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Middle East & Africa


Kenya shilling weakens, tests key 86.50 level NAIROBI: The Kenyan shilling weakened on Thursday, as banks opted to give up on bets of more dollar weakness after the Kenyan central bank upped supplies of shillings earlier this week.At 0755 GMT, commercial banks posted the shilling at 86.50/60 per dollar, down from Wednesday's closing rate of 86.35/45. Traders said it could slide more if it stayed below a key level."If it convincingly breaches the 86.50 level and we end the week below that, it could weaken towards 87.00," said Ignatius Chicha, treasurer at Citibank Kenya.The shilling fell past its support of 85.85-86.10 late on Tuesday after the central bank pumped liquidity into money markets, easing a squeeze that had sent the overnight borrowing rate on the interbank market higher.The rate sunk to 10.4167 percent on Wednesday from 11.8444 percent in the previous session, allowing banks to cover their short dollar positions. Copyright Reuters, 2013 ...

South Africa's rand firms vs dollar as 10.50 barrier holds JOHANNESBURG: The rand firmed against the dollar on Wednesday, recouping some losses from the past three sessions as dollar traders shy away from the 10.50 resistance level.South Africa's currency was recovering from a sell-off that took it to 11-week lows in the previous session, as investors shunned emerging markets on expectations that the US Federal Reserve would reduce stimulus sooner than expected. By 0625 GMT on Wednesday, the rand was up 0.3 percent to 10.3355/dollar. ...
South Africa's rand near 11 week lows, bond yields climb JOHANNESBURG: South Africa's rand was trading near its lowest level in more than two months on Tuesday amid fears the US Federal Reserve could begin tapering its stimulus sooner than thought. The rand was at 10.4010 to the dollar at 0554 GMT, down nearly 0.2 percent from Monday's New York close. It breached the 10.40 barrier on Friday for the first time since the end of August following stronger-than-expected US non-farm payrolls data. The employment ...
Kenya shilling inches down, central bank eyed NAIROBI: The Kenyan shilling edged down against the dollar early on Monday and traders said it could weaken further on central bank cash injections.At 0720 GMT, commercial banks posted the shilling at 85.65/75 per dollar, weaker than Friday's closing rate of 85.50/70."It could weaken some more," said Chris Muiga, a trader at National Bank of Kenya, citing the central bank's moves to inject cash into liquidity-starved money markets through reverse repurchase agreements (repos).The bank pumped ...
South Africa's rand steady vs dollar, quiet session expected JOHANNESBURG: South Africa's rand held steady against the dollar early on Monday, finding a stable footing after strong US jobs data knocked emerging market assets at the end of last week. Dealers expected a quiet trading session with no domestic data and little happening in offshore markets. South Africa's currency is expected to stay within the wide range of 10.4050 to 10.2250 set on Friday. At 0625 GMT, the rand was at 10.3350, steady but ...
South Africa rand steady ahead of US jobs JOHANNESBURG: South Africa's rand held in a narrow range against the dollar in lacklustre trade on Wednesday ahead of a European Central Bank interest rate decision and US non-farm jobs data later in the week. At 1547 GMT the rand was at 10.2725 to the dollar, 0.26 percent softer than Tuesday's closing level in New York. "The price action we've seen today is insignificant. We cannot say the rand has been ...
South Africa's rand gains vs dollar but remains vulnerable JOHANNESBURG: The rand firmed against the dollar early on Wednesday, boosted by dovish US policy comments from Federal Reserve officials overnight. At 06245 GMT, the rand was up over 0.4 percent against the dollar to 10.2025. The local unit had closed at 10.2460 in New York as poor international appetite for risk and domestic strikes weighed on South African assets. However, comments from two Fed officials about the US central bank's bond-buying programme are propping ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln