07022016Sat
Last update: Sat, 02 Jul 2016 05am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Ugandan shilling weakens as banks buy dollars KAMPALA: The Ugandan shilling lost ground against the dollar on Monday, hurt by banks buying greenbacks to shore up positions after the local currency posted better-than-expected gains last week.At 0924 GMT commercial banks quoted the shilling at 3,430/3,440, weaker than Friday's close of 3,380/3,390. "We're having what you would call a self-correction, it's all driven by interbank buying," said Benon Okwenje, a Kampala-based trader at Stanbic Bank. The shilling, down 19.3 percent against the dollar this year, posted major gains last week due to subdued corporate dollar demand and healthy inflows from offshore investors looking to tap Uganda's high-yielding debt. Traders also cited the central bank's ongoing monetary policy tightening cycle, which they said had lifted the cost of local currency funds, as lending support to the shilling. Bank of Uganda's central bank rate (CBR) now stands at 17 percent after being increased by 600 points this year. A market ...

Markets - FXMM - Middle East & Africa

Kenyan shilling under pressure after Treasury bill yields slide NAIROBI: Kenya's shilling was under pressure on Monday as the dollar gained globally on rising prospects for a US rate hike soon and as falling yields on Kenyan Treasury bills reduced their attraction to offshore investors.By 0704 GMT, the shilling was quoted at 102.35/55 to the dollar, compared with Friday's close of 102.25/102.35.Dealers said the central bank was expected to support the shilling if it fell rapidly, discouraging a sharper move lower.The central bank reported ...

Markets - FXMM - Middle East & Africa

Egyptian pound steady at dollar sale, stronger at parallel market CAIRO: The Egyptian pound was stable at a dollar sale on Sunday, with the central bank selling $40 million at a cut-off price of 7.9301 pounds per dollar, while the currency strengthened on the parallel market.The official cut-off price was unchanged from Thursday's dollar sale, but one trader said the dollar changed hands at 8.50 pounds in the parallel market on Sunday, compared with 8.52 pounds on Thursday.Egypt announced last month that Hesham Ramez would ...

Markets - FXMM - Middle East & Africa

Kenyan shilling weakens slightly on lower debt yields; stocks up NAIROBI: Kenya's shilling weakened modestly against the dollar on Thursday, with the local currency seen vulnerable to further losses due to loosening liquidity following a sharp fall in government debt yields. Stocks were up.At the 1330 GMT close, commercial banks quoted the shilling at 102.15/25 to the dollar, slightly weaker on Wednesday close of 101.85/95."T-bill yields are the driver in the market," said one Nairobi-based trader.The shilling, down about 12.7 percent against the dollar this ...

Markets - FXMM - Middle East & Africa

Ugandan shilling strengthens on an interbank sell-off KAMPALA: The Ugandan shilling extended its rally on Thursday as commercial banks continued to offload greenbacks amidst expectations surging costs of local currency funds and a liquidity mop up would provide extra boost. At 0949 GMT commercial banks quoted the shilling at 3,440/3,450, stronger than Wednesday close of 3,460/3,470. "I think most banks that had built square to long (dollar) positions couldn't sustain them because of high costs of shilling funds," said David Bagambe, trader ...

Markets - FXMM - Middle East & Africa

Ugandan shilling rallies, debt auction helps KAMPALA: The Ugandan shilling rallied on Wednesday, buoyed by strong inflows from offshore investors looking to invest in Uganda's high-yielding debt and by a sell-off of dollars by commercial banks. At 0941 GMT commercial banks quoted the local currency at 3,480/3,490, stronger than Tuesday's close of 3,515/3,525. "The market is getting a significant amount of inflows from offshore investors coming to tap government debt," said Shahzad Kamaluddin, a trader at Crane Bank. Kamaluddin said there ...

Markets - FXMM - Middle East & Africa

Kenyan shilling steady, supported by high-yielding debt NAIROBI: Kenya's shilling was little changed on Wednesday, with traders expecting the currency stay supported by inflows from foreign investors buying into high-yielding government debt.At 0850 GMT, commercial banks quoted the shilling at 101.90/102.00 to the dollar, barely changed from Tuesday's close of 101.95/102.05."It's been very quiet this morning but we believe there is still further appetite in the market for placing money in T-bills," said one Nairobi-based trader.The shilling, down about 12.6 percent against ...