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Middle East & Africa


Kenyan shilling weakens on end-month dollar buying, shares fall NAIROBI: The Kenyan shilling edged down against the dollar on Friday with companies in the energy and manufacturing sectors buying the US currency, while shares fell.The shilling closed at 89.40/50, slightly down from Thursday's close of 89.30/40."This is just due to usual end of the month and end of the week covering. There was also a bit of demand from energy companies and manufacturers," Sheikh Mehran, head of trading at I&M bank.During the week, traders said the shilling was supported by demand for a 12-year infrastructure bond worth 20 billion shillings ($224 million) offered by the central bank.Investors have been keen on the bond because it is exempted from tax and also has relatively good yields, traders said.Traders say the shilling, which has lost about 3 percent to the dollar this year, is forecast to trade within a range of 88.70 to 89.50 range early next week.On the Nairobi Securities ...

Kenyan shilling holds steady, bond flows still help NAIROBI: The Kenyan shilling was unchanged on Thursday, supported in part by expectations of hard currency inflows from offshore investors in a government bond.At 0840 GMT, the local currency of East Africa's biggest economy traded at 89.30/40 to the dollar, unchanged from Wednesday's closing level.The central bank on Tuesday announced an additional sale of a 12-year government infrastructure bond worth 20 billion shilling ($220 million), attracting currency inflows that balanced end-month dollar demand from importers."The ...
Ugandan shilling stronger on dollar inflows from charities KAMPALA: The Ugandan shilling strengthened on Wednesday, helped by dollar inflows from non-governmental organisations and expectations foreign investors will participate in a Treasury bill auction.At 0914 GMT, commercial banks quoted the shilling at 2,700/2,710, from Tuesday's close of 2,705/2,715."The market has received substantial inflows from NGOs that we normally get at the end of the month," said Faisal Bukenya, head of market making at Barclays Bank.Charities typically convert hard currency at the end of the ...
Kenyan shilling firms on infrastructure bond, stocks rise NAIROBI: Kenya's shilling strengthened on Tuesday, helped in part by expectations of hard currency inflows from offshore investors in a government bond, while stocks recovered to close higher.The currency of East Africa's largest economy closed at 89.25/35 to the dollar, firmer than Monday's close of 89.35/45.Investors seeking to take up a 12-year government infrastructure bond worth 20 billion shillings ($224 million), the proceeds of which will partly be used to fund expansion of Kenya's main ...
South Africa's rand firmer as US data disappoints JOHANNESBURG: The rand firmed to a six-week high against the dollar on Tuesday as durable goods orders in the United States came in below estimates.The rand raced to 10.8850 against the dollar from a New York close of 10.9410, shortly after the U.S. Commerce Department said non-defense capital goods orders fell 1.7 percent in September- its biggest drop in eight months."The magnitude of the surprise in the U.S. data would have unsettled market participants, especially ...
Kenyan shilling firms, offshore interest in bond seen helping  NAIROBI: Kenya's shilling strengthened on Tuesday, helped in part by expectations of hard currency inflows from offshore investors in a 12-year government infrastructure bond worth 20 billion shillings ($224.22 million).By 0805 GMT, the shilling was trading at 89.20/30 to the dollar, compared with Monday's close of 89.35/45.The bank said the bond will have an 11 percent coupon, and bids will be received up to Nov. 20, or until the amount is allocated to bids once ...
Saudi riyal market calms after jolt due to capital outflow DUBAI: The Saudi Arabian riyal spot and forward markets calmed on Tuesday after being jolted last week by unexpectedly large outflows of funds from the kingdom, traders said.Last Wedesday, the riyal tumbled unusually far beyond its peg of 3.75 against the U.S. dollar in the spot market, to as low as 3.7530. In the previous several years, the rate had never moved beyond 3.7510.The spot market pressure triggered a move in the forward market, where ...


Index Closing Chg%
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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln