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Middle East & Africa


Egypt foreign reserves up at $17.414bn in March CAIRO: Egypt's foreign reserves rose to $17.414 billion in March from $17.307 billion in February, the central bank said on Monday. Reserves fell sharply after a 2011 uprising that ousted President Hosni Mubarak but were lifted last year when Gulf Arab states gave billions of dollars in aid to the army after it deposed elected President Mohamed Mursi following protests against his rule. Copyright Reuters, 2014 ...

South Africa's rand, government bonds steady after rally JOHANNESBURG: South Africa's rand held steady against the US dollar early on Monday after a sharp rally at the end of last week took the currency and benchmark bonds to multi-month highs. The local unit is likely to trade in a sideways direction until Wednesday when the US Federal Reserve releases minutes of its monetary policy meeting (FOMC). Locally, manufacturing and mining data will be the focus on Thursday. At 0652 GMT, the rand was ...
Kenyan shilling weaker as banks cover short dollar positions NAIROBI: The Kenyan shilling drifted in a narrow range on Friday as some commercial banks bought dollars to cover short positions ahead of the weekend, trader said.By 0830 GMT, commercial banks were quoting the shilling at 86.60/70 to the dollar, compared with Thursday's close of 86.55/65."Trading volumes are low.There will be a bit of covering of interbank positions, so that puts a bit of pressure on the shilling," said Kenya Commercial Bank trader Nahashon Mungai.The ...
Ugandan shilling dips as banks, energy firms seek dollars KAMPALA: The Ugandan shilling weakened modestly on Friday on the back of rising demand for the dollar from commercial banks and energy businesses, but an expected squeeze on liquidity was seen supporting the currency next week.At 1039 GMT, commercial banks quoted the currency at 2,558/2,568, weaker than Thursday's close of 2,555/2,565."There's a lot of appetite for the dollar in the interbank (market) which has weakened the shilling," said Ahmed Kalule, trader at Bank of Africa."We ...
South Africa rand steady against dollar, sees boost from risk appetite JOHANNESBURG: South Africa's rand was stable against the dollar in early Wednesday trade, supported by a general uptick in global risk appetite this week despite a fair amount of importer demand for the US currency. By 0649 GMT the rand was trading at 10.5850 to the greenback, in line with its New York close on Tuesday. "It would appear that the carry trade hasn't run out of steam just yet, as higher yielders across the ...
South Africa rand firms against dollar after credit growth quickens JOHANNESBURG: South Africa's rand edged up to its firmest level this year against the dollar, after stronger than expected credit growth data backed the case for more rate increases this year. The rand touched a session high of 10.5575, up nearly 0.2 percent from Friday's close in New York and the strongest since Jan. 2, according to Thomson Reuters data. The local currency edged up slightly after central bank data showed growth in credit demand ...
Kenyan shilling steady, central bank mop-ups eyed NAIROBI: The Kenyan shilling is set to shuffle in a narrow range against the dollar this week as central bank efforts to mop up liquidity offset possible demand from oil importers, traders said on Monday.At 0752 GMT, commercial banks quoted the shilling at 86.40/60, little changed from Friday's close of 86.40/50."Outlook is again depending on CBK (the Central Bank of Kenya). If they are still in the market mopping up shillings, we could see the ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln