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Middle East & Africa


Kenyan shilling firms before presidential inauguration NAIROBI: The Kenyan shilling opened slightly stronger on Monday, helped by banks trimming their dollar positions amid slack corporate demand for the US currency ahead of President-elect Uhuru Kenyatta's inauguration.The shilling has rallied 1.4 percent since the March 4 vote, which passed off peacefully, avoiding a re-run of the violence that followed a contested election result five years ago.Market players said corporate clients might be holding back from buying dollars in anticipation of a further strengthening of the local currency."Positive sentiment is still in the market ahead of the inauguration," said Julius Kiriinya, a trader at African Banking Corporation."Corporates might be waiting for the shilling to firm further before they come in buying dollars."Kenyatta, the country's richest man and son of its founding President Jomo Kenyatta, will be sworn in on Tuesday when markets will be closed for a national holiday.His win was disputed by defeated candidate Raila Odinga who ...

Kenyan shilling flat after run of gains, shares rise NAIROBI: The Kenyan shilling took a breather on Friday after three straight sessions of moderate gains, and traders said it could firm further on reduced demand for dollars from companies. On the share market, the main NSE-20 index gained for the first time in three sessions, led by small-cap stocks. The shilling has gained 0.7 percent since April 2, as investors unwound dollar hedge positions taken before the March 4 national election amid worries about ...
South Africa's rand rallies to three-week high JOHANNESBURG: South Africa's rand rose to a three-week high against the dollar on Friday and was poised for a rally as global central banks maintained accommodative monetary policies.The rand, which has weakened to four-year lows in recent months, was at 9.1506 to the dollar at 0720 GMT, slightly firmer than its close in New York on Thursday. It hit a session high of 9.130 - a level not seen since the second week of March.The ...
South African rand edges higher but pressure lurks JOHANNESBURG: South Africa's rand steadied against the dollar on Wednesday after a bout of weakness overnight following disappointing factory data that reinforced a gloomy economic outlook and the likelihood of continued pressure on the currency.The rand was at 9.2325 versus the greenback at 0659 GMT, a 0.22 percent gain from Tuesday's close at 9.2530.The rand retreated from two-week highs on Tuesday, weighed down by a report showing the Purchasing Managers' Index, a forward-looking pointer to ...
Ugandan shilling flat against dollar KAMPALA: The Ugandan shilling was unchanged against the dollar in quiet trading on Tuesday with market players sidelined ahead of the central bank April rate decision on Wednesday.Bank of Uganda (BoU) is due to announce April's Central Bank Rate (CBR) on Wednesday, and the rate is generally expected to be held after year-on-year inflation surged in March.A rise in both food and non-food prices pushed up Uganda's headline inflation in March to 4.0 percent from ...
Egypt pound slips on black market as supply dries up CAIRO: The Egyptian pound has fallen sharply against the dollar on the black market in the last few days, market participants said on Sunday, citing dwindling supply of the US currency.They forecast a further decline unless more hard currency enters the market.Egypt, which has suffered political and economic instability since President Hosni Mubarak was ousted more than two years ago, is struggling to curb a run on the pound, which at official rates has fallen ...
South Africa's rand weaker as euro zone fears linger JOHANNESBURG: South Africa's rand softened against the dollar on Wednesday, weakened by concerns about the financial stability of its main trading partner Europe after the Cyprus bailout deal.The rand traded at 9.278 against the dollar at 0642 GMT, about 0.41 percent weaker than Wednesday's 9.2425 close in New York."The euro is really struggling to maintain any sort of headway at the moment, the comments that keep coming out of Europe are not good," said Ion ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln