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Middle East & Africa


Nigeria naira up 0.30pc against dollar after central bank intervenes LAGOS: The Nigerian naira firmed 0.30 percent to 164.40 against the US dollar on Thursday after the central bank intervened in the interbank market for the second straight day with an undisclosed amount of dollars, dealers said. The naira closed at 164.90 to the dollar the previous day. It had initially weakened to around 165.80 intraday, prompting central bank action to stem its fall.Copyright Reuters, 2014 ...

Kenyan shilling firms as foreign investors get ready for bond auction  NAIROBI: The Kenyan shilling strengthened against the dollar on Tuesday and traders said investors were buying local currency ready for the auction of a government infrastructure bond on Wednesday.At 0815 GMT, commercial banks posted the shilling at 88.90/89.00, stronger than Friday's close of 89.10/89.20. Monday was a public holiday and markets were closed."There's an expectation that we could see some decent flows coming for the infrastructure bond that's being auctioned," said Duncan Kinuthia, head of ...
Dollar/Saudi riyal forwards jump as spot market pressured DUBAI: The Saudi riyal fell sharply against the U.S. dollar in the forwards market on Tuesday to its lowest level since March 2011, when the Arab Spring uprisings briefly shook confidence in the political and economic stability of the Gulf.Traders said the riyal's peg of 3.75 to the dollar was not under serious pressure, and that the currency's drop did not indicate major concern about Saudi Arabia's economy.Nevertheless, the move suggested that after a long ...
Dollar/Saudi riyal forwards jump as spot market pressured DUBAI: The Saudi riyal fell sharply against the US dollar in the forwards market on Tuesday because of a surge of demand for dollars in the spot foreign exchange market, where the riyal is pegged to the US currency, traders said.One-year dollar/Saudi riyal forwards jumped to 90.0 points, their highest level since a peak of 91.50 points hit in March 2011, when the Arab Spring uprisings elsewhere in the Middle East briefly raised concern about ...
South Africa's rand firmer on China GDP, local budget could weigh JOHANNESBURG: South Africa's rand edged up to its strongest level in a week against the dollar on Tuesday, partly tracking firmer Asian currencies after GDP data in major commodity importer China came out stronger than expected. The rand's gains could, however, be short-lived if Finance Minister Nhlanhla Nene predicts a wider budget deficit than seen in February and cuts growth forecasts for the ailing economy during his medium-term budget statement on Wednesday. Nene is expected ...
Egyptian pound broadly steady after Moody's review CAIRO: Egypt's pound held steady at a central bank dollar sale on Monday, showing little reaction to Moody's decision to raise the nation's credit rating outlook to stable from negative.Mood's said the political and security situation was more stable and saw signs of economic recovery, but kept the rating at Caa1 saying government finances are still too weak.The bank said it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar on Monday, ...
Ugandan shilling flat, seen weaker on energy, telecoms demand KAMPALA: The Ugandan shilling was little changed on Monday although traders said the currency was still vulnerable to losses because of expected demand for dollars from manufacturing, telecoms and energy companies.At 0952 GMT commercial banks quoted the shilling at 2,675/2,685, unchanged from Friday's close."We still expect significant demand from players in the manufacturing, telecoms and energy sectors," said Faisal Bukenya, the head of market making at Barclays Bank. "I believe in the short term the ...


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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 $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln