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Middle East & Africa


Ugandan shilling weakens as energy, manufacturing sectors buy dollars KAMPALA: The Ugandan shilling weakened on Wednesday due to dollar demand by manufacturing and energy firms, but expected inflows from offshore investors could help it regain some lost ground.At 0918 GMT commercial banks quoted the shilling at 2,655/2,665, weaker than Tuesday's close of 2,645/2,655."Energy and manufacturing firms are coming in with strong appetite which is pushing the shilling (weaker)," said Ahmed Kalule, trader at Bank of Africa.Hard currency inflows from offshore to buy government debt and an expected mop up of excess liquidity by the central bank could offer support for the local currency, traders said.Draining excess liquidity supports the local currency by making it more costly to hold onto dollar positions."The central bank is coming in with a repo, and some flows will be coming in from the auction... I see some of these losses being revered," Kalule said.On Monday, the central bank or Bank of Uganda took out ...

Kenyan shilling firms on tea, offshore investor dollar flows NAIROBI: The Kenyan shilling strengthened on Wednesday, helped by dollar inflows from tea exporters and offshore investors seeking to buy government debt.At 0910 GMT, commercial banks quoted the shilling at 89.05/89.15 to the dollar, compared with Tuesday's close of 89.15/25.Traders said investors were selling dollars in preparation for this month's central bank Treasury bond auction."This ... sees offshore players start to sell dollars in the market in readiness for the auction," said Nahashon Mungai, trader ...
South Africa's rand stutters as central bank relief impact wears off JOHANNESBURG: South Africa's rand snapped two days of gains against the dollar on Wednesday as the euphoria from President Jacob Zuma appointing a new central bank governor wore off and markets looked ahead to a US Federal Reserve policy statement. Markets are pricing in higher interest rates in the world's biggest economy, which would whittle down investors' appetite for high-yielding emerging market assets like the rand. At 0627 GMT, the local unit traded 0.3 percent ...
South Africa's rand slips as consumer confidence dips JOHANNESBURG: South Africa's rand weakened on Friday as flagging consumer confidence added to mounting economic concerns, while US payrolls later in the session could provide fresh direction. South Africa's consumer confidence slipped by 5 points to -1 in the third quarter of 2014, a survey showed, adding to a trade deficit that rose sharply in the third quarter and risks of further labour disruptions. At 0614 GMT the rand had slipped 0.17 percent to 11.2050 ...
Kenyan shilling little changed, traders keep eye on central bank NAIROBI: The Kenyan shilling was little changed on Friday, with traders saying they expected it to remain under pressure due to underlying importer demand, barring any action by the central bank.At 0740 GMT, commercial banks quoted the shilling at 89.25/35 to the dollar, compared with Thursday's close of 89.20/45.Traders said they have been trading cautiously every time the shilling approached the 89.50 level. They also said they are watching for any action by the Central ...
Ugandan shilling flat, seen stronger on inflows from offshore investors KAMPALA: The Ugandan shilling was stable on Wednesday after a decline in dollar demand, but traders said the local currency could benefit from offshore investors attracted by a rise in debt yields.At 1053 GMT commercial banks quoted the shilling at 2,645/2,655, little changed from Tuesday's close of 2,647/2,657.Yields rose across all tenors at a Treasury bill auction on Wednesday where a total of 145 billion shillings ($54.78 million) worth of debt was up for sale."The ...
Kenyan shilling, stocks shrug off GDP rise to hold steady NAIROBI: The Kenyan shilling and main stock market index were flat on Tuesday, shrugging off a jump in the gross domestic product of East Africa's biggest economy after the authorities changed the base calculation year.Foreign exchange and stock market traders said both markets had factored in a rise of Kenya's GDP, now estimated to be 25 percent bigger after the base calculation year was changed to 2009 from 2001.At close of trade at 1300 GMT, ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln