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Middle East & Africa


Ugandan shilling falls on rising dollar demand by importers KAMPALA: The Ugandan shilling weakened on Tuesday due to end-month dollar demand from manufacturing and energy importers and traders said the central bank could intervene by selling dollars to help the shilling.At 1000 GMT commercial banks quoted the shilling at a five-day low last seen on Oct. 22 of 2,708/2,718, weaker than Monday's close of 2,702/2,712.Prior to its decline this past week, the shilling last traded weaker than 2,700 to the dollar in January 2013."Pressure on the shilling is rising because we have strong and consistent demand from manufacturing and energy firms," said Ahmed Kalule, trader at Bank of Africa."My thinking is we'll see more depreciation unless Bank of Uganda (central bank) comes in on the supply side."The local currency has been under pressure largely on account of strong demand from importers who are making payments for their monthly imports and others shipping in goods in advance for year-end holiday ...

Kenyan shilling steady; KenGen drags shares lower again NAIROBI: Kenya's biggest power producer Kenya Electricity Generating Company (KenGen) dragged shares lower for a second straight session, while the shilling was stable, traders said.The Nairobi Securities Exchange's main NSE-20 Share Index fell 23.27 points or 0.45 percent to 5,174.41 points.KenGen, which last week reported a 46 percent drop in after-tax earnings and slashed its dividend, closed 4.8 percent lower at 10.95 shillings a share.On the foreign exchange market, the shilling closed trade at 89.35/45 ...
Egyptian pound steady at central bank dollar sale, down on black market CAIRO: Egypt's pound held steady at a central bank dollar sale on Monday but weakened on the black market.The bank said it sold $37.6 million, at a cut-off price of 7.1401 pounds per dollar on Monday, unchanged from the previous sale on Thursday.The rates at which banks are allowed to trade dollars are determined by the results of central bank sales, giving the bank effective control over official exchange rates. The bank offered $40 million ...
Kenyan shilling steady, seen weaker on dollar demand from importers NAIROBI: The Kenyan shilling was stable in early trading on Friday, with traders expecting it to weaken into next week due to substantial end-month dollar demand from importers.At 0850 GMT, commercial banks quoted the shilling at 89.35/45, unchanged from Thursday's close.A downturn in the tourism industry after a spate of bomb and gun attacks along the coast and in the capital this year has hurt one of the major sources of hard currency for East ...
Ugandan shilling flat, seen weaker on end-month dollar demand KAMPALA: The Ugandan shilling was steady on Friday in quiet trading, but was expected to weaken in the coming days due to dollar demand from importers, traders said. At 0923 GMT commercial banks quoted the shilling at 2,700/2,710, unchanged from Thursday's close. "I think the outlook points to further weakening a lot of demand is still anticipated from importers," said Faisal Bukenya, head of market making at Barclays Bank. The shilling had lost ground to ...
Nigeria naira up 0.30pc against dollar after central bank intervenes LAGOS: The Nigerian naira firmed 0.30 percent to 164.40 against the US dollar on Thursday after the central bank intervened in the interbank market for the second straight day with an undisclosed amount of dollars, dealers said. The naira closed at 164.90 to the dollar the previous day. It had initially weakened to around 165.80 intraday, prompting central bank action to stem its fall.Copyright Reuters, 2014 ...
Kenyan shilling firms as foreign investors get ready for bond auction  NAIROBI: The Kenyan shilling strengthened against the dollar on Tuesday and traders said investors were buying local currency ready for the auction of a government infrastructure bond on Wednesday.At 0815 GMT, commercial banks posted the shilling at 88.90/89.00, stronger than Friday's close of 89.10/89.20. Monday was a public holiday and markets were closed."There's an expectation that we could see some decent flows coming for the infrastructure bond that's being auctioned," said Duncan Kinuthia, head of ...


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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