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Middle East & Africa


Kenya shilling weakens slightly as firms seek dollars NAIROBI: Kenya's shilling weakened modestly early on Tuesday, weighed down by corporate demand for dollars and echoing falls by other currencies against the rising greenback.By 0729 GMT, the shilling was trading at 90.80/91.00, slightly lower than Monday's close of 90.80/90.The shilling weakened steadily last year in part because of a downturn in tourism following a series of militant attacks. Tourists are a major source of dollars and other hard currencies for the east African nation.Sustained corporate demand for dollars, jitters across emerging markets and thin dollar inflows into Kenya were all putting pressure on the shilling, said Duncan Kinuthia, head of trading at Commercial Bank of Africa."Now 91.00 (to the dollar) is in sight, so a breach of 91.00 could open up towards 91.50," he said. "General weakness will remain. I don't see anything supporting a strong shilling for the time being."Another senior trader, who asked not to be identified, ...

South Africa's rand, bonds firmer as eurozone woes ease pressure JOHANNESBURG: The rand halted its recent slide against the US dollar and bonds traded close to fresh one-month highs as the likelihood of deeper stimulus measures by the European Central Bank boosted the local currency. The rand firmed 0.31 percent by 0634 GMT to 11.6725 per dollar, reversing losses of the previous session that saw it sink to 11.7085 overnight. The benchmark government bond due in 2026 continued a recent strong run, with the yield ...
Kenyan shilling steady, eyes on central bank action NAIROBI: The Kenyan shilling was steady on Monday and traders said they were watching for any action the central bank takes during the session to see what direction the shilling would take.At 0735 GMT, commercial banks quoted the shilling at 90.75/85 to the dollar, the same as Friday's close."There is no demand in the market. The market has been thin, so the moves are not really because of demand or supply," Sheikh Mehran, head of ...
South Africa's rand dragged lower on bets on eurozone money printing JOHANNESBURG: South Africa's rand weakened to a two-and-a-half week low against the dollar early on Monday as investor bets on quantitative easing in the eurozone and weak global growth prospects strained sentiment toward emerging market assets.By 0625, the local unit had slipped 0.25 percent to 11.7400 per dollar, its weakest level since Dec 17 amid growing expectations the European Central Bank would print money.The eurozone is battling weak economic activity and consumer spending that has ...
Ugandan shilling weakens due to importer dollar demand KAMPALA: The Ugandan shilling weakened sharply on Monday, trading below a key psychological level due to increased dollar demand from commercial banks and importers and traders said the outlook was bearish due to the stronger greenback.At 0817 GMT commercial banks quoted the shilling at 2,798/2,808, weaker than Friday's close of 2,780/2,790."Importers are exerting strong demand ... and because banks are anticipating a weaker unit they are also taking positions," said Ahmed Kalule, a trader at ...
Egyptian pound steady in official market, stronger on black market CAIRO: The Egyptian pound held steady at a central bank dollar sale on Monday and strengthened on the black market.The bank offered $40 million at the sale and said it had sold $38.4 million at a cut-off price of 7.1401 pounds to the dollar, a rate unchanged from its last sale.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 ...
South Africa's rand weakens, vulnerable to weaker euro JOHANNESBURG: South Africa's rand slipped to a two-week low against the U.S dollar on Friday, tracking a weaker euro which stumbled after the European Central Bank said it will soon embark on outright money-printing.Mario Draghi, the head of the ECB, fuelled expectation that the bank would take bolder steps on monetary stimulus later this month, sending the euro to its lowest level in 4 1/2 years against the dollar.The rand is also under pressure on ...


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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 $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln