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Kenya's shilling hits 3-1/2 year low, undermines stocks NAIROBI: Kenya's shilling sunk to a three-and-a-half year low on Monday as importers bought dollars, while stocks finished lower as foreign investors stayed out due to the weakening currency.At the close of trade, commercial banks quoted the shilling at 97.85/95 to the dollar - a level last touched in Nov. 2011 - down from Friday's close of 97.40/50."There's still some bit of dollar-buying," Martin Runo, senior trader at Chase Bank, said.The shilling has been under pressure this year mainly due to a firmer dollar, a gaping current account deficit and a slump in tourism caused by frequent Islamist militant attacks that have scared off tourists and curbed hard currency inflows.On the stock exchange, the benchmark NSE-20 share index fell 0.4 percent to close at 4,858.61 points."It is a bear market," said Aly Khan Satchu, an independent trader and analyst, adding foreign investors had turned cautious due to the currency risk ...

South Africa's rand weakens on US rate hike hopes JOHANNESBURG: South Africa's rand extended its losses against a surging dollar on Monday after the US Federal Reserve Chair Janet Yellen signalled the central bank was poised to raise rates this year. At 1435 GMT the rand was 0.57 percent weaker at 11.9605 to the dollar from its closing level on Friday. "Late on Friday we obviously saw the dollar strengthen significantly because of Yellen's comments and that is why the rand lost out," said ...
South Africa's rand weakens on US rate hike hopes JOHANNESBURG: South Africa's rand extended its losses against a surging dollar on Monday after the U.S. Federal Reserve Chair Janet Yellen signalled the central bank was poised to raise rates this year.At 1435 GMT the rand was 0.57 percent weaker at 11.9605 to the dollar from its closing level on Friday."Late on Friday we obviously saw the dollar strengthen significantly because of Yellen's comments ... and that is why the rand lost out," said Ion ...
South Africa's rand slips as Fed remarks boost dollar JOHANNESBURG: South Africa's rand weakened on Monday along with fellow emerging markets' (EM) currencies as the dollar rallied after the Federal Reserve signalled a rate hike by year-end.By 0700 GMT the rand slipped 0.32 percent to 11.9310 versus the dollar, which marched to a month-high after positive CPI data and strong indications by U.S. Federal Reserve chair Janet Yellen that the bank would raise rates in 2015.The news lifted the dollar index, which measures the ...
Egyptian pound steady at official auction, weaker on black market CAIRO: Egypt's central bank kept the pound steady at 7.53 to the dollar at a foreign exchange auction on Sunday, while the currency weakened on the black market.The central bank has held the official exchange rate steady for more than three months since letting the pound weaken at the beginning of 2015. This weakening and other measures have helped reduce black market trading significantly.In Sunday's auction, the bank said it had offered $40 million and ...
South Africa's rand softer, bonds flat on rate decision JOHANNESBURG: South Africa's rand was a touch softer against the dollar on Thursday, coming off the session's highs after the central bank left rates unchanged despite a hawkish policy statement that had fuelled last minute expectations for a hike.Governor Lesetja Kganyago said the bank's monetary policy committee voted 4:2 in favour of keeping the benchmark repo at 5.75 percent but warned the deteriorating inflation outlook meant the stance could not be "maintained indefinitely".The rand touched ...
South Africa's rand, bonds boosted by soft inflation print JOHANNESBURG: South Africa's rand firmed against the dollar on Wednesday after softer-than-expected inflation bolstered the case for local lending rates to remain on hold.At 1526 GMT the rand gained 0.37 percent to 11.8640 per dollar, pulling away from the crucial 12.00 mark after April headline inflation quickened to 4.5 percent year-on-year, slightly below expectations."Fixed rates are printing lower and the currency was also impacted positively," said Marten Banninga of World Wide Capital Securities.Yields on governments ...

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln