06012016Wed
Last update: Wed, 01 Jun 2016 12am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Egypt pound steady at dollar sale, sharply higher at exchange bureaux CAIRO: Egypt's central bank kept the pound steady at a dollar sale on Thursday, selling $37.6 million at a cut-off price of 7.7301 pounds per dollar, unchanged from Tuesday. The cost of the pound nevertheless rose sharply at foreign exchange bureaus. Two traders at exchange bureaus said the pound was changing hands at 8.20 pounds per dollar while another said it was changing at 8.17 pounds per dollar, both rates sharply higher than Tuesday's rate of 8.05. One trader attributed the rise to a higher than usual demand for dollars following comments by the investment minister at a conference on Monday that the pound would have to depreciate in light of the global economic crisis. The central bank released a statement on Tuesday affirming it was solely responsible for determining monetary policy. The central bank had kept the pound at 7.5301 for five months until July, when it allowed it ...

Markets - FXMM - Middle East & Africa

Egyptian pound steady at dollar sale, exchange bureaux CAIRO: Egypt's central bank kept the pound steady at a dollar sale on Tuesday, selling $37.8 million at a cut-off price of 7.7301 pounds per dollar, unchanged from Sunday. The central bank had kept the pound at 7.5301 for five months until July, when it allowed it to slide to 7.6301. On July 5 the bank let it slip a further 0.10 pounds. Allowing the pound to weaken in a controlled way could boost exports ...

Markets - FXMM - Middle East & Africa

Ugandan shilling firms on tight liquidity KAMPALA: The Ugandan shilling firmed on Tuesday as importers held back in expectation that the currency will strengthen against the dollar because of tight money market liquidity. At 0843 GMT commercial banks quoted the shilling at 3,655/3,665, against Monday's close of 3,665/3,675. "Most importers are staying out of the market as they wait for the dollar to climb down (weaken)," said Faisal Bukenya, head of market-making at Barclays Bank. "However local currency liquidity is also ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms over 1pc as China worries wane JOHANNESBURG: South Africa's rand firmed more than 1 percent against the dollar, recovering from record lows in the previous session as bets on a rate hike in United States faded due to worries over global growth. The rand rose 1.04 percent to 13.8150 per dollar. Copyright Reuters, 2015 ...

Markets - FXMM - Middle East & Africa

Nigerian naira weakens on black market as dollar demand grows LAGOS: The Nigerian naira weakened by 1.13 percent against the dollar on the parallel market on Monday amid rising demand for hard currencies. The local currency was trading at 223 to the dollar on the parallel market, down from 220.50 to the dollar on Friday. "The market is experiencing strong demand for the dollar from some individuals and businesses stocking for school resumption," one trader said. Nigeria's naira had traded as low as 240 to ...

Markets - FXMM - Middle East & Africa

Ugandan shilling steady, tight supply seen offering support KAMPALA: The Ugandan shilling was steady on Monday, but was expected to firm as market players unwind their hard currency positions to cope with tight supply of shillings. At 0921 GMT commercial banks quoted the shilling at 3,665/3,675, unchanged from Friday's close. "The key driver for the shilling going forward will be liquidity," said a trader at a leading commercial bank. "Shillings are scarce and I think we're likely to see players unwinding their positions ...

Markets - FXMM - Middle East & Africa

Weaker rand a boost for South African stocks, drag on bonds JOHANNESBURG: South African equities have marched ahead this year despite sluggish economic growth, with local investors scaling back their bond exposure in favour of shares that offer a hedge against a sharply weaker currency. Central bank regulations limiting local investors to taking only 25 percent of their assets offshore have prevented a mad rush out of South Africa that might have ensued with the rand's nearly 20 percent fall against the dollar this year.But asset ...