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Middle East & Africa


Tunisia dinar drop shows momentum for reform TUNIS/DUBAI: Weakness of Tunisia's dinar is undermining the purchasing power of its citizens and evoking memories of the country's economic crisis after its 2011 revolution. But this time, the dinar's depreciation may point to a stronger financial future.For the past four months, the central bank has permitted a slide of the dinar against both the euro and the U.S. dollar, ending a period of several months in which the bank intervened to keep the currency steady or even rising.The depreciation carries economic and political risks as the country gears up for parliamentary elections in October and presidential polls in November - votes which it hopes will complete a sometimes violent transition to democracy.But a cheaper currency could in the long run have big benefits for Tunisia, creating jobs by stimulating export industries, and making it more economical for foreign investors to put money into the country.Slim Feriani, executive chairman at ...

Ugandan shilling building on gains made after anti-gay bill scrapped KAMPALA: The Ugandan shilling was stable on Monday and traders said they expect the currency to build on gains made after a court overturned an anti-gay law that drew Western criticism and halted aid payments.At 0830 GMT commercial banks quoted the shilling at 2,610/2,620, unchanged from Friday's close.The local currency firmed 0.3 percent on Friday after Uganda's constitutional court rescinded the anti-gay law which punished gay sex with lengthy jail sentences."The outlook still favours the ...
South Africa's rand holds steady vs dollar, likely to strengthen JOHANNESBURG: South Africa's rand held steady against the dollar on Monday and looked set to trade firmer versus the US currency after closing with a bullish tone last week.The rand snapped a four-day losing streak against the dollar on Friday, after jobs data from the world's biggest economy supported a dovish stance from the US Federal Reserve. "Dollar/rand ended Friday's session below 10.68, which we mentioned would dent the underlying bullish trend in place over ...
South Africa's rand on the back foot ahead of PPI, trade data JOHANNESBURG: South Africa's rand traded softer than its previous close against the dollar on Thursday and could weaken further if the latest trade data shows a wider-than-expected deficit for June.The rand was at 10.6880 per dollar by 0642 GMT, down 0.26 percent from where it ended the New York session on Wednesday.Government bonds were also a shade weaker, with yields for the heavily-traded 2026 and 2015 issues each nudging 1 basis point higher to 8.30 ...
Kenyan shilling steady, eyes on inflation data NAIROBI: The Kenyan shilling was steady on Thursday and traders said they expected it to keep the trend in coming days, barring consumer price inflation figures rising beyond the central bank's target level.At 0750 GMT, commercial banks quoted the shilling at 87.80/90 to the dollar, compared with Wednesday's close of 87.70/90.Traders said they were keeping an eye on July's inflation data, due to be released on Thursday, with any significant rise above 7.5 percent likely ...
Egyptian pound stable at central bank sale, weaker on black market CAIRO: The Egyptian pound was stable at a central bank dollar sale on Thursday and weakened slightly on the black market.The central bank said it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, unchanged from its most recent sale last Thursday, before the Muslim Eid holiday.The rate for the dollar sales has stayed within a very tight range since the beginning of June, after the bank allowed the pound to weaken ...
South Africa's rand steady, could soften on trade data JOHANNESBURG: South Africa's rand was flat against the dollar in early Monday trade, with the risk of weakening during the week if domestic trade data shows a widening deficit.At 0654 GMT the local unit traded at 10.5140 versus the greenback, a touch softer than Friday's close at 10.5105.In fixed income, yields edged higher, with the 2026 benchmark adding 1.5 basis points to 8.205 percent and the 2015 paper inching up 1 basis points to 6.65 ...


Index Closing Chg%
Arrow DJIA 16,979.13 0.35
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Arrow Nikkei 15,454.45 0.03
Arrow H.Seng 25,159.76 0.15
Arrow Sensex 26,314.29 0.40

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln