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Rand at one month low on trade deficit blowout LONDON: South Africa's rand hit a one-month low on Friday, a day after reporting a record trade deficit, while Hungary's forint slipped on concern the central bank's new governor may take aggressive measures to pump cash into the economy.The rand breached the key 9.0 barrier against the dollar, driven down by Thursday's trade data. This brings its losses so far in 2013 to 6.3 percent.Tradition Analytics said in a note the scales were "tilted in favour of further rand weakness and volatility and will keep investors more inclined to hedge their positions through a long dollar position of sorts."In Hungary, Economy Minister Gyorgy Matolcsy was appointed central bank governor on Friday, in a widely expected move which investors fear will lead to politically guided monetary policy aimed at reviving the recession-hit economy.The forint, which has fallen 1.3 percent so far this year ahead of the appointment, inched down and was ...

Global risk rally boosts South Africa JOHANNESBURG: South Africa's rand gained versus the dollar on Monday and government debt followed suit as appetite for riskier assets rebounded after an Italian election result that initially met with market favour.The rand hit a session high of 8.8095 to the greenback, its strongest in more than a week, and was 0.4 percent firmer on the day at 8.8275 by 1530 GMT.Government bonds also edged higher with the yield on the market benchmark due in ...
Kenyan shilling firms vs dollar on tight liquidity NAIROBI: The Kenyan shilling firmed against the dollar on Monday, lifted by the central bank's tight squeeze on availability of the local currency, which has seen market interest rates edge higher.At 0718 GMT, commercial banks quoted the shilling at 87.35/55 to the dollar, stronger than Friday's close of 87.45/65."The high cost of inter-bank funding is discouraging holding long dollar positions," said John Muli, a trader at African Banking Corporation."There are also bond payments due today ...
South Africa JOHANNESBURG: The rand weakened early on Monday and looked likely to come under more pressure this week if domestic economic data comes in weaker than market expectations.By 0648 GMT, the rand was at 8.8850 to the dollar, off an 8.86 close in New York on Friday.South Africa's currency has traded in a 20 cent range of 8.80-9.0 for most of the last month, but this week may give it new direction.Fourth quarter GDP data is ...
Egypt rate of forex reserve fall could slow CAIRO: The rate of decline in Egypt's foreign reserves could fall next month, Central Bank Governor Hisham Ramez was quoted as saying on Sunday.In comments to Al-Shorouk newspaper, Ramez added he expected the government would present its economic reform plan to the International Monetary Fund within a week in a step towards concluding an agreement for a $4.8 billion loan.Egypt's foreign exchange reserves hit $13.6 billon in January, compared to $36 billion on the eve ...
South Africa rand firms on stronger risk appetite JOHANNESBURG: South Africa's rand nudged higher against the dollar on Friday on a resurgence of risk appetite after hawkish US Federal Reserve minutes triggered a selloff earlier this week. The rand was at 8.8800 to the dollar at 1500 GMT, 0.2 percent firmer than Thursday's New York close. Global risk assets suffered while the dollar and safe haven assets strengthened after the Fed minutes released on Wednesday signaled an end to its quantitative easing programme. ...
Ugandan shilling climbs vs dollar KAMPALA: The Ugandan shilling gained 0.7 percent against the dollar on Friday boosted by a sell-off of the greenback by commercial banks but was seen pressured next week on the back of dollar demand from importers. At 0901 GMT commercial banks quoted the currency of east Africa's third largest economy at 2,665/2,675, stronger than Thursday's close of 2,678/2,688. "Banks were offloading some of their dollars probably to trim their holdings and square positions which pushed ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln