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Middle East & Africa


Kenyan shilling boosted after central bank intervention NAIROBI: Kenya's shilling strengthened in thin trade on Tuesday, helped by the central bank entering the market to mop up excess liquidity, traders said.The shilling closed at 90.55/65 against the dollar, compared with Monday's close of 90.70/80 - its lowest level since Nov. 2011."We had the central bank coming in after staying out for almost two weeks, and this helped the shilling recover," a trader at a major Kenyan commercial bank said.The shilling weakened before Christmas, due in part to dollar demand from importers and slowing tourism - a key source of hard currency inflows for east Africa's biggest economy - after a series of Islamist attacks in the country.Traders said they forecast the shilling, which has lost 4.5 percent against the dollar so far this year, to trade in a 90.50 to 90.90 range in coming days."The market is quite thin. Most corporates have closed for the Christmas and ...

Ugandan shilling weaker for second day on dollar demand KAMPALA: The Ugandan shilling weakened for a second day on Tuesday, weighed down by demand for dollars from commercial banks looking to square their positions as they prepare to close their books for this year.At 0909 GMT commercial banks quoted the shilling at 2,775/2,785, weaker than Monday's close of 2,770/2,780."Many of the banks are buying because they need to square their positions before they close the year," said Shahzad Kamaluddin, a trader at Crane Bank."Globally ...
South Africa's rand little changed ahead of trade data JOHANNESBURG: South Africa's rand was steady against the dollar early on Tuesday, remaining in a narrow range ahead of November trade data due later in the session. Broad US dollar strength and waning investor risk appetite continued to pose obstacles for the local currency, which had softened 0.02 percent to 11.6305 per greenback by 0655 GMT. With market activity thin, the rand is not expected to test a recent support level around the 11.7000 mark ...
Kenyan shilling steady in slow trade NAIROBI: Kenya's shilling was steady in thin trade on Tuesday, a trend traders said was expected to hold during the rest of the day.At 0735 GMT, commercial banks quoted the shilling at 90.70/80 to the dollar, the same as with Monday's close which was a three-year low.Most businesses have remained closed after the Christmas holiday."It's very quiet today. Nothing has happened so far. It's definitely slow with majority of the companies closed for the holiday," ...
Kenyan shilling hits new three-year low, shares rise NAIROBI: Kenya's shilling weakened to a three-year low on Monday as telecom and manufacturing companies bought dollars to settle their bills by year end. Stocks ended higher.The shilling fell to its lowest level since Nov. 2011 to close at 90.70/80 against the dollar in thin trading, weaker than the Dec. 24 close of 90.55/65 to the dollar.Kenyan markets were closed last week for the Christmas and Boxing Day holidays."I assume these are deferred orders to ...
South Africa's rand softens on emerging market woes JOHANNESBURG: South Africa's rand softened slightly against the dollar on Monday, tracking other emerging market currencies in thin holiday trade after the Russian rouble continued its downward march on fears of a deep economic contraction in 2015.At 1600 GMT, the rand was 0.14 percent weaker at 11.6165 versus the dollar after firming slightly earlier.Data on Monday showed Russia's economy shrank 0.5 percent in November, and with oil prices showing no sign of recovery, a deeper ...
Egyptian pound steady on official and black markets CAIRO: The Egyptian pound held steady at a central bank dollar sale on Monday and on the black market.The bank offered $40 million at the sale and said it had sold $38.4 million at a cut-off price of 7.1401 pounds to the dollar, a rate unchanged from its last sale on Sunday.The rates at which banks are allowed to trade dollars are determined by the results of central bank sales, giving the bank effective control ...


Index Closing Chg%
Arrow DJIA 16,528.03 0.69
Arrow Nasdaq 4,776.51 1.07
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Arrow H.Seng 21,670.58 0.27
Arrow Sensex 26,283.09 0.41

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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln