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Middle East & Africa


Ugandan shilling firms as banks unwind long dollar positions KAMPALA: The Ugandan shilling clawed back some of its recent losses on Friday after some commercial banks unwound long dollar positions and companies converted hard currency to pay taxes.At 1108 GMT commercial banks quoted the shilling at 2,765/2,775, stronger than Thursday's close of 2,775/2,785."Some banks are cutting back their long dollar positions," said Isaac Iga, chief dealer at Orient Bank.Companies were also selling dollars to pay taxes, he said.The shilling weakened sharply this week, prompting the central bank to sell an undisclosed amount of greenbacks on Wednesday to meet demand for dollars.Iga said the local currency, which is down 8.8 percent against the greenback so far this year, is still vulnerable to weakening on the back of anticipated dollar demand.A trader from a leading commercial bank said a Treasury bill auction due next week was likely draw in some inflows. The central bank or Bank of Uganda will be selling ...

South Africa's rand firms for 3rd day as emerging markets rally JOHANNESBURG: South Africa's rand firmed against the U.S. dollar for a third straight day on Thursday, boosted by positive emerging market sentiment after the U.S. federal reserve suggested interest rate hikes were some way off.At 1535 GMT, the rand was 0.69 percent firmer at 11.5280 against the greenback, having rallied more than 1 percent earlier in the session."What we are seeing in dollar/rand today is very much correlated to the improvement in the risk appetite ...
Egyptian pound steady on official market, weaker on black market CAIRO: The Egyptian pound was unchanged at a central bank dollar sale on Thursday and weaker on the unofficial market after the government established a fourth weekly dollar auction.The bank offered $40 million and said it had sold $38.2 million at a cut-off price of 7.1401 pounds to the dollar, a rate unchanged from its sales on Wednesday and Monday.The rates at which banks are allowed to trade dollars are determined by the results of ...
Kenyan shilling steady, seen gaining slightly NAIROBI: The Kenyan shilling held steady on Thursday, with traders expecting the trend to continue amid less dollar demand as companies close their books for the holiday season.At 0730 GMT, commercial banks quoted the shilling at 90.35/45 to the dollar, equal to Wednesday's close."As companies close out for the festive season, we shall see less dollar demand. So we expect the shilling to be supported by that a bit," said a trader at a major ...
South Africa's rand rallies after Fed soothes EM sentiment JOHANNESBURG: South Africa's rand rallied against the dollar on Thursday as a statement by the US central bank signalling interest rates would remain near zero offered respite to struggling emerging market currencies.Sharp volatility in the past two sessions due to a public holiday and the Russian rouble's dramatic nosedive on Tuesday had seen the local unit test six-year lows, threatening to move out of a recent range and hold beyond 11.8000 mark. By 0609 GMT, ...
South Africa's rand inches higher, remains vulnerable JOHANNESBURG: South Africa's rand was slightly firmer in late afternoon trade on Wednesday, having recouped losses after the collapsing Russian rouble slowed its decline.The rouble's tumble - it is down 50 percent so far this year - has impacted other emerging market currencies, such as the rand. But the drop slowed slightly as Russia's finance ministry said it had started selling foreign currency, helping the rand stage a tentative recovery.Still, the South African currency remains ...
Kenyan shilling firms, stocks down on profit-taking NAIROBI: The Kenyan shilling firmed on Wednesday helped by hard currency inflows from offshore investor seeking to buy government bonds, while stocks fell on profit-taking.The shilling closed at 90.35/45 to the dollar, compared with Tuesday's close of 90.55/65."It must have been to lack of (dollar) demand... Also, some interest on the bond side," Julius Kiriinya, a trader at African Banking Corporation, said.The central bank auctioned a new two-year Treasury bond and a re-opened 15-year bond ...


Index Closing Chg%
Arrow DJIA 16,058.35 2.84
Arrow Nasdaq 4,636.11 2.94
Arrow S&P 1,913.85 2.96
Arrow FTSE 6,058.54 3.03
Arrow DAX 10,015.57 2.38
Arrow CAC-40 4,541.16 2.40
Arrow Nikkei 18,165.69 3.84
Arrow H.Seng 21,185.43 2.24
Arrow Sensex 25,696.44 2.23

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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