02102016Wed
Last update: Wed, 10 Feb 2016 05am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Ugandan shilling weakens after a central bank liquidity injection KAMPALA: The Ugandan shilling weakened on Tuesday, hurt by an injection of liquidity into the interbank market by the central bank.At 0918 GMT commercial banks quoted the shilling at 3,470/3,480, weaker than Monday's close of 3,465/3,475."Banks are taking positions after an injection of liquidity by the central bank," said Ahmed Kalule, trader at Bank of Africa, referring to the central bank's Tuesday injection of 166 billion shillings ($47.84 million) via a seven-day reverse repo.Kalule said the shilling's weakening was likely to be short-lived amidst expectations of inflows from offshore investors looking to take part in a Treasury bill auction due on Wednesday.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Egyptian pound steady at forex sale, on black market CAIRO: Egypt's central bank kept the pound steady against the dollar at its official foreign currency auction on Tuesday, and the currency also held steady on the black market.Egypt, which depends on imported food and energy, is facing a dollar shortage and increasing pressure to devalue the pound.The central bank surprised markets when it strengthened the pound on Nov. 11 by 20 piasters against the dollar and has bucked expectations by holding it steady ever ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms as investors trim long dollar positions JOHANNESBURG: South Africa's rand gained against the dollar early on Tuesday and could continue to benefit from investors culling their long dollar positions after a recent heavy sell-off.The JSE securities exchange's Top-40 futures index was up 1.1 percent, suggesting the local bourse would open more than 470 points higher at 0700 GMT.At 0755 GMT the rand was at 16.7400 to the dollar, up 0.65 percent from Tuesday's close at 16.8500."There does seem to be an ...

Markets - FXMM - Middle East & Africa

South Africa's rand recovers, stocks dip as European shares fall JOHANNESBURG: South Africa's rand firmed on Monday as intervention by China's central bank in the yuan currency helped ease global investor aversion toward emerging market assets in trade thinned by a holiday in the United States.Stocks inched lower on Monday to end just in the red as a rebound in European shares fizzled after the European Central Bank (ECB)said it would quiz euro zone lenders about high levels of bad loans.By 1625 GMT the rand ...

Markets - FXMM - Middle East & Africa

Ugandan shilling strengthens as tax payments trim dollar demand KAMPALA: The Ugandan shilling firmed on Monday, helped by weakening dollar demand from corporate clients who used some of their local currency holdings to settle mid month tax bills.At 0912 GMT commercial banks quoted the shilling at 3,465/3,475, from Friday's close of 3,475/3,485."Demand for dollars has dropped significantly from corporate clients and commercial banks," said Faisal Bukenya, head of market making at Barclays Bank.Another trader from a leading commercial bank said most clients had used ...

Markets - FXMM - Middle East & Africa

China's anti-speculation move supports the rand, stocks set to open firmer JOHANNESBURG: South Africa's rand edged up against the dollar in early trade on Monday, after China's central bank stepped up efforts to stabilise the yuan, in its latest attempt to deter offshore speculation in the currency.Stocks were set to open firmer at 0700 GMT, with the Johannesburg Securities Exchange's Top-40 futures index up 0.82 percent.The yuan's slide to a near-five year low earlier this month had stirred renewed concerns about China's economic health and the ...

Markets - FXMM - Middle East & Africa

Kenyan shilling steady, stocks up slightly NAIROBI: Kenya's shilling was steady on Friday and traders said it was expected to ease next week due to increased dollar demand from importers. Stocks rose slightly.At 1330 GMT, commercial banks quoted the shilling at 102.35/45 to the dollar, the same as Thursday's close. The currency has hardly moved this week against the dollar.Traders said they expect the shilling to weaken next week due to demand from importers and manufacturing firms. Demand for dollars tends ...