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Middle East & Africa


Ugandan shilling stable as tax payments curb dollar demand KAMPALA: The Ugandan shilling held broadly steady on Monday after payment of taxes by firms cut demand for dollars.At 1225 GMT, commercial banks quoted the shilling at 2,598/2,608, a fraction weaker than Friday's close."Demand is very low...corporates are using up their shillings for full-year tax payments which are considerably huge," said David Bagambe, trader at Diamond Trust Bank.The east African nation's fiscal year ends on June 30.Bagambe said the shilling was likely to trade in the 2,575-2,625 band this week with the central bank expected to remain vigilant over the levels of liquidity.One currency trader said the central bank, which mopped up an unspecified amount of money during the session through a repurchase agreement (repo), could be supportive of the shilling.Tighter liquidity in money markets usually makes it slightly more expensive for banks to fund long dollar positions."Frequent mop-ups will counteract any depreciation risks that may emanate from, say, speculative ...

Egypt pound unchanged on official market, weaker on black market CAIRO: The Egyptian pound was unchanged at a central bank dollar sale on Monday and weakened on the black market.The central bank said it sold $39.6 million at a cut-off price of 7.1401 pounds, the same as its last sale on Thursday. It had offered $40 million.The dollar was offered for 7.40 pounds on the black market on Monday, one trader said, slightly weaker than the 7.38 rate a day earlier.The rates at which banks ...
Kenyan shilling little changed, inflation figures eyed NAIROBI: The Kenyan shilling was barely moved on Monday as traders eyed inflation data due out later in the session.At 0732 GMT, commercial banks quoted the shilling at 87.55/65 to the dollar, compared with Friday's close of 87.60/70."The shilling looks like it is stuck in a rut, trading between 87.20-88," Duncan Kinuthia, head of trading at Commercial Bank of Africa.Traders said inflation data is expected to show a slight uptick, which could push it above ...
South Africa's rand holds steady before trade data JOHANNESBURG: South Africa's rand held steady against the dollar early on Monday, opening the week still supported by a soft greenback environment but likely to trade sideways ahead of key trade data. At 0635 GMT, the rand was up at 10.5845 to the dollar, just slightly firmer than a 10.5900 close in New York on Friday. It has hit a session high of 10.5775 so far and with the dollar still pressured by weak economic ...
Egypt pound stable on official market, slightly stronger on black market CAIRO: The Egyptian pound was steady at a central bank dollar sale on Thursday and slightly stronger on the black market. The central bank said it sold $37.6 million at a cut-off price of 7.1401 pounds, unchanged from its last sale on Wednesday. It had offered $40 million.The dollar was offered for 7.39 pounds on the black market on Thursday, one trader said, slightly stronger than the 7.40 rate a day earlier. The rates at ...
Kenyan shilling weakens on end-of-month dollar demand NAIROBI: The Kenyan shilling lost ground on Wednesday due to dollar demand at the end of the month from companies looking to pay their bills, and traders said the currency was likely to stay under pressure in coming days.At 0800 GMT, commercial banks posted the shilling at 87.75/85 per dollar, compared with 87.40/60 at Wednesday's close."We attribute this weakness to end-of-month demand from the manufacturing (sector) and importers," said Andlip Nazir, senior trader at I&M ...
South Africa's rand rallies as US data hits dollar JOHANNESBURG: South Africa's rand was firmer against the dollar on Thursday, taking advantage of a weaker U.S currency pummelled by data indicating the world's largest economy shrank by close to 3 percent in the first quarter. The end to a five-month platinum strike also helped to lift the local unit for the second straight session as it pushes towards the 10.55 support level it touched briefly on Wednesday. The rand traded at 10.57 per dollar ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln