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Middle East & Africa


Kenyan shilling weakens on lack of tourist dollars NAIROBI: The Kenyan shilling eased on Thursday as importers sought dollars and is likely to face more pressure in coming days because a downturn in tourism has hurt foreign exchange inflows.At 0831 GMT, commercial banks quoted the shilling at 88.80/90 to the dollar, compared with Thursday's close of 88.75/85.The Bank of Africa wrote in a report that it expects the shilling to consolidate at its present range, "with a bias for further weakness to test the 89.00 level probably a trigger point for central bank intervention."In late August, the central bank sold dollars into the market, after the shilling hit 88.80/90, which at the time was its lowest level since December 2011.Traders said dollar supply was low due largely to the hit to the tourism industry from frequent deadly attacks blamed on Islamists from neighbouring Somalia.Hard currency inflows from the sale of tea at weekly auctions have also fallen this ...

Egyptian pound steady on official market, down on black market CAIRO: Egypt's pound held steady at a central bank dollar sale on Thursday, with the bank saying it sold $37.4 million at a cut-off price of 7.1401 pounds per dollar, unchanged from Monday's rate.In the unofficial market, the pound was trading at 7.35 to the dollar, slightly weaker than Monday's 7.30, one trader said.The rate for dollar sales has stayed in a tight range since the beginning of June, after the bank allowed the pound ...
South Africa's rand under pressure before production data JOHANNESBURG: South Africa's rand weakened towards a seven-month low against the dollar on Thursday ahead of output data expected to show the economy's key sectors are not growing. Investors are bracing for mining and manufacturing numbers, with both sectors forecast to have contracted in July as the effects of strikes and production stoppages hit output. Mining is a big foreign exchange earner in South Africa, while manufacturing is the second biggest sector of the economy. ...
Ugandan shilling weakens as banks, importers seek dollars KAMPALA: The Ugandan shilling was a touch weaker on Wednesday, weighed down by demand for dollars from commercial banks and importers, although the local currency was seen recouping losses from offshore inflows.At 1108 GMT commercial banks quoted the shilling at 2,605/2,615, weaker than Tuesday's close of 2,602/2,612."Some players in the interbank have been exerting demand and it has pushed the shilling higher (weaker)," Faisal Bukenya, head of market making at Barclays Bank, said.The shilling is ...
Kenyan shilling weakens, stocks up on bourse's newly-listed shares NAIROBI: The Kenyan shilling weakened on Wednesday due to dollar demand from importers in the energy and telecommunications sectors, while stocks rose for the fourth straight session.At close of trade at 1300 GMT, commercial banks quoted the shilling at 88.75/85 to the dollar, compared with Tuesday's close of 88.60/70.John Muli, trader at African Banking Corporation, said demand was overwhelming the trickle of dollars into the market, but the central bank was helping to support the ...
Kenyan shilling eases under pressure from energy dollar buyers  NAIROBI: The Kenyan shilling weakened on Wednesday due to dollar demand from importers in the energy and telecommunications sectors, and traders said the local currency could lose even more ground.At 0749 GMT, commercial banks quoted the shilling at 88.70/80 to the dollar from Tuesday's close of 88.60/70."There's continued (dollar) demand, especially from the energy, oil and telecoms sectors. So it's putting the unit under pressure for now," a senior trader at one commercial bank said."We ...
South Africa's rand under pressure as dollar rallies JOHANNESBURG: The rand hit its weakest level in seven months against the US dollar on Wednesday as the greenback gained over major currencies and investors continued to dwell on South Africa's wider current account deficit. At 0638 GMT the local unit traded at 10.9550, a 0.31 percent drop from the previous day's close in New York. In fixed income, the yield on the benchmark 2026 paper dipped half a basis point to 8.185 percent. The ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln