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Middle East & Africa


Ugandan shilling stable, central bank's actions eyed KAMPALA: The Ugandan shilling was unchanged against the dollar on Monday and traders said it would be stuck in a tight range in the days ahead with an eye on the central bank's actions.At 0910 GMT, commercial banks quoted the currency at 2,565/2,575, unchanged from Friday's close."We're seeing whenever the shilling hits 2,570, demand becomes scarce," said Faisal Bukenya, head of market making at Barclays Bank. "(I) am expecting the shilling to remain stable."Bukenya said the shilling could however firm slightly if the central bank kept mopping up excess liquidity from the money markets, which usually makes it slightly more expensive for banks to hold long dollar positions.The central bank mopped up 133 billion shillings ($64.16 million) via a seven-day repurchase agreement (repo) on Monday at a weighted average yield of 11 percent.The shilling has fallen 1.7 percent against the dollar this year to date.Copyright Reuters, 2014 ...

Egypt's pound stable on official market, weakens in black market CAIRO: The Egyptian pound was almost unchanged at a central bank dollar sale on Monday but it weakened on the black market. The central bank said it had sold $37.6 million at a cut-off price of 7.1401 pounds on Monday, almost unchanged from the 7.1402-pound cut-off price at the previous sale on Thursday. It had offered $40 million. The dollar was offered for 7.39 pounds in the black market on Monday, weaker than Thursday's rate ...
South Africa rand touches 3-month low JOHANNESBURG: South Africa's rand briefly touched a three-month low against the dollar on Friday after ratings agency Fitch cut its outlook for the country, while a Standard and Poor's ratings cut also weighed on the currency.The rand fell 1.3 percent to a low of 10.8100 to the dollar, its weakest since late March, after Fitch affirmed its BBB credit rating but cut the outlook to negative from stable citing South Africa's poor economic outlook and ...
Kenyan shilling weakens as firms buy dollars before budget speech  NAIROBI: The Kenyan shilling lost ground against the dollar on Thursday, after companies bought the US currency to avoid excessive exposure to the shilling over concerns about how the government would fund its new national budget.At 0750 GMT, the shilling traded at 87.90/88.00 to the dollar, weaker from Wednesday's close of 87.70/80.The shilling has been on the back foot and has fallen nearly 2 percent against the dollar since January.Finance Minister Henry Rotich is scheduled ...
Egypt's pound stable on official market, strengthens in black market CAIRO: The gap between the Egyptian pound's official and unofficial exchange rates narrowed on Thursday, with the currency strengthening against the dollar in the black market and remaining stable at a central bank dollar sale.The central bank said it had sold $39.2 million at a cut-off price of 7.1402 pounds on Thursday, unchanged from its previous sales on Wednesday and Monday. It had offered $40 million.The dollar was offered for 7.37 pounds in the black ...
Excess liquidity weakens Kenyan shilling NAIROBI: The Kenyan shilling weakened against the dollar on Wednesday as excess liquidity and dollar demand across the board put pressure on the local currency.At 0815 GMT, commercial banks posted the shilling at 87.90/88.00 per dollar, weaker from Tuesday's close of 87.70/80."It seems the market is flush with Kenya shillings," said Andlip Nazir, senior trader at I&M Bank.The central bank has regularly intervened to mop up shilling liquidity via repurchase agreements and other instruments, and ...
South Africa's rand, bonds weaken on downgrade fears JOHANNESBURG: The rand traded on the back foot against the dollar on Wednesday, lagging emerging market peers as a bleak economic outlook and expectations of ratings downgrades later this week applied pressure. By 0638 GMT, South Africa's currency weakened 0.4 percent at 10.7475 to the dollar, threatening the 10.80 support level that held firm last week. The rand is likely to trade with little impetus on Wednesday as investors await output data from the mining ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln