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Middle East & Africa


Nigeria's forex reserves down 6.75pc on month to $40.25bn LAGOS: Nigeria's foreign exchange reserves fell 6.75 percent month-on-month to $40.25 billion as of Feb. 27, the bank's latest data showed on Friday, as the central bank boosted its intervention in the market to prop up the ailing naira currency.Africa's top oil exporter's reserves stood at $43.18 billion on Jan. 27. The reserves have fallen 15 percent since this time last year, when they were $47.34 billion.Copyright Reuters, 2014 ...

Nigeria naira opens 0.55 pct down against US dollar at 165.40 LAGOS: Nigeria's naira opened 0.55 percent down on Thursday to hit 165.40 against the US currency, after rising demand at the interbank market soaked up available dollars sold by the central bank the previous day, dealers said. The local currency had weakened further to 165.50 naira at 0848 GMT, a week after Nigeria's president suspended its central bank governor, which spooked financial markets. The central bank on Wednesday intervened to lift the naira with dollar ...
Kenyan shilling under pressure from dollar demand NAIROBI: The Kenyan shilling eased on Thursday, undermined by demand for dollars from importers in the energy and manufacturing sectors.At 0802 GMT, commercial banks quoted the shilling at 86.55/65 to the dollar, compared with Wednesday's close of 86.40/50."When we broke 86.50, the effect of that is now people panicking and wanting to cover any dollar obligations that they have," said Nahashon Mungai, a trader at KCB Bank.Importers normally acquire dollars at the end of the ...
South Africa's rand steady, budget impact seen neutral JOHANNESBURG: South Africa's rand was stable against the dollar on Thursday, a day after a pre-election budget that trimmed economic growth and budget deficit forecasts but did little to move the market. The rand was at 10.8300 to the dollar at 0644 GMT, barely changed from Wednesday's New York close. Presenting a 1.3 trillion rand ($121 billion) budget on Wednesday ahead of May 7 elections, Gordhan cut this year's growth forecast to 2.7 percent and ...
Rand holds on to gains ahead of South African budget JOHANNESBURG: The rand was marginally firmer against the dollar on Wednesday, building on four days of gains caused by stronger-than-expected growth at the end of last year and expectations of a solid 2014 budget from finance minister Pravin Gordhan.The rand was at 10.72 against the dollar at 0607 GMT, a touch firmer than Tuesday's New York close but a shade weaker than the previous session's high of 10.70, the currency's strongest level in five weeks.Gordhan ...
South Africa's rand weaker against the dollar ahead of GDP data JOHANNESBURG: The rand weakened against the dollar early on Tuesday, pulling back from a 5-week high hit overnight as political tensions in emerging markets such as Ukraine and Turkey remained and depressed risk appetite. The rand managed gains to 10.75/dollar in the previous session, boosted by expectations of upbeat GDP data, a market-positive budget and as dealers unwound long-dollar positions. At 0645 GMT, South Africa's currency was down 0.3 percent to 10.8270, off a 10.7940 ...
Kenya shilling weakens marginally due to dollar demand NAIROBI: The Kenyan shilling was a touch weaker on Monday, reflecting growing demand for dollars from importers seeking to meet end-of-month obligations.At 0645 GMT, commercial banks posted the shilling at 86.20/30, slightly weaker than Friday's closing rate of 86.15/25."We are seeing people picking (dollars) ahead of the close of the month. This is just the usual end-of-the-month demand," Bank of Africa Kenya's head of corporate trading Peter Mutuku said.Importers such as energy firms normally ramp ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln