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Middle East & Africa


Kenyan shilling firms, benchmark share index flat NAIROBI: The Kenyan shilling firmed on Thursday, helped by subdued dollar demand but traders said the local currency was expected to weaken when importers resume buying the US currency.At the close of trade, leading commercial banks quoted the shilling at 96.15/25 to the dollar, up from 96.40/50 at Wednesday's close.However, traders said the shilling, which has lost 5.7 percent so far this year against the dollar, will resume weakening as importers return to the market to buy dollars to meet their regular end-month requirements."The demand side still looks heavy and market players still feel the shilling remains under pressure due to weak fundamentals," Bank of Africa said in a daily market report.Traders have said the shilling would extend losses on concerns about the current account deficit, as a growing economy sucks in imports, as well as a slump in tourist revenues after a spate of Islamist militant attacks scared off ...

Weak US data buoys South Africa's rand to 2-week high JOHANNESBURG: South Africa's rand firmed more than 1-1/2 percent to a two-week high against the dollar as weak economic data from the U.S. suggested its economy continues to struggle.High yielding emerging market currencies such as the rand tend to strengthen whenever U.S. data undermines the case for interest rates to rise in the world's biggest economy.At 1520 GMT the rand had gained 1.53 percent to 11.880 per dollar, its firmest level since April 30, as ...
Kenyan shilling firms, shares fall as foreign investors take profits NAIROBI: The Kenyan shilling gained slightly on Wednesday, a day after the central bank sold dollars and said it was ready to curb speculation. Shares finished lower.At the close of trade, commercial banks quoted the shilling at 96.40/50 to the dollar, from Tuesday's close of 96.55/65.The central bank sold and an unspecified amount of dollars in the previous session and Deputy Governor Haron Sirima said the regulator would curb speculation in the currency market.Traders said ...
South Africa's rand firmer on manufacturing data, bonds weaken JOHANNESBURG: South Africa's rand strengthened against the dollar on Tuesday after manufacturing unexpectedly grew in March, while bond yields continued to climb affected by the Greek debt crisis.At 1550 GMT the local unit inched 0.24 percent firmer to 12.0750 per dollar, having traded weaker for most of the session around a two-week low of 12.1490.Data from Statistics SA showed manufacturing production expanded by a more than expected 3.8 percent year-on-year in March, helping to offset ...
Kenyan shilling gains slightly on central bank dollar sale NAIROBI: Kenya's shilling recovered some of its losses on Tuesday when the central bank sold dollars to the interbank market, traders said, and the bank warned it would act to curtail speculation in the currency.Traders at commercial banks said the central bank sold an undisclosed amount of dollars after the shilling weakened to lows last seen in November 2011. The intervention buoyed the shilling, although it remained at three-year lows, where it has traded for ...
South Africa's rand slides as Greek fears weigh on EM currencies JOHANNESBURG: South Africa's rand fell more than 1 percent against the dollar on Monday, tracking a downward slide in emerging markets after investors were spooked by fears that Greece could default on its debt.A rate cut in China, the world's second largest economy, also dampened appetite for commodity currencies like the rand, analysts said.The rand hit a session low of 12.0585 to the greenback, and was trading at 12.0525 by 1518 GMT, down 1.06 percent ...
Kenyan shilling slips, shares tread water NAIROBI: Kenya's shilling weakened against the dollar on Friday and traders said it would slide further, hurt by concerns about rising imports and falling tourism revenues.At the 1300 GMT close of trade, the shilling was posted at 95.400/50 to the dollar, down from Thursday's close of 95.25/35.Bobby Otieno, treasurer at Ecobank Kenya, said some importers were frontloading their dollar requirements due to worries over the weakening of the shilling, thus driving up demand."They are hedging ...


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Banking Review 2014

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