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Middle East & Africa


Ugandan shilling extends losses on manufacturer dollar demand  KAMPALA: The Ugandan shilling weakened further on Tuesday after a surge in end-month dollar demand from manufacturing firms and an injection of liquidity by the central bank.At 0853 GMT commercial banks quoted the shilling at 2,980/2,990, weaker than Monday's close of 2,960/2,970."The shilling is taking in pressure from end of month (dollar) demand by manufacturing firms," said Isaac Iga, chief dealer at Orient Bank."The central bank has also injected in liquidity via a reverse repo so some banks are now able to cover short (dollar)positions."The central bank, Bank of Uganda (BoU), had not yet said how much shillings it had injected into the interbank. Increased liquidity in the money markets makes it cheaper to hold dollars.A combination of strong corporate demand for the US currency, the dollar's global strength and investor concerns over government spending plans has kept the shilling under pressure, prompting the central bank to sell dollars at ...

South Africa's rand rides on euro gains versus dollar JOHANNESBURG: South Africa's rand steadied versus the dollar after pushing firmer than the 12.00 mark overnight, helped by a stronger euro after the Federal Reserve signalled last week that U.S. rates would rise very gradually.A less aggressive than expected policy tightening cycle by the Fed would boost high-yielding emerging currencies such as the rand, even as South Africa's own central bank is expected to keep its key repo rate unchanged on Thursday.At 0643 GMT, the ...
Kenyan shilling steady, stocks fall on profit-taking NAIROBI: Kenya's shilling was stable on Monday, supported by offshore investors preparing to participate in this week's government bond sale, while stocks closed lower.The shilling closed trade at 91.90/92.10 to the dollar, little changed on Friday's close of 92.00/92.10."We won't see any changes until the bond auction flows are over," Julius Kiriinya, trader at African Banking Corporation, said.The central bank will auction an infrastructure bond worth 25 billion shillings ($272 million) on Wednesday, which traders ...
South Africa's rand strongest in two weeks on buoyant euro JOHANNESBURG: South Africa's rand climbed to its strongest level in two weeks against U.S. dollar on Monday, tracking a buoyant euro and breaking through a key psychological technical resistance point.By 1515 GMT the rand had gained 0.81 percent to 11.9520 per dollar following a volatile overnight session that saw the local unit weaken to 12.1300, before rallying below 12.The euro was 0.78 percent firmer versus the dollar, as comments by a top Federal Reserve official ...
South Africa's rand steadies, market awaits MPC JOHANNESBURG: South Africa's rand was largely steady on Monday, with direction likely to be driven by global market moves as investors speculate on the timing of policy tightening in the United States.On the domestic front, market players anticipated few ripples from the South African Reserve Bank's interest rate decision on Thursday, where the benchmark repo rate will likely stay unchanged at 5.75 percent.At 0631 GMT, the rand was just 0.16 percent softer at 12.0300 to ...
Ugandan shilling weaker as energy, manufacturers exert demand KAMPALA: The Ugandan shilling lost ground on Monday, undermined by dollar demand from the manufacturing and energy sectors.Traders said they anticipated the local currency to weaken further against the dollar this week, on a surge of month-end demand for the US currency by importers.At 0915 GMT commercial banks quoted the shilling at 2,950/2,960, weaker than Friday's close of 2,940/2,950."We have clients from the manufacturing and energy sectors exerting demand," said Ahmed Kalule, trader at Bank ...
Egyptian pound steady on official market, stronger on black market CAIRO: Egypt's central bank kept the pound steady at 7.53 pounds to the dollar at a foreign exchange auction on Monday, while the domestic currency strengthened slightly on the black market.The central bank has kept the official exchange rate steady for more than a month after letting the pound weaken in an attempt to wipe out black-market trading.The bank said it offered $40 million at auction and sold $38.2 million at a cut-off price of ...


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Arrow DJIA 17,826.30 1.54
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Arrow Sensex 28,442.10 0.78

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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyApril 16, 2015
Reserves $16.818 bln