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Middle East & Africa


Kenya shilling steady, seen vulnerable on excess liquidity NAIROBI: The Kenyan shilling was steady on Thursday, and traders said it was likely to remain capped within a range although excess liquidity, if it remained, could exert downward pressure on the currency.At 0803 GMT, commercial banks quoted the shilling at 86.40/50 per dollar, unchanged from Wednesday's close.Traders said if the central bank (CBK) mopped up excess liquidity, as it has done since last week, making it expensive to hold long dollar positions, the shilling would strengthen."Demand and supply are well-matched, but excess liquidity is keeping the shilling on the back foot," said Sheikh Mehran, senior trader at Kenya Commercial Bank."I think they (central bank) could be coming in again to mop up."On Wednesday the central bank was in the market and mopped up 6.1 billion shillings ($70 million) at a weighted average rate of 6.276 percent. It had sought to mop up 10 billion shillings, central bank data showed.The ...

South Africa's rand holds steady before data JOHANNESBURG: The rand firmed slightly against the dollar early on Thursday as investor sentiment towards emerging markets improved but the currency held within recent ranges ahead of a slew of domestic data later in the session. Emerging markets have taken a hit during a bout of risk aversion as investors worry about growth in China and political tension in Ukraine and Turkey. However dealers said the selling was overdone and those currencies were now in ...
Kenyan shilling seen gaining on tea flows, central bank mop-ups NAIROBI: The Kenyan shilling was steady on Tuesday but is seen firmer on slack dollar demand due to inflows from tea exports and continuing liquidity mop-ups by the central bank, traders said.At 0811 GMT, commercial banks quoted the shilling at 86.25/45 to the dollar, compared with Monday's close of 86.40/50."Lack of demand (for dollars) at the moment is what is supporting the shilling. Also I think we are seeing the continuing efforts from central bank ...
Kenyan shilling steady, liquidity expected to weigh NAIROBI: The Kenyan shilling held steady on Monday but was expected to stay under pressure due to dollar demand and increased liquidity in the money markets.At 0813 GMT, commercial banks quoted the shilling at 86.50/60 to the dollar, unchanged from Friday's close."The shilling is on the back foot due to ample liquidity in the market. Overnight rates have dropped to as low as 5.6 percent, so you can imagine the kind of pressure there is ...
Ugandan shilling steady, seen firmer on liquidity mop-up KAMPALA: The Ugandan shilling was unchanged on Friday in slow trading but was forecast to strengthen, helped by the central bank mopping up excess liquidity and reduced corporate demand for the dollar.At 0832 GMT commercial banks quoted the currency of east Africa's third largest economy at 2,510/2,515, unchanged from Thursday's close."Bank of Uganda has squeezed out some liquidity and that comes against the backdrop of weak corporate demand ... we think overall the shilling will ...
Nigeria to sell 90bn naira in 3, 10-year bonds LAGOS: Nigeria plans to sell 90 billion naira ($547.61 million) of bonds with maturities of three years and 10 years on March 12 at its third monthly debt auction this year, the Debt Management Office said on Friday. The debt office said it would issue 45 billion naira each of the three- and 10-year bonds, maturing in August 2016 and March 2024 respectively, using the Dutch Auction system. The notes are re-openings of previous issues. ...
Kenya shilling steady, seen rangebound NAIROBI: The Kenyan shilling held steady on Friday, and traders said barring any new factors, it was expected to maintain the trend in the coming days.At 0837 GMT, commercial banks quoted the shilling at 86.40/60 to the dollar, compared with Thursday's close of 86.45/55."It's continued to trade within a tight band of 86.20 to 86.50. We start seeing (dollar) supply at 86.50 to 86.55 levels and there is pretty heavy demand lined up at lower ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln