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Egyptian pound steady on official market, weaker on black market CAIRO: Egypt's central bank kept the pound steady at 7.53 to the dollar at a foreign exchange auction on Sunday, while the currency weakened slightly on the black market. The central bank has kept the official exchange rate steady for more than two months after letting the pound weaken at the start of the year. This and other measures have combined to reduce black market trading dramatically. The bank said it offered $40 million at auction on Sunday and sold $38.2 million at a cut-off price of 7.5301 pounds per dollar, unchanged from its last auction on Thursday. The rates at which banks are allowed to trade dollars are determined by the results of official auctions, giving the central bank effective control over exchange rates. A trader in the parallel market said the pound was trading at 7.67 pounds to the dollar on Sunday, from 7.66 on Thursday. Black market ...

South Africa's rand falls on US inflation data, power cuts JOHANNESBURG: South Africa's rand fell to a one-week low against the dollar on Friday as the greenback was bolstered by US inflation data that raised hopes of a rate hike, while local power cuts and anti-immigrant unrest hit sentiment. At 1428 GMT, the rand was trading 0.71 percent weaker at 12.0480 to the dollar compared with its closing level on Thursday and also at its softest levels since April 9, according to Thomson Reuters data."What ...
South Africa's rand recovers as soft US data weighs on dollar JOHANNESBURG: South Africa's rand strengthened against the dollar on Thursday as soft U.S. housing and jobs data weighed on the dollar, adding uncertainty over the timing of a rate rise from the Federal Reserve.At 1530 GMT, the rand was trading 0.61 percent firmer at 11.9925 to the dollar, compared with an overnight close of 12.0320 in New York."The U.S. data is very soft, so that's supporting the trend of slight bearing of dollar longs, with ...
Ugandan shilling eases as manufacturers buy dollars KAMPALA: The Ugandan shilling eased on Wednesday, weighed down by dollar demand from firms in the manufacturing and energy sectors but was expected to trade stable amidst a squeeze in liquidity.At 0933 GMT commercial banks quoted the shilling at 3,002/3,012 from Tuesday's close of 3,000/3,010."Players in the manufacturing and energy (sectors) are coming in with demand appetite and pushing the shilling a bit lower," said Ahmed Kalule, trader at Bank of Africa.Kalule said there was ...
Egyptian pound steady on official, black markets CAIRO: Egypt's central bank kept the pound steady at 7.53 to the dollar at a foreign exchange auction on Wednesday, while the currency remained steady on the black market.The central bank has kept the official exchange rate steady for more than two months after letting the pound weaken at the start of the year, which, combined with other measures, has seen black market trading almost disappear.The bank said it offered $40 million at auction on ...
South Africa's rand gains on softer U.S retail sales data JOHANNESBURG: South Africa's rand gained more than 1 percent to the dollar on Tuesday as weaker-than-expected US retail sales data dampened expectations the Federal Reserve could raise interest rates as early as June. The rand was stronger despite South Africa's power utility Eskom having lost a quarter of its usual power supply in plant breakdowns. "If it were not for some structural domestic hindrances such as Eskom and electricity supply shortages we possibly would have ...
Yuan-rand exchange mechanisms at advanced stage PRETORIA: Preparations for the direct exchange of the Chinese yuan and the South African rand are at an advanced stage, government officials said Tuesday."We are at an advanced stage of the currency swap mechanisms," South African Foreign Minister Maite Nkoana-Mashabane said at a joint press conference with her Chinese counterpart Wang Yi in Pretoria. "We agree on the establishment of the clearing centre for the RMB (yuan), so we can have a direct exchange of ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyApril
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln