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Middle East & Africa


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 Mpuuga, trader at Housing Finance Bank."That prompted a rush by most banks to strengthen their dollar positions and the shilling losing strength as a result."A senior Bank of Uganda (BoU) official, Adam Mugume, told Reuters on Friday there was room for further policy easing if the government stuck to its public borrowing target of 1.4 trillion Ugandan shillings.A U.S. move late on Thursday to cut some aid, impose visa restrictions and halt a regional military ...

Egypt's pound stable on official and black markets CAIRO: The Egyptian pound was broadly steady at a central bank dollar sale on Monday and on the black market.The central bank said it sold $37.6 million at a cut-off price of 7.1401 pounds on Monday. It had initially offered $40 million.At the central bank's previous dollar sale on Thursday, it sold at the same cut-off price of 7.1401.The dollar was offered for 7.40 pounds in the black market on Monday, compared to 7.39 on ...
South Africa's rand firmer as global risk appetite rises JOHANNESBURG: South Africa's rand was still on a firm footing against the dollar on Friday after touching 10-day highs the previous session, with investors favouring high-yielding emerging markets after the Federal Reserve signalled US rates would stay low for a while. The local unit traded at 10.7095 against the dollar by 0703 GMT, up 0.4 percent from Thursday's close. Government bonds were largely stable, with the yield for the 2026 paper edging up 1 basis ...
Kenyan shilling stable, seen well supported NAIROBI: The Kenyan shilling was little changed against the dollar on Friday and traders said it was likely to remain supported next week due to positive sentiment and tighter liquidity.At 0705 GMT, commercial banks posted the shilling at 87.30/40, unchanged from Thursday's close.The shilling has gained 0.6 percent against the dollar this week, boosted by the country's successful $2 billion debut Eurobond issue, offsetting the impact of renewed attacks in Kenya by militants although they ...
Ugandan shilling slips on US aid cuts over anti-gay bill KAMPALA: The Ugandan shilling lost ground against the dollar on Friday after the United States announced a host of punitive measures against Uganda the previous day over its harsh new anti-homosexuality legislation. At 0902 GMT commercial banks quoted the shilling at 2,585/2,595, weaker from Thursday's close of 2,575/2,585. On Thursday, Washington cancelled a regional military exercise in Uganda, imposed visa restrictions and diverted or cut aid to Uganda as further punishment for the passing of ...
Kenyan shilling firms, Eurobond news helps NAIROBI: The Kenyan shilling firmed slightly on Thursday, riding on positive sentiments after the country successfully sold its debut Eurobond for $2 billion.At 0921 GMT, commercial banks quoted the shilling at 87.35/45 to the dollar, up from Wednesday's close of 87.50/60.On Wednesday, the National Treasury confirmed it had raised a total $2 billion with a debut Eurobond with 5-year and 10-year tranches. The cash will be used for budget support and repayment of a $600 ...
Kenya shilling in slight gains against the dollar NAIROBI: The Kenyan shilling eked out modest gains against the dollar on Wednesday and traders said the band it was likely to trade in had widened following a successful debut Eurobond.At 0655 GMT, commercial banks posted the shilling at 87.50/60 per dollar, slightly up from Tuesday's close of 87.55/65."It is more reaction to the positive news on the Eurobond," said a senior trader with a commercial bank, referring to the country's maiden sovereign bond that ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln