprised when the bank did not do the same as the currency broke through the 90 mark.The central bank governor told Reuters the shilling is likely to reverse its recent losses ...

South Africa's rand firmer as mining output surprises JOHANNESBURG: South Africa's rand edged slightly firmer against the U.S dollar on Thursday after a surprise expansion in mining output provided a rare piece of good news for Africa's most developed economy.At 1537 GMT the rand had firmed 0.12 percent to 11.1800 per dollar, once again testing close to a technical support of 11.1600, which it failed to hold in the previous session.Yields on government bonds were up, the benchmark issue due in 2026 adding ...
Egyptian pound steady on official and weaker on black market CAIRO: The Egyptian pound was unchanged at a central bank dollar sale on Thursday and slightly weakened on the black market.The bank said it had sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, unchanged from the previous sale on Monday.The rates at which banks are allowed to trade dollars are determined by the results of central bank sales, giving the bank effective control over official exchange rates. The bank offered $40 ...
Ugandan shilling falls on dollar demand by manufacturing, energy sectors KAMPALA: The Ugandan shilling weakened further to a three-year low on Thursday on increased dollar demand by energy and manufacturing firms, traders said.At 1201 GMT commercial banks quoted the shilling at 2,750/2,760, weaker than Wednesday's close of 2,725/2,735, levels last seen in October 2011."Demand is very strong from manufacturing and energy buyers," said Shahzad Kamaluddin, trader at Crane Bank."However the market is also so high in liquidity... banks are drawing down on this to build ...
South Africa's rand weakens before expected negative mining data JOHANNESBURG: South Africa's rand weakened against the dollar early on Thursday as investors braced for official data expected to show falling output in the mining sector. The anticipated fall in mining production in September, expected to be a 3.45 percent year-on-year decline, will be a smaller contraction than the previous month but still bad news for a sector impacting other parts of the economy. The rand fell 0.3 percent to 11.2235 against the dollar at ...
Kenyan shilling stays at 3-year low, seen weakening further NAIROBI: The Kenyan shilling was flat at a three-year low on Thursday, with traders expecting the currency to continue weakening if the central bank does not intervene to prop up the shilling.At 0730 GMT, commercial banks posted the shilling at 90.05/15 to the dollar, unchanged from Wednesday's close, which marked its lowest level since November 2011."Not much change is expected today," said a trader at a major commercial bank in Kenya."The expectation is without any ...
Kenyan shilling steady, central bank action eyed NAIROBI: The Kenyan shilling held steady against the dollar on Tuesday, with traders saying they were watching for central bank action to drain excess liquidity from the money markets.At 0730 GMT, commercial banks posted the shilling at 89.80/90 to the dollar, barely changed from Monday's close of 89.75/85. The shilling on Friday touched 89.85/95, its lowest level since December 2011."We will be watching for the (central bank) for further direction," said Sheikh Mehran, head of ...


Index Closing Chg%
Arrow DJIA 17,814.94 0.02
Arrow Nasdaq 4,758.25 0.07
Arrow S&P 2,067.03 0.12
Arrow FTSE 6,731.14 0.02
Arrow DAX 9,861.21 0.77
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Arrow Nikkei 17,407.62 0.29
Arrow H.Seng 23,843.91 0.21
Arrow Sensex 28,338.05 0.57

Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln