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Middle East & Africa


Kenyan shilling weakens, stocks rise NAIROBI: The Kenyan shilling weakened on Tuesday, undermined by dollar demand from the energy, telecommunications and manufacturing sectors, while Centum Investments helped lift the stock market.At the close of trade at 1300 GMT, commercial banks quoted the shilling at 91.30/40 to the dollar, from Monday's close of 91.20/30. During the session the shilling touched 91.35/45, a new more than three-year low."At the moment demand surpasses any supply we might be getting for dollars in the market. So the current trend is still a bearish one for the shilling," said Nahashon Mungai, a trader at Kenya Commercial Bank.Traders expect the shilling, which has lost 0.7 percent this month, to trade in the 91.10 to 91.50 range in coming days."We have seen heavy demand from most of the players," said Sheikh Mehran, head of trading at I&M Bank, referring to demand from businesses including manufacturing and construction firms. Others noted demand from ...

Nigeria's naira sheds 1.4pc against dollar LAGOS: Nigeria's naira fell 1.4 percent against the U.S. currency on Tuesday, with no fresh dollar supply and after the central bank dropped a directive that had stopped commercial lenders from taking positions in the forex market, dealers said.The unit closed at 183.70 naira to the dollar, weaker than Monday's close of 181.20 naira.The central bank on Tuesday said commercial banks can hold 0.1 percent of their shareholders' funds in foreign currency, reversing a directive ...
Nigeria's naira eases despite central bank dollar sales LAGOS: Nigeria's naira eased against the U.S. currency on Tuesday despite the central bank selling more dollars the previous day at its forex auction, due to strong demand for the greenback, dealers said.The central bank sold $249 million at 168 naira to the dollar, at its twice-weekly auction on Monday, dealers said higher than the $200 million it earlier offered. The bank has been selling the dollar at 168 naira since after it devalued the ...
Ugandan shilling weakens as companies seek dollars KAMPALA: The Ugandan shilling weakened on Tuesday, hurt by dollar appetite from manufacturing and telecom firms, and market players said the local currency was seen easing further due to demand from fuel importers.At 1025 GMT, commercial banks quoted the shilling at 2,863/2,873, weaker than Monday's close of 2,858/2,868."We've had demand from telecoms and manufacturing players," said Faisal Bukenya, head of market making at Barclays Bank Uganda.The shilling has been under pressure since the year started, ...
Kenyan shilling steady, seen easing in days ahead NAIROBI: The Kenyan shilling held steady on Tuesday but traders said they expected it to weaken in coming days due to dollar demand from sectors such as energy and telecommunications.At 0735 GMT, commercial banks quoted the shilling at 91.20/30 to the dollar, unchanged from Monday's close.Traders said the shilling was expected to stay under pressure, with demand for dollars coming from energy and telecommunications companies and other goods importers."There has been real demand in the ...
Egyptian pound steady on official market, strengthens on black market CAIRO: The Egyptian pound was unchanged at a central bank dollar sale on Monday and strengthened on the black market.The bank offered $40 million at the sale and said it had sold $38.4 million at a cut-off price of 7.1401 pounds to the dollar, a rate unchanged from its last sale on Sunday.The rates at which banks are allowed to trade dollars are determined by the results of central bank sales, giving the bank effective ...
Nigeria naira up as oil firms sell dollars, stocks down LAGOS: Nigeria's naira closed almost 1 percent higher against the US currency on Monday, after three oil companies sold the greenback, increasing dollar liquidity on the interbank market, dealers said.The unit closed at 181.20 naira to the dollar, firmer than Friday's close of 183. The naira had weakened to 183 during mid-day trades before the dollar sales.Dealers said China's Addax and Itali's Eni sold a combined $19 million while LNG sold an undisclosed amount of ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 22, 2015
Reserves $10.331 bln