01162017Mon
Last update: Mon, 16 Jan 2017 05pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Saudi riyal falls, bond may be delayed after US Congress vote DUBAI: The Saudi riyal fell against the U.S. dollar in the forward foreign exchange market on Thursday after the U.S. Congress voted to allow relatives of victims of the Sept. 11 attacks to sue Saudi Arabia.Any legal action could take years to wind through the U.S. court system, and analysts said there might be little if any impact on the Saudi economy or state finances. But the decision by Congress was an unwelcome reminder of political and financial pressures on Riyadh as low oil prices strain its budget.Saudi Arabia has been preparing to make its first international issue of sovereign bonds next month to raise $10 billion or more, but some Gulf bankers said the issue might now be delayed to give investors time to digest the news.Similarly, the legal threat could make Riyadh less likely to choose New York for a listing of shares in national oil giant Saudi ...

Markets - FXMM - Middle East & Africa

Saudi riyal falls in forwards market after US Congress vote DUBAI: The Saudi riyal fell moderately against the U.S. dollar in the forwards market on Thursday after the U.S. Congress voted to allow relatives of victims of the Sept. 11 attacks to sue Saudi Arabia.The Senate and House of Representatives voted overwhelmingly on Wednesday to override President Barack Obama's veto of legislation permitting such lawsuits. The law grants an exception to the legal principle of sovereign immunity in cases of terrorism on U.S. soil, clearing ...

Markets - FXMM - Middle East & Africa

Nigerian naira hits new record low of 460 per dollar on black market LAGOS: The Nigerian naira plunged further to a new record low on Wednesday, down 1.76 percent against the dollar on the parallel market even as dollar supplies dry up. The local currency fell to 460 to the dollar on the black market, down from 452 at the close of trading on Tuesday. Though the naira closed at 305.50 to the dollar on the official interbank market against 305 a dollar the previous day, traders said ...

Markets - FXMM - Middle East & Africa

Egypt pound steady at regular dollar sale, weaker on black market CAIRO: Egypt's central bank held the pound steady against the dollar at its regular foreign currency sale on Tuesday, while the currency weakened on the black market. The bank sold $118.6 million at an unchanged rate of 8.78 per dollar. On the black market, four traders said they were selling dollars at a range between 13.05-13.10 pounds per dollar, weaker than last week's 12.8. They did not give volumes of trade. Egypt is facing an ...

Markets - FXMM - Middle East & Africa

Nigerian naira hits record low on black market LAGOS: The Nigerian naira fell 1.1 percent to a record low of 445 to the dollar on the black market on Monday as the dollar woes of Africa's biggest economy persist. Traders said that speculators and strong demand from parents buying dollars to pay school fees abroad are putting pressure on the Nigerian currency, though the president of the association of bureau de change operators, Aminu Gwadabe, said the rate is not a true reflection ...

Markets - FXMM - Middle East & Africa

Kenyan shilling firms, helped by charity, investor dollar inflows NAIROBI: The Kenyan shilling firmed slightly on Friday, drawing support from dollar inflows from non-governmental organisations and offshore investors seeking to buy government securities, traders said.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Nigeria naira at record black market low as dollar reserves shrink LAGOS: Nigeria naira hit a new record low of 436 on the black market on Thursday as dollar shortages on the official market persist, funelling importers to the unofficial market, amidst declining currency reserves in Africa's biggest economy, traders said.Nigeria's dollar reserves stood at $24.83 billion by Sept. 19, down 3.4 percent from a month ago, to its lowest level in more than 11-years, as the central bank sells the greenback on the interbank market ...