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Kenyan shilling weakens on energy sector demand for dollars NAIROBI: The Kenyan shilling lost ground on Wednesday on demand for dollars by energy companies, with traders expecting the local currency to weaken again in coming days.At 0710 GMT, commercial banks posted the shilling at 87.60/70 per dollar, compared with 87.45/55 at Tuesday's close.Traders said the shilling has come under pressure because energy companies were buying up dollars."That's been there for the last three days and that's still unmet, so we expect the shilling to weaken a bit (more)," said Joshua Anene, a Commercial Bank of Africa trader.Anene said attacks by Islamist al Shabaab militants have spooked international companies and investors, making them wary of putting money into east Africa's biggest economy."As a result of that, we have seen heightened demand from the corporate sector for dollars," Anene said.Copyright Reuters, 2014 ...

Egypt's pound stable on official and black markets CAIRO: The Egyptian pound was steady at a central bank dollar sale on Wednesday and on the black market. The central bank said it sold $37.6 million at a cut-off price of 7.1401 pounds, leaving it unchanged from its last sale on Monday.It had offered $40 million. The dollar was offered for 7.40 pounds in the black market on Wednesday. The unofficial rates have been stable since last week. The rates at which banks are ...
Rand flat as Iraq fears cap platinum sector optimism JOHANNESBURG: South Africa's rand was flat against the dollar on Wednesday as heightened tensions in Iraq tempered domestic optimism about platinum miners returning to work after the end of a five-month strike.Workers from the AMCU union signed a wage agreement with the three top platinum producers on Tuesday but production is only expected to return to full swing in three months. However, the end of the costliest strike in South Africa's history is a relief ...
Kenyan shilling holds steady, dollar inflows likely to keep up support NAIROBI: The Kenyan shilling was stable against the dollar on Tuesday and traders said it was likely to remain supported in the days ahead due to higher levels of expected hard currency inflows.At 0720 GMT, commercial banks posted the shilling at 87.30/40 per dollar, the same level where it closed on Monday.Traders said tight liquidity in the money markets was also helping to support the shilling."It is expected to be well supported because liquidity has ...
Rand holds gains as South Africa platinum strike ends JOHANNESBURG: South Africa's rand remained firm on Tuesday after hitting two-week highs in the previous session as relief swept the market after the country's longest strike ended.The local unit was trading at 10.57 rand per dollar at 0715 GMT, slightly stronger than its New York close of 10.59. On Monday it had gained 1 percent, breaking through 10.56 to the dollar at one point for the first time in a fortnight. The five-month stoppage in ...
Kenyan shilling may rise as companies seek cash to pay taxes NAIROBI: The Kenyan shilling was steady on Monday, and traders said they expected it to strengthen slightly as companies and banks look for shillings to settle quarterly tax payments and pay for Treasury bonds bought at auction last week.At 0754 GMT, commercial banks quoted the shilling at 87.40/50, unchanged from Friday's close."This week, we are expecting it to strengthen a bit on the back of tight liquidity. It's just tax payments and the bond payment ...
Ugandan shilling extends losses on central bank remarks, US aid cuts KAMPALA: The Ugandan shilling surrendered more ground on Monday after a central bank official said monetary policy could be eased further and the United States cut some aid because of Uganda's tougher anti-gay law.At 0848 GMT commercial banks quoted the currency at 2,605/2,615, weaker than Friday's close of 2,590/2,600."The news that came out of the central bank last week plus the U.S. sanctions are all pointing to a negative outlook for the shilling," said Robert ...

 



 
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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