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Middle East & Africa


Ugandan shilling strengthens on dollar inflows from charities KAMPALA: The Ugandan shilling firmed on Wednesday, lifted by inflows of hard currency from charities and traders forecast further gains due to a liquidity mop-up by the central bank and coffee export earnings. At 0915 GMT commercial banks quoted the shilling at 2,755/2,765, stronger than Tuesday's close of 2,760/2,770."Inflows from NGOs (non-governmental organisations) are coming in while dollar demand from corporates is sluggish," said Faisal Bukenya, head of market making at Barclays Bank.Bukenya said the local currency could be buoyed after a repurchase agreement (repo) by the central bank that was expected later in the day.The central bank was due to carry out the repo after releasing results for a Treasury bond auction in which debt notes of 2 and 15-year tenors were up for sale. By absorbing excess liquidity, the bank makes it relatively more expensive to hold long dollar positions, which partly lends support to the shilling. On ...

Nigeria naira firms sharply after central bank sells dollars LAGOS: Nigeria's naira firmed sharply for the second day on Wednesday, after the central bank increased dollar sales to commercial lenders in the interbank market, dealers said. Though the currency is still below the bank's new target range, it gained more than 2 percent to 179.10 naira in volatile trades. Copyright Reuters, 2014 ...
Egyptian pound steady at official auction, weakens on black market CAIRO: Egypt's pound held steady at a central bank dollar sale on Wednesday but weakened on the unofficial market. The bank offered $40 million on Wednesday and said it had sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, unchanged from its last sale on Monday. The rates at which banks are allowed to trade dollars are determined by the results of central bank sales, giving the bank effective control over official ...
South African rand steadies against dollar after sharp fall JOHANNESBURG: South Africa's rand hovered on Wednesday near its previous day's close against the dollar and was expected to continue taking direction from global currency moves, with local business sentiment data taking a back seat.The South African Chamber of Commerce and Industry was due to release its latest confidence index at 0930 GMT while HSBC would issue its purchasing managers' index at 0715 GMT.At 0638 GMT the rand traded at 11.1200 to the greenback, barely ...
Kenyan shilling weakens after Islamist attack, stocks ease NAIROBI: The Kenyan shilling hovered at three-year lows on Tuesday after al Shabaab militants killed 36 people, putting pressure on the shilling because tourism is a key source of hard currency.Stocks were a fraction lower.At close of trade at 1300 GMT, commercial banks quoted the shilling at 90.30/40 to the dollar, compared with Monday's close of 90.20/30 after news of the overnight attack broke out."From the morning, security jitters drove the shilling," a senior trader ...
South African rand slumps 1 percent in commodity currency sell-off JOHANNESBURG: South Africa's rand fell more than 1 percent against the dollar on Tuesday, tracking losses by other commodity linked currencies as metal prices declined.The local unit also fell together with a softer euro as investors bet that the European Central Bank could this week signal quantitative easing in the euro zone.The rand hit a session low of 11.1325 and was at 11.1200 by 1539 GMT, down 1.09 percent from Monday's New York close.Government bonds ...
Ugandan shilling extends gains on liquidity mop-up KAMPALA: The Ugandan shilling extended gains for a second straight day on Tuesday, buoyed by a liquidity mop-up by the central bank and dwindling dollar demand from companies.At 0916 GMT commercial banks quoted the shilling at 2,753/2,763, stronger than Monday's close of 2,765/2,775.Some traders said commercial banks were also unwinding their long dollar positions due to the low demand for the greenback, helping fuel a bullish tone for the local currency.Sage Muganza, trader at Centenary ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln