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Middle East & Africa


Kenyan shilling steady, supported by central bank mop-up NAIROBI: The Kenyan shilling was steady on Tuesday, supported by a second straight day of central bank action in the money market as demand for dollars from importers picked up.At 0846 GMT, commercial banks quoted the shilling at 88.60/70, unchanged from Monday's close of 88.60/70.The central bank said it was seeking to mop up 5 billion shillings of excess liquidity, after it mopped up 5.93 billion shillings on Monday. Such operations make it more expensive to hold dollars."We are having importers coming in to buy (dollars). We expect that the central bank's continued presence on the money market would keep the shilling's slide in check for the time being," Mwambu Malamba, senior trader at Commercial Bank of Africa, said.But he said that support may not be able to counter mounting pressure for long. "I think fundamentals still point to a weaker shilling,".Traders said they expect the shilling, which has lost ...

Rand near month low vs dollar, investors worry about current a/c JOHANNESBURG: The rand weakened to near a month-low against the dollar early on Tuesday as investors worried about the health of South Africa's economy, while the dollar enjoyed broad-based strength.Investors are waiting the South African Reserve Bank's release of reams of second quarter data in its quarterly bulletin report at 0800 GMT. The main focus will be the current account number, which analysts expect to have widened to a deficit of 5.45 percent of GDP, ...
Concerns about South Africa weak fundamentals knock rand JOHANNESBURG: South Africa's rand extended losses to a one-month low against the dollar on Monday as analysts bet key indicators such as the current account, mining and manufacturing production would show the economy was taking a beating.This week sees the release of the central bank's current account report on Tuesday, which includes trade and spending data for the second quarter. On Thursday Statistics South Africa will put out mining and manufacturing production numbers for July. ...
Kenyan shilling reverses session gains, stocks up slightly NAIROBI: Commercial banks quoted the Kenyan shilling at 88.60/70 to the dollar at 1300 GMT on Monday, the same as Friday's close, after it gained briefly during the session before reversing those gains, while stocks closed slightly higher.Traders said they expected the shilling to trade in the 88.50 to 89.00 range in coming days and have a bias towards strengthening.During the session it touched 88.30/40 to the dollar before reversing the gains.Traders said the central ...
Kenyan shilling steady, might strengthen with central bank help NAIROBI: The Kenyan shilling was steady on Monday and traders said they expected it to have a bias towards strengthening, helped by lower dollar demand from companies and possibility of further action by the central bank to mop up excess liquidity.At 0740 GMT, commercial banks quoted the shilling at 88.60/70 to the dollar, the same as Friday's close. Traders said they expected the shilling to trade in the 88.50 to 88.70 range during the session."I ...
Egyptian pound steady on official market, up on black market CAIRO: Egypt's pound held steady at a central bank dollar sale on Monday, with the bank saying it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, unchanged from Thursday's rate.In the unofficial market, the pound was trading at 7.30 to the dollar, slightly stronger than last Thursday's 7.38, one trader said.The rate for dollar sales has stayed in a tight range since the beginning of June, after the bank allowed the ...
Ugandan shilling stable, seen bullish on likely inflows into auction KAMPALA: The Ugandan shilling was stuck in a rut on Monday amidst sluggish market activity, although likely inflows from offshore investors participating in a scheduled Treasury auction could give it a strengthening bias.At 1037 GMT, commercial banks quoted the shilling at 2,602/2,612, unchanged from Friday's close."Inflation is continuing to ease so I think there's real good value especially in the two-year bond," said Benon Okwenje, trader at Stanbic Bank. "We may see some offshore demand ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $16.137 bln