08292016Mon
Last update: Mon, 29 Aug 2016 10am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Ugandan shilling firms on scarce liquidity, low dollar demand  KAMPALA: The Ugandan shilling strengthened on Tuesday, helped by a shortage of local currency in the money markets and subdued dollar demand.At 0945 GMT, commercial banks quoted the shilling at 3,435/3,445 to the dollar, stronger than Monday's close of 3,450/3,460."I understand some banks are short on shillings," said Ali Abbas, trader at Crane Bank."Corporate demand for the dollar is not there, I would say the shilling is getting support from that, too."To alleviate the liquidity scarcity, the central bank injected 40 billion shillings ($11.70 million) using a two-day reverse repurchase agreement at 17 percent.Abbas said the injection was unlikely to reverse the shilling's gains, however.Bank of Africa said in a market note it expected some volatile trading, "with no significant support for the greenback today."The shilling, which is 18.8 percent weaker against the greenback so far this year, is seen trading with a generally weakening tone in the coming months, ...

Markets - FXMM - Middle East & Africa

Egyptian pound steady at auction, weaker on parallel market CAIRO: Egypt's central bank kept the pound steady at 7.7301 to the dollar at its official foreign currency auction on Tuesday, almost a week after it surprised the market by strengthening it.The central bank sold 37.8 million dollars at a cut-off price of 7.7301 pounds to the dollar. Last week it strengthened the pound by 20 piasters from 7.9301.Egypt, which is heavily dependent on imports for food and energy, is facing a dollar shortage and ...

Markets - FXMM - Middle East & Africa

Kenyan shilling firms ahead of rate decision, stocks up NAIROBI: Kenya's shilling firmed in minimal trading on Monday ahead of the central bank's rate-setting meeting, while stocks closed higher.At close of trade, commercial banks quoted the shilling at 102.20/30 to the dollar, compared with Friday's close of 102.35/45."Today, the market is just awaiting the rate decision tomorrow. Nothing has happened," said a senior trader at one commercial bank.At its last meeting in September, the central bank held its lending rate at 11.50 percent, saying ...

Markets - FXMM - Middle East & Africa

Ugandan shilling firms on interbank dollar sell-off  KAMPALA: The Ugandan shilling posted gains on Monday, buoyed by an interbank sell-off of hard currency and dollar inflows from commodity exporters and from Ugandans abroad.At 0925 GMT commercial banks quoted the shilling at 3,465/3,475, firmer than Friday's close of 3,475/3,485."Corporate appetite is flat and that's triggering an offloading of dollars in the interbank," said Ahmed Kalule, trader at Bank of Africa Uganda."On the other hand the market is receiving inflows from a mix of ...

Markets - FXMM - Middle East & Africa

Ugandan shilling firms on interbank dollar sales for tax payments KAMPALA: The Ugandan shilling strengthened on Friday, buoyed by interbank dollar sales in preparation of local tax payments next week and a slowdown in corporate appetite for the greenback.At 0935 GMT commercial banks quoted the shilling at 3,475/3,485, firmer than Thursday's close of 3,495/3,505."Some banks are short on the local currency. They're doing conversions to have enough shilling for tax payments next week," said Ali Abbas, trader at Crane Bank.Abbas said corporate dollar demand was ...

Markets - FXMM - Middle East & Africa

South Africa's rand weak ahead of Fed conference, stocks slip JOHANNESBURG: South Africa's rand weakened against the dollar on Thursday, along with its emerging market peers ahead of the US Federal Reserve policy conference due later, as more investors anticipated a December rate hike. Stocks mirrored the currency, with the blue-chip Top-40 index falling more than 1 percent, dragged by heavy losses in the resource sector. At 1510 GMT the rand weakened 1.11 percent to 14.3065 against the greenback. "The selling that we're seeing on ...

Markets - FXMM - Middle East & Africa

Ugandan shilling weaker on commercial banks' demand, tax payments to support KAMPALA: The Ugandan shilling lost ground on Thursday on the back of increased dollar demand from commercial banks covering short positions but mid-month tax payments were expected to cushion it, traders said.At 0922 GMT commercial banks quoted the local currency at 3,520/3,530, weaker than Wednesday's close of 3,510/3,520."Appetite by banks is continuing to weight strongly on the local unit," said Shahzad Kamaluddin, trader at Crane Bank.Kamaluddin said the wave of dollar buying that begun on ...