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Middle East & Africa


South African rand slumps 1 percent in commodity currency sell-off JOHANNESBURG: South Africa's rand fell more than 1 percent against the dollar on Tuesday, tracking losses by other commodity linked currencies as metal prices declined.The local unit also fell together with a softer euro as investors bet that the European Central Bank could this week signal quantitative easing in the euro zone.The rand hit a session low of 11.1325 and was at 11.1200 by 1539 GMT, down 1.09 percent from Monday's New York close.Government bonds were also heavily sold, pushing the yield on the 2026 instrument, the benchmark for the secondary market , 9 basis points higher to 7.665 percent."At the moment dollar is king and that's driving the rand weaker. All commodity currencies are under pressure and the rand shouldn't be any different," Bidvest Bank trader Ion de Vleeschauwer said."With us not hiking interest rates two weeks ago, the rand is going to be under pressure."The South African Reserve ...

Ugandan shilling extends gains on liquidity mop-up KAMPALA: The Ugandan shilling extended gains for a second straight day on Tuesday, buoyed by a liquidity mop-up by the central bank and dwindling dollar demand from companies.At 0916 GMT commercial banks quoted the shilling at 2,753/2,763, stronger than Monday's close of 2,765/2,775.Some traders said commercial banks were also unwinding their long dollar positions due to the low demand for the greenback, helping fuel a bullish tone for the local currency.Sage Muganza, trader at Centenary ...
Kenya shilling weakens after militants kill 36 people NAIROBI: The Kenyan shilling fell against the dollar in early trading after suspected al Shabaab militants from neighbouring Somalia attacked a quarry near the border killing 36 people.The shilling fell to 90.30/40 at the start of trading from the previous day's close of 90.20/30 as news of the overnight attack broke out.Kenya has suffered a string of gun and grenade attacks since it sent troops into Somalia to fight al Shabaab in late 2011.The attacks ...
Nigeria's naira hits new record low of 187.55 against dollar LAGOS: Nigeria's naira opened at new record low against the dollar on Monday, down 0.3 percent from previous close, then slid further as demand for the greenback continued unabated, dealers said. The naira opened at 184.60 to the dollar and quickly fell to 187.55, Thomson Reuters data showed.Copyright Reuters, 2014 ...
South Africa's rand, bonds weaken inside recent ranges JOHANNESBURG: South Africa's rand and government bonds weakened on Tuesday but stayed within ranges set in the previous session as a thin domestic data calendar caused dealers to look offshore for direction. The rand traded at 11.0005 to the dollar at 0635 GMT, level with its close in New York. South Africa's currency is coming back from two-week lows hit on Monday when commodity-linked currencies were pressured by low Chinese manufacturing data.Domestically the rand is ...
South African rand edges higher against globally soft dollar JOHANNESBURG: South Africa's rand traded stronger against the dollar on Monday, driven mainly by the greenback's broad losses against major currencies, including the euro.Market watchers doubted the rand would sustain its gains, however, given South Africa's weak economic outlook. The latest setback is an electricity crunch that has forced state utility Eskom to implement rolling blackouts in some areas.At 1607 GMT, the rand was trading up 0.54 percent at 11.0000 to the dollar compared with ...
Ugandan shilling strengthens as banks unwind dollar positions KAMPALA: The Ugandan shilling was stronger on Monday after commercial banks unwound long dollar positions due to sluggish dollar demand and the local currency was expected gain further from a mop-up of excess liquidity by the central bank.At 0952 GMT commercial banks quoted the shilling at 2,765/2,775, stronger than Friday's close of 2,775/2,785."Some players who had taken long positions are now trimming them because (dollar) demand is weak," said Isaac Iga, a trader at Orient ...


Index Closing Chg%
Arrow DJIA 17,730.11 0.16
Arrow Nasdaq 5,009.22 0.08
Arrow S&P 2,076.78 0.03
Arrow FTSE 6,585.78 0.67
Arrow DAX 11,058.39 0.37
Arrow CAC-40 4,808.22 0.57
Arrow Nikkei 20,539.79 0.08
Arrow H.Seng 26,064.11 0.83
Arrow Sensex 28,092.79 0.53

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln