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Middle East & Africa


Dollar/Saudi riyal forwards jump as spot market pressured DUBAI: The Saudi riyal fell sharply against the US dollar in the forwards market on Tuesday because of a surge of demand for dollars in the spot foreign exchange market, where the riyal is pegged to the US currency, traders said.One-year dollar/Saudi riyal forwards jumped to 90.0 points, their highest level since a peak of 91.50 points hit in March 2011, when the Arab Spring uprisings elsewhere in the Middle East briefly raised concern about political and economic stability in the Gulf.The forwards closed Monday at 69.0 points and ended last Friday at 36.33 points. They are used by some international investors as a proxy for risk in the Gulf, and to hedge against market movements.The surge of demand for dollars in the Saudi Arabian foreign exchange market may be linked to the recent plunge of global oil prices as well as a sharp fall of the Saudi stock market ...

South Africa's rand firmer on China GDP, local budget could weigh JOHANNESBURG: South Africa's rand edged up to its strongest level in a week against the dollar on Tuesday, partly tracking firmer Asian currencies after GDP data in major commodity importer China came out stronger than expected. The rand's gains could, however, be short-lived if Finance Minister Nhlanhla Nene predicts a wider budget deficit than seen in February and cuts growth forecasts for the ailing economy during his medium-term budget statement on Wednesday. Nene is expected ...
Egyptian pound broadly steady after Moody's review CAIRO: Egypt's pound held steady at a central bank dollar sale on Monday, showing little reaction to Moody's decision to raise the nation's credit rating outlook to stable from negative.Mood's said the political and security situation was more stable and saw signs of economic recovery, but kept the rating at Caa1 saying government finances are still too weak.The bank said it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar on Monday, ...
Ugandan shilling flat, seen weaker on energy, telecoms demand KAMPALA: The Ugandan shilling was little changed on Monday although traders said the currency was still vulnerable to losses because of expected demand for dollars from manufacturing, telecoms and energy companies.At 0952 GMT commercial banks quoted the shilling at 2,675/2,685, unchanged from Friday's close."We still expect significant demand from players in the manufacturing, telecoms and energy sectors," said Faisal Bukenya, the head of market making at Barclays Bank. "I believe in the short term the ...
South Africa's rand, govt bonds steady as market awaits budget JOHANNESBURG: South Africa's rand traded in a narrow range against the dollar on Monday, with domestic focus firmly on Finance Minister Nhlanhla Nene's medium term budget statement for an update on the health of the economy. Nene is likely to cut the GDP growth forecast for 2014, largely due to crippling wage strikes earlier in the year, and will probably predict a wider budget deficit than seen in February. The rand was at 11.0780 versus ...
Kenya shilling weakens ahead of long weekend, stocks edge lower NAIROBI: The Kenyan shilling weakened against the dollar on Friday as traders bought US currency to square positions before a long weekend, while stocks edged lower.The shilling closed at 89.10/89.20 on Friday, weaker than Thursday's close at 88.90/89.00.A senior trader at a Nairobi-based commercial bank said that after several days of volatile market conditions investors were squaring positions as the markets will be shut on Monday for a national holiday."If you look at the offshore ...
Egyptian pound steady on official, weaker on black market CAIRO: Egypt's pound held steady at a central bank dollar sale on Thursday, when the bank said it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar.The price was unchanged from Wednesday's sale.In the unofficial market, the pound was trading at 7.45 to the dollar, weaker than Wednesday's rate of 7.40 to the dollar, one trader said.The rate for dollar sales has stayed in a tight range since the beginning of June, ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln