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Middle East & Africa


Kenya shilling holds steady, underpinned by central bank operations NAIROBI: Kenya's shilling remained shackled to 86.60/70 in early trading on Tuesday, supported by expectations that the central bank will keep draining excess liquidity from the money market, traders said. The 86.60/70 level - where the shilling ended Monday - was nudging the local currency's support level, market participants said. "It's at its top.It's a good opportunity for exporters, they've been sniffing around," said Sheikh Mehran, senior trader at Kenya Commercial Bank. Traders anticipated the Central Bank of Kenya would maintain its policy of absorbing excess liquidity to support the shilling. Taking shillings out of the market helps lift the overnight lending rate, making it more expensive for banks to hold long dollar positions. The central bank mopped up 10.9 billion shillings ($125.8 million) on Monday. Bank of Africa said there was reduced dollar demand from corporate clients now that the typical end-month rush for dollars had subsided. Copyright Reuters, ...

South Africa's rand hits strongest level in 2014, bonds firm JOHANNESBURG: South Africa's rand hit its strongest level against the dollar this year in Tuesday's early trading session as positive momentum continued for riskier emerging market currencies. At 0631 GMT, the rand hit 10.4645, its strongest level this year against the greenback and over half a percent stronger on the day, from Monday's New York close of 10.5295. "It is emerging markets strengthening really, it is a continuation of the trend, we were struggling to ...
Egypt foreign reserves up at $17.414bn in March CAIRO: Egypt's foreign reserves rose to $17.414 billion in March from $17.307 billion in February, the central bank said on Monday. Reserves fell sharply after a 2011 uprising that ousted President Hosni Mubarak but were lifted last year when Gulf Arab states gave billions of dollars in aid to the army after it deposed elected President Mohamed Mursi following protests against his rule. Copyright Reuters, 2014 ...
South Africa's rand, government bonds steady after rally JOHANNESBURG: South Africa's rand held steady against the US dollar early on Monday after a sharp rally at the end of last week took the currency and benchmark bonds to multi-month highs. The local unit is likely to trade in a sideways direction until Wednesday when the US Federal Reserve releases minutes of its monetary policy meeting (FOMC). Locally, manufacturing and mining data will be the focus on Thursday. At 0652 GMT, the rand was ...
Kenyan shilling weaker as banks cover short dollar positions NAIROBI: The Kenyan shilling drifted in a narrow range on Friday as some commercial banks bought dollars to cover short positions ahead of the weekend, trader said.By 0830 GMT, commercial banks were quoting the shilling at 86.60/70 to the dollar, compared with Thursday's close of 86.55/65."Trading volumes are low.There will be a bit of covering of interbank positions, so that puts a bit of pressure on the shilling," said Kenya Commercial Bank trader Nahashon Mungai.The ...
Ugandan shilling dips as banks, energy firms seek dollars KAMPALA: The Ugandan shilling weakened modestly on Friday on the back of rising demand for the dollar from commercial banks and energy businesses, but an expected squeeze on liquidity was seen supporting the currency next week.At 1039 GMT, commercial banks quoted the currency at 2,558/2,568, weaker than Thursday's close of 2,555/2,565."There's a lot of appetite for the dollar in the interbank (market) which has weakened the shilling," said Ahmed Kalule, trader at Bank of Africa."We ...
South Africa rand steady against dollar, sees boost from risk appetite JOHANNESBURG: South Africa's rand was stable against the dollar in early Wednesday trade, supported by a general uptick in global risk appetite this week despite a fair amount of importer demand for the US currency. By 0649 GMT the rand was trading at 10.5850 to the greenback, in line with its New York close on Tuesday. "It would appear that the carry trade hasn't run out of steam just yet, as higher yielders across the ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln