04292016Fri
Last update: Fri, 29 Apr 2016 03pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Egypt devalues pound, announces more flexible exchange rate policy CAIRO: Egypt's central bank devalued the pound on Monday and said it would move to a more flexible exchange rate regime, in an effort to rebalance markets and ease a foreign exchange shortage that had stifled business activity and hit confidence.Egypt devalued the pound to 8.85 per dollar from 7.73 and simultaneously pumped nearly $200 million into the dollar-starved banking system in a surprise sale."The Central Bank of Egypt has decided to follow a more flexible policy with regard to the exchange rate, aiming to resolve distortions in the exchange rate system and restore the circulation of foreign currency inside the banking system in an orderly way," the bank said in an extensive statement.It did not explain how the new approach would work, but it vowed to rebuild forex reserves to $25 billion by the end of the year from $16.5 billion now and "maintain order in the currency market ...

Markets - FXMM - Middle East & Africa

South African rand weaker on downgrade fears, stocks rise JOHANNESBURG: South Africa's rand fell as much as 2.4 percent against the dollar in generally risk averse trade on Monday, weighed down by worries that a credit rating downgrade could be looming.Stocks ended the session higher, with Old Mutual among the top gainers after a broker upgraded its target price.The rand stumbled to 15.5900 versus the greenback, its softest in more than a week according to Thomson Reuters data, and was down 2.3 percent at ...

Markets - FXMM - Middle East & Africa

South Africa's rand extends losses as weak risk appetite weighs JOHANNESBURG: South Africa's rand extended losses in afternoon trade on Monday as global risk sentiment waned with some investors taking defensive positions ahead of a much anticipated meeting of the U.S. central bank on Wednesday.By 1405 GMT the rand had weakened 1.81 percent to 15.4900 per dollar, falling alongside its emerging market peers in what traders said were low liquidity conditions. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Ugandan shilling unchanged, tax payments keep dollar demand low  KAMPALA: The Ugandan shilling was unchanged on Monday and was seen maintaining stability as most companies concentrate on paying their taxes and stay away from the foreign exchange market.At 1107 GMT, commercial banks quoted the shilling at 3,355/3,365, unchanged from Friday's close."Mid-month tax payments which need to be settled will keep most corporates away from the (foreign exchange) market which I think will maintain the shilling in a stable range," said Shahzadd Kamaluddin, trader at ...

Markets - FXMM - Middle East & Africa

South African rand weakens as appetite for emerging assets wanes JOHANNESBURG: South Africa's rand slipped more than one percent against the dollar as appetite for emerging assets was dented by a firming dollar in cautious trade ahead of the interest rate decision on Thursday. At 0805 GMT the rand weakened 1.05 percent to 15.3815 per dollar.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Egyptian pound stable in official auction, firmer on black market CAIRO: The Egyptian pound held steady at an official auction on Sunday but strengthened on the black market after the central bank last week supplied the market with foreign currency and eased restrictions on dollar deposits and withdrawals. The central bank held the pound steady at 7.7301 pounds per dollar, selling $38.8 million, at Sunday's official auction. On the black market, the pound strengthened to 9.25-9.30 pounds per dollar from 9.60-9.65 pounds on Thursday, three ...

Markets - FXMM - Middle East & Africa

South Africa's rand backtracks, stocks slip JOHANNESBURG: South Africa's rand weakened on Thursday, weighed down by poor economic data, after surrendering brief gains made on the back of the European Central Bank's (ECB) decision to expand its stimulus programme.Stocks also ended slightly lower, with insurer Sanlam topping the decliners' list after it posted a below-average increase in annual profit.By 1545 GMT the rand was 0.7 percent weaker at 15.2955 to the dollar. The unit briefly touched a three-month high against the ...