05282016Sat
Last update: Sat, 28 May 2016 03am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Ugandan shilling firms, helped by liquidity squeeze NAIROBI: The Ugandan shilling firmed on Wednesday, helped by commercial banks trimming their greenbacks positions amid diminishing demand and a local currency liquidity squeeze.At 0746 GMT commercial banks quoted the shilling at 3,310/3,320, stronger than Tuesday's close of 3,320/3,330. The central bank said it will inject an undisclosed amount of liquidity into the money markets on Wednesday. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South Africa's rand hits 4-month high, stocks inch up JOHANNESBURG: South Africa's rand rose to its firmest in four months and stocks gained on Tuesday as increased risk appetite lifted emerging markets.By 1550 GMT the rand had gained 1.12 percent to 14.3050, easing back slightly after racing to 14.1900 in early trade as commodity assets gained on higher oil prices."It's broadly a risk-on environment that the rand is benefiting from," said currency strategist at Absa Capital Mike Keenan.Government bonds were also firmer, with the ...

Markets - FXMM - Middle East & Africa

Egypt pound stable at central bank sale but falls on black market CAIRO: Egypt's pound was stable at Tuesday's weekly foreign currency sale, but extended declines on the black market to a record low of around 11 to the dollar as the import-dependent country struggles with a foreign exchange shortage.Egypt's central bank sold $120 million at its regular rate of 8.78 to the dollar at Tuesday's sale, but the widening gap with the black market rate is increasing pressure on the central bank to devalue for the ...

Markets - FXMM - Middle East & Africa

South Africa's rand recovers, stocks rise as EM's back in favour JOHANNESBURG: South Africa's rand inched firmer and stocks rose late on Monday as the shock that global oil producers had not decided on an output freeze waned, handing emerging market assets a reprieve.By 1545 GMT the rand had gained 0.45 percent to 14.4950 per dollar, reversing earlier losses that saw the unit slide to a session low of 14.7500."Commodity markets appear to be stabilising. The market seems to have absorbed news that global oil producers ...

Markets - FXMM - Middle East & Africa

South Africa's rand tumbles as oil prices fall, stocks down JOHANNESBURG: South Africa's rand weakened against the dollar on Monday in line with other commodity currencies hit by a slide in oil prices.The rand fell more than 1 percent to 14.7500 to the greenback and was trading 0.9 percent softer at 14.6935 by 0717 GMT, reversing some of its gains last week.A deal to freeze oil output by OPEC and non-OPEC producers fell apart on Sunday, sending oil prices tumbling."The market will have enough to ...

Markets - FXMM - Middle East & Africa

Kenyan shilling seen firming on bond sale dollar flows  NAIROBI: Kenyan shilling was steady in early trade on Monday and was expected to gain ground on the back of dollar inflows from foreign investors interested in buying a five-year Treasury bond being auctioned later this week.At 0804 GMT, commercial banks quoted the shilling at 101.15/25 to the dollar, unchanged from Friday's close. The shilling has gained 1.1 percent against the dollar this year.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Egyptian pound weakens on black market on Monday CAIRO: The Egyptian pound weakened further against the dollar on the black market on Monday, extending its recent decline despite central bank efforts to close the gap between demand and supply in the dollar-starved economy.Egypt, which relies heavily on imports, is facing a shortage of foreign currency inflows after a 2011 uprising drove tourists and foreign investors away, causing the country's reserves to tumble to $16.56 billion in March from $36 billion in 2011.Black market ...