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Middle East & Africa


Ugandan shilling firms on liquidity mop up, low dollar demand KAMPALA: The Ugandan shilling strengthened on Monday due to dwindling dollar demand and a central bank mop-up of excess liquidity, traders said.At market close at 1300GMT commercial banks quoted the shilling at 2,760/2,770, a touch stronger than Friday's close of 2,765/2,775."Because business activity is slowing, demand for the greenback is scarce," said Faisal Bukenya, head of market making at Barclays Bank."The shilling also benefited from BoU (Bank of Uganda)'s repo."On Wednesday BoU removed a total of 339 billion shillings ($122.92 million) worth of excess liquidity from the market via a seven day repo.Removing excess local currency liquidity makes it relatively more expensive to hold longer dollar positions.The shilling is now 8.7 percent weaker against the greenback so far this year. Copyright Reuters, 2014 ...

Nigerian naira recovers from dip in thin trade under new rules LAGOS: The Nigerian naira recovered to trade broadly flat after dipping 2.5 percent in thin trade on Monday, as dealers remained reluctant to quote prices owing to central bank moves to crack down on the speculation it blames for weakening the currency.The naira had recovered to trade at 182 to the dollar by midday (1100 GMT). Dealers said most of them were not trading because of central bank restrictions introduced last week.These include banning banks ...
Kenyan shilling stable, trading activity slow NAIROBI: The Kenyan shilling was barely changed on Monday, with traders expecting the currency to remain stable with less activity in the market as the holidays approach.At 0830 GMT, commercial banks quoted the shilling at 90.30/50 to the dollar, compared to Friday's close at 90.35/45 to the dollar."Most businesses and NGOs (non governmental organizations) closed on Friday. Christmas is around the corner, and there is minimal trading activity," said a trader at a major commercial ...
South Africa's rand weaker vs dollar, risk aversion set to wane JOHANNESBURG: South Africa's rand edged weaker against the US dollar on Monday following a week of volatile trade dominated by global events and thin volumes ahead of a holiday-shortened week.At 0632 GMT the local unit was 0.15 percent weaker at 11.5870 versus the greenback with the previous week's wild swings in global risk appetite dissipating, as Russia's rouble along with emerging market assets recovered slightly.On Friday the US Federal Reserve offered further hints that it ...
Egyptian pound steady on official market, weaker on black market CAIRO: The Egyptian pound held steady at a central bank dollar sale on Sunday but weakened on the unofficial market.The bank offered $40 million and said it had sold $37.8 million at a cut-off price of 7.1401 pounds to the 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 ...
Ugandan shilling firms as banks unwind long dollar positions KAMPALA: The Ugandan shilling clawed back some of its recent losses on Friday after some commercial banks unwound long dollar positions and companies converted hard currency to pay taxes.At 1108 GMT commercial banks quoted the shilling at 2,765/2,775, stronger than Thursday's close of 2,775/2,785."Some banks are cutting back their long dollar positions," said Isaac Iga, chief dealer at Orient Bank.Companies were also selling dollars to pay taxes, he said.The shilling weakened sharply this week, prompting ...
South Africa's rand firms for 3rd day as emerging markets rally JOHANNESBURG: South Africa's rand firmed against the U.S. dollar for a third straight day on Thursday, boosted by positive emerging market sentiment after the U.S. federal reserve suggested interest rate hikes were some way off.At 1535 GMT, the rand was 0.69 percent firmer at 11.5280 against the greenback, having rallied more than 1 percent earlier in the session."What we are seeing in dollar/rand today is very much correlated to the improvement in the risk appetite ...


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Arrow DJIA 17,598.20 0.52
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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-22.095 bln
Exports $23.885 bln
Imports $45.980 bln
WeeklyAugust 03, 2015
Reserves $18.536 bln