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Middle East & Africa


Ugandan shilling under pressure ahead of tax payments KAMPALA: The Ugandan shilling weakened on Tuesday as banks covered short dollar positions ahead of an expected shortage of liquidity due to tax payments.At 0908 GMT, commercial banks quoted the shilling at 2,575/2,585, slightly down from Monday's close of 2,570/2,580."The pressure is being driven by demand from some of the players who are short and are just covering positions," said Sage Daniel Muganza, a trader at Centenary Bank.Benon Okwenje, a trader at Stanbic Bank, said the shilling was likely to remain within sight of the 2,600 psychological level as tax payments reduce liquidity in the money markets, making it slightly more expensive to stock up dollars."I expect corporate tax payments for the full fiscal year to make liquidity tight ... we might actually see some conversions," he said.Uganda's fiscal year ends in June and big companies are expected to meet their full-year corporate tax obligations late this month.Copyright Reuters, 2014 ...

Kenyan shilling gains from successful Eurobond NAIROBI: The Kenyan shilling strengthened modestly against the dollar on Tuesday after the country's debut Eurobond received bids worth more than four times the $2 billion sought.At 0747 GMT, commercial banks posted the shilling at 87.80/90 per dollar, slightly stronger than Monday's close of 87.90/88.10."We have traded a tad firmer today on the back of improved sentiments possibly on the successful debut Eurobond," said Duncan Kinuthia, head of trading at Commercial Bank of Africa.The east ...
South Africa's rand flat but vulnerable to more weak data JOHANNESBURG: South Africa's rand was largely flat against the dollar on Tuesday but could come under pressure ahead of the Reserve Bank's latest quarterly bulletin, which is expected to show a sizeable widening of the current account deficit. The rand remains vulnerable to negative domestic news after falling as much as 1.3 percent on Friday when agency Fitch cut its outlook for South Africa while Standard and Poor's downgraded its rating outright. South African markets ...
Kenyan assets slip after attack on coastal town NAIROBI: The Kenyan shilling edged down against the dollar on Monday, after gunmen killed at least 50 people in an attack on the coastal town of Mpeketoni. Shares also fell.At the 1300 GMT close of the market, commercial banks posted the shilling at 87.90/88.10, down slightly from Friday's close of 87.85/95."There was a knee-jerk reaction to what I think is the Mpeketoni attack," said Chris Muiga, a trader at National Bank.The assault at Mpeketoni was ...
Nigeria naira up 0.25pc as funds, oil firm sell dollars LAGOS: Nigeria's naira firmed against the U.S. currency on Monday, lifted by inflows from offshore investors participating in a debt auction this week and dollar sales from the local unit of Chevron, dealers said.The unit ended at 162.70 naira to the dollar, up 0.25 percent from Friday's close of 163.10 naira.Dealers said the local units of some international banks bought the naira on behalf of their offshore clients investing in Nigerian assets, and Chevron also ...
Ugandan shilling stable, central bank's actions eyed KAMPALA: The Ugandan shilling was unchanged against the dollar on Monday and traders said it would be stuck in a tight range in the days ahead with an eye on the central bank's actions.At 0910 GMT, commercial banks quoted the currency at 2,565/2,575, unchanged from Friday's close."We're seeing whenever the shilling hits 2,570, demand becomes scarce," said Faisal Bukenya, head of market making at Barclays Bank. "(I) am expecting the shilling to remain stable."Bukenya said ...
Egypt's pound stable on official market, weakens in black market CAIRO: The Egyptian pound was almost unchanged at a central bank dollar sale on Monday but it weakened on the black market. The central bank said it had sold $37.6 million at a cut-off price of 7.1401 pounds on Monday, almost unchanged from the 7.1402-pound cut-off price at the previous sale on Thursday. It had offered $40 million. The dollar was offered for 7.39 pounds in the black market on Monday, weaker than Thursday's rate ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln