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Middle East & Africa


Ugandan shilling firms after central bank says will sell dollars KAMPALA: The Ugandan shilling strengthened on Tuesday after the central bank said it planned to sell dollars, a day after the local currency hit a record low. At 0924 GMT commercial banks quoted the shilling at 3,450/3,470, after pulling back from a record low of 3,685/3,695. It had closed Monday at 3,655/3,665. "The central bank actually sold dollars twice this morning," said Shahzad Kamaluddin, trader at Crane Bank. "The bold action has helped restore confidence in the unit." Dollar demand has been strong in recent days in the interbank market and among energy, manufacturing and telecoms companies. So far this year, the shilling is 19 percent weaker against the dollar, and Uganda's growing current and fiscal deficits is expected to undermine the currency further. Stephen Kaboyo of Alpha Capital Partners said in a market note China's economic crisis was also undermining regional currency. "African economies that rely on sale of ...

South Africa's rand tumbles to all-time low JOHANNESBURG: South Africa's rand plunged to an all-time low on Monday, breaching 14 to the dollar on the back of a global drop in commodity prices.The currency of the continent's most developed economy tumbled to 14.0682 against the greenback before midday, an 8.5 percent drop, before it pulled back to 13.33 by mid-afternoon.The currency has been under sustained pressure lately and is one of the worst hit out of 25 emerging market peers as jittery ...
Egyptian pound steady at official auction, weaker at exchange bureaus CAIRO: Egypt's central bank kept the pound steady at 7.73 per dollar at a foreign exchange auction on Sunday, and the currency was weaker at exchange bureaus. The central bank said it had offered $40 million and sold $38.4 million at a cut-off price of 7.7301 pounds per dollar , unchanged from the rate at the last auction on Thursday. The central bank kept the pound at 7.5301 for five months until last month, when ...
South Africa's rand on the ropes as China fuels risk aversion JOHANNESBURG: South Africa's rand traded within striking distance of the previous day's 14-year low against the dollar on Friday, weighed down like other commodity currencies by signs of slowing growth in China.The local unit ploughed a new record low against pound sterling, while visiting its weakest level in eight months versus the euro, in largely risk averse trading conditions.By 0642 GMT, the rand was at 12.9535 versus the dollar, down 0.18 percent from Thursday's close.It ...
Ugandan shilling unchanged, importer dollar demand could weigh KAMPALA: The Ugandan shilling was stable on Wednesday but was likely to weaken in the coming days due to higher demand for dollars from importers as the month draws to a close. At 0916 GMT, commercial banks quoted the shilling at 3,545/3,555, unchanged from Tuesday. "We have been getting a lot of inquiries from importing corporates," said Shahzad Kamaluddin, trader at Crane Bank. "So there's a clear sign some demand from these will be coming ...
South Africa's rand slips before July inflation report, Fed minutes JOHANNESBURG: South Africa's rand weakened on Monday as pressure on the currency mounted before local inflation numbers and minutes of a policy meeting by the U.S. Federal Reserve.At 1530 GMT, the rand slipped 0.44 percent to 12.8825 per dollar, up from the 14-year low of 12.9225 reached earlier in the session.The rand tumbled over 2 percent against the dollar last week, after a surprise decision by China's central bank to weaken its currency. The rand ...
Kenyan shilling weakens as liquidity improves NAIROBI: The Kenyan shilling weakened on Monday as liquidity increased in domestic money markets after a new monthly liquidity requirement cycle kicked in.The main share index eked out slight gains.At the 1300 GMT close of trade, commercial banks posted the shilling at 102.75/85 per dollar, compared with Friday's close of 102.15/25."Liquidity is back," said a trader at one commercial bank.The weighted average lending rates on the overnight interbank market dropped to 20.9107 percent on Friday ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 05, 2015
Reserves $18.349 bln