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Middle East & Africa


Kenyan shilling slips to 3-year low, eyes on central bank action NAIROBI: Kenya's shilling weakened to a new three-year low on Monday, as traders said they were watching for any action the central bank might take during the session to support the currency.At 0800 GMT, commercial banks quoted the shilling at 93.15/35, compared with 92.95/93.05 at Friday's close.The shilling was last at that level in November 2011."Everyone is waiting to see what will be the action of the central bank," said Sheikh Mehran, head of trading at I&M Bank.The central bank has previously sold dollars to protect the currency, and has regularly mopped up excess liquidity to make it costlier to hold dollars.Kenya's central bank sold an unspecified amount of dollars to commercial banks last Tuesday after the shilling hit an intra-day low of 92.82/92.A second trader at a major Kenyan commercial bank said Kenya's faltering tourism sector, a key earner of hard currency, had also put pressure on the currency."The ...

South Africa's rand pauses at key resistance levels JOHANNESBURG: South Africa's rand was largely unchanged against the dollar early on Friday as renewed hopes of a rate hike in the US prevented the local unit threatening key resistance levels breached last week.At 0630 GMT the rand softened 0.08 percent to 11.9595 per dollar, with chances of the unit closing firmer than 12.00 against the dollar for a second consecutive week in doubt in the face of greenback's gains. The rand has firmed 3.5 ...
Ugandan shilling strengthens after central bank rate hike  KAMPALA: Uganda's shilling firmed on Wednesday after the central bank hiked its benchmark lending rate by 100 basis points, spurring players to convert some of their dollar holdings for a higher yielding local currency.At 1132 GMT commercial banks quoted the shilling at 2,972/2,982, stronger than Tuesday's close of 2,985/2,995."We're seeing players doing conversions as they move into the local currency which is now higher-yielding," said Isaac Iga, chief dealer at Orient Bank."BoU (Bank of Uganda)'s ...
Kenyan shilling seen trading in tight range, shares fall NAIROBI: The Kenyan shilling eased on Wednesday but remained within its recent ranges as market players traded cautiously wary of another central bank intervention.The main shares index fell.At the close of trade, commercial banks quoted the shilling at 92.70/75 to the dollar, from Tuesday's close of 92.55/65.The shilling had hit an intraday low of 92.82/92 on Tuesday but recovered after the Central Bank of Kenya (CBK) sold an unspecified amount of dollars to support the ...
South Africa's rand stronger as market bets on dovish Fed JOHANNESBURG: South Africa's rand held its ground against the dollar on Wednesday, tracking generally firmer emerging markets after investors bet that the Federal Reserve could signal a slower than expected pace in raising U.S. rates.The local unit climbed about 1 percent from Tuesday's close to a session high of 11.7705 but pared its gains to trade 0.46 percent firmer at 11.8315 by 1518 GMT."We've seen a broader strengthening in emerging markets currencies ... and that ...
Kenyan shilling seen weaker on tourism downturn after attack  NAIROBI: The Kenyan shilling weakened on Wednesday despite dollar sales by the central bank on the previous day because of an expected downturn in the key tourism sector after a deadly attack last week.At 0830 GMT, commercial banks quoted the shilling at 92.60/80 to the dollar, from Tuesday's close of 92.55/65.The shilling had recovered from an intraday low of 92.82/92 on Tuesday after the central bank sold an unspecified amount of dollars to banks to ...
Egyptian pound steady on official, slightly weaker on black markets CAIRO: Egypt's central bank kept the pound steady at 7.53 to the dollar at a foreign exchange auction on Wednesday, while the currency weakened slightly on the black market.The central bank has kept the official exchange rate steady for more than two months after letting the pound weaken at the start of the year in an attempt to wipe out black market trading.The bank said it offered $40 million at auction on Wednesday and sold ...


Index Closing Chg%
Arrow DJIA 18,162.99 0.67
Arrow Nasdaq 5,106.59 1.47
Arrow S&P 2,123.48 0.92
Arrow FTSE 7,033.33 1.21
Arrow DAX 11,771.13 1.26
Arrow CAC-40 5,182.53 1.95
Arrow Nikkei 20,472.58 0.17
Arrow H.Seng 28,081.21 0.60
Arrow Sensex 27,564.66 0.12

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 26, 2015
Reserves $17.749 bln