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Middle East & Africa


Kenyan shilling weakens on poor dollar supply NAIROBI: The Kenyan shilling lost ground against the dollar on Monday, hurt by a weak supply of the US currency.At 0720 GMT, commercial banks posted the shilling at 88.45/55 per dollar, compared to Friday's close of 88.25/35.Dollar inflows have shrunk in recent months - partly as a result of falling business in the country's key tourism industry, hurt by a string of attacks by Islamist militants.Commercial Bank of Africa trader John Njenga said traditional dollar inflows from the tea sector and non-governmental organisations (NGOs) had also been weak, while demand for the US currency remained strong."Demand from manufacturing and the oil sector is bigger than the supply, so that's pushing it (the shilling) higher (weaker)," he said.Traders say the shilling's losses are likely to be limited by a shortage of supply of the local currency, caused by delays in the government disbursing funds to local authorities and government departments.The weighted ...

South Africa's rand under pressure, tracking weaker euro JOHANNESBURG: South Africa's rand weakened slightly against the US dollar on Monday, tracking a weaker euro after dovish comments from the European Central Bank President Mario Draghi knocked the regional currency. Draghi told a central banking conference in Jackson Hole on Friday that the ECB was prepared to respond with all its "available" tools should inflation in the euro zone drop further, raising prospects of more policy easing.The rand, tracking the currency of its biggest ...
South Africa's rand range-bound ahead of US Fed speech JOHANNESBURG: South Africa's rand traded in a tight range on Friday, holding onto the previous session's gains ahead of a speech by the Federal Reserve Chair Janet Yellen which could give new direction to the US dollar.Comments from Standard & Poor's on Thursday that it was not looking to downgrade South African banks after a Moody's cut earlier in the week and a euro rally had reassured rand bulls in the previous session.The local unit ...
Ugandan shilling stronger on inflows from offshore investors KAMPALA: The Ugandan shilling strengthened on Friday, riding healthy inflows from offshore investors who participated in this week's Treasury auction, while company demand for dollars faded. At 0926 GMT commercial banks quoted the shilling at 2,592/2,602, stronger than Thursday's close of 2,598/2,608. "There are inflows from some of the offshore investors who took part in the auction," said Sage Daniel Muganza, trader at Centenary Bank."Corporate demand is low so those inflows are not being taken ...
Egyptian pound stable at central bank sale, weaker on black market CAIRO: The Egyptian pound was stable at a central bank dollar sale on Thursday but weakened on the black market.The central bank said it sold $37.4 million at a cut-off price of 7.1401 pounds per dollar, unchanged from its last sale on Wednesday.The rate for the dollar sales has stayed in a very tight range since the beginning of June, after the bank allowed the pound to weaken in May. It had offered $40 million ...
South African rand pauses after four session slide JOHANNESBURG: South Africa's rand was largely unchanged against the US dollar on Tuesday, recovering after four sessions of losses but still unable to shake off negative economic sentiment following a banking downgrade this week. By 0649 GMT, the local unit had firmed slightly to 10.7300 per dollar after earlier touching its softest level against the greenback since August 8 this year. The currency came under pressure in the previous session from a rampant US dollar, ...
Ugandan shilling stronger, buoyed by shortage KAMPALA: The Ugandan shilling rose on Wednesday buoyed by a shortage of the local currency, and was seen strengthening after yields on government debt increased.At 1119 GMT commercial banks quoted the shilling at 2,600/2,610, stronger than Tuesday's close of 2,615/2,625."The market is very short on shillings and consequently the local unit is getting a lot of support," said Ahmed Kalule, trader at Bank of Africa.Kalule said the shortage had pushed up the cost of overnight ...


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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 $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln