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Middle East & Africa


South Africa's rand sinks on China devaluation, power woes weigh JOHANNESBURG: South Africa's rand fell to its weakest against the dollar in nearly a week on Tuesday, dragged down by China's decision to devalue the yuan after a string of poor economic data. By 1530 GMT the unit had weakened 1.25 percent to 12.8150 , within touching distance of a 14-year low of 12.8300 as domestic and intentional factors weighed on the already fragile economy battered by chronic power shortages. "There's definitely scope for the rand to fall further. 13.00 rand is coming soon," said Christie Viljoen, chief economist at NKC African Economics. "It's five weeks before the Fed meeting and by that stage the dollar will definitely be stronger than it is now." The US Federal Reserve is expected to lift interest rates for the first time in over six years in September, a move analysts say will draw investment flows away from riskier developing assets. John Cairns of ...

Nigerian naira eases on black market as dollar demand rises LAGOS: Nigeria naira eased against the dollar on the parallel market on Tuesday driven by demand mainly from individuals travelling abroad for summer holidays and importers, traders said. The local currency was quoted at 224 naira to the greenback on the unofficial market, 0.89 percent weaker from 222 the previous day, traders said. On the official interbank market, the naira ended at 197, a level it has been stuck at following a central bank's peg ...
South African rand flat; decline in FX reserves has little effect JOHANNESBURG: South Africa's rand was little changed in early Friday trade, barely moving when central bank data showed a dip in net gold and foreign exchange reserves.Investors were looking to US jobs numbers due later on Friday for clues on the timing of rate hikes in the world's biggest economy.The was at 12.7295 to the dollar at 0634 GMT, just 0.11 percent off Thursday's New York close at 12.7150.Government bonds were similarly flat, with the ...
South Africa's rand hits fresh 14-year low as economy struggles JOHANNESBURG: South Africa's rand touched a fresh 14-year low against the dollar on Wednesday amid concerns about the ailing local economy and after a US Federal Reserve official backed a US rate hike next month.Investors are worried that growth in Africa's most advanced economy has remained subdued since a 2009 recession with output seen below 2 percent this year, partly due to the worst electricity crisis in seven years.The economic development minister said on Wednesday ...
Kenyan shilling firms on tight liquidity, stocks down NAIROBI: The Kenyan shilling strengthened on Monday, helped by tight liquidity and expectations that the central bank will raise its lending rate this week, while stocks fell for a third-straight session.At the close of trade, commercial banks quoted the shilling at 101.35/45 to the dollar, from Friday's close of 102.35/45.Traders said the shilling had strengthened due to tight liquidity in the money markets, which had pushed interbank lending rates higher.The weighted average interbank lending rate ...
Nigeria naira gains on black market as banks reject dollar deposits LAGOS: The naira gained on the parallel market on Monday, after Nigeria's commercial banks stopped accepting cash deposits in dollars, a move to discourage speculation in the currency. The naira was quoted at 216 on the parallel market on Monday, strengthening by 4.1 percent from 225 naira to the dollar on Friday. It was quoted at 240 a week ago. On the official interbank market, the naira traded at 199 at 1130 GMT, near the ...
Egyptian pound steady at official auction and in exchange bureaus CAIRO: Egypt's central bank kept the Egyptian pound EGP= steady at 7.73 per dollar at a foreign exchange auction on Sunday after a depreciation earlier last month. The pound remained steady at currency exchange bureaus.The central bank said it had offered $40 million and sold $37.8 million at a cut-off price of 7.7301 pounds per dollar CBEO, unchanged from Thursday's rate.The central bank held the pound at 7.5301 for five months until earlier last month, ...


Index Closing Chg%
Arrow DJIA 17,131.86 0.28
Arrow Nasdaq 4,838.65 0.17
Arrow S&P 2,017.46 0.13
Arrow FTSE 6,371.18 0.70
Arrow DAX 10,119.83 0.23
Arrow CAC-40 4,688.70 0.27
Arrow Nikkei 18,438.67 1.67
Arrow H.Seng 22,730.93 1.21
Arrow Sensex 26,904.11 0.65

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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 08, 2015
Reserves $20.05 bln