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Middle East & Africa


Kenyan shilling seen weaker unless central bank intervenes NAIROBI: The Kenyan shilling was marginally weaker early on Tuesday, with traders expecting the central bank to sell dollars to support the currency if it continues easing.At 0725 GMT, commercial banks posted the shilling at 90.35/45 amid thin volumes, weaker than Monday's close of 90.30/40 to the dollar."We are trading near 90.45 and from past trend we have seen (the central bank) intervene when we get to that level. The market is keen to see whether they will intervene," said a trader at a Nairobi-based commercial bank.Traders said the bank sold dollars last Wednesday to defend the local currency when the shilling neared the 90.50 level.The local currency has lost 4.8 percent against the dollar this year despite frequent interventions by the central bank to prop up the shilling, including dollar sales.The bank has also been regularly mopping up excess money market liquidity, which lends support to the local currency.The ...

Egyptian pound steady at official auction, weaker on black market CAIRO: The Egyptian pound held steady at a central bank dollar sale on Monday but weakened on the unofficial market.The bank offered $40 million and said it had sold $38.8 million at a cut-off price of 7.1401 pounds a dollar, unchanged from its last sale on Thursday.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.In the ...
Pre-holiday rush for dollars weighs on Kenyan shilling NAIROBI: The Kenyan shilling weakened on Monday as importers rushed to buy dollars to meet their obligations ahead of the holidays.At the 1300 GMT close of trade, commercial banks posted the shilling at 90.35/45 to the dollar, slightly down from Friday's close of 90.25/35."It is basically increased importer demand because of the shorter week and also before people close for the holidays," said a currency trader with a commercial bank.Markets will be closed on Friday ...
Kenyan shilling slightly weaker, central bank action eyed NAIROBI: The Kenyan shilling eased slightly against the dollar in early trade on Monday, with traders expecting the central bank to sell dollars to prop up the currency if it weakens further.At 0850 GMT, commercial banks posted the shilling at 90.30/40 amid thin volumes, weaker than Friday's close of 90.25/35 to the dollar."It's been quiet. But if the shilling goes up to 90.50, we expect the central bank to come in and intervene," said John ...
South Africa's rand falls to 6-year low as current account figure disappoints JOHANNESBURG: South Africa's rand fell to its worst level against the dollar in six years on Monday after the country's third-quarter current account deficit widened more than the market had expected.The local currency fell by more than 1 percent after the central bank said the shortfall on the current account balance narrowed to 6 percent of gross domestic product from a revised 6.3 percent previously against economist's expectations of a 5.8 percent gap.By 0846 GMT ...
Ugandan shilling weaker on dollar demand from banks, manufacturers  KAMPALA: The Ugandan shilling weakened on Monday on dollar demand from commercial banks and manufacturers but a mop up of excess liquidity by the central bank was seen offering some support.At 1013 GMT commercial banks quoted the shilling at 2,760/2,770, weaker than Friday's close of 2,753/2,763."Pressure is being exerted mainly by commercial banks although a bit of demand is also coming from manufacturers," said Faisal Bukenya, head of market making at Barclays Bank."We anticipate more ...
Nigeria naira eases on strong dollar demand LAGOS: Nigeria naira opened weaker to the dollar on Monday, after liquidity for the greenback dried up, with dealers not able to fill demand orders.The unit opened at 181.10 naira to the dollar, 0.6 percent weaker than its previous close and then quickly traded down to 182.25.Dealers expect the currency to weaken on Monday, given the level of demand, unless the central bank intervenes or oil companies sell dollars.Copyright Reuters, 2014 ...


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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 $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln