05292016Sun
Last update: Sun, 29 May 2016 12am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand firms on retail data, strongest since Dec 9 JOHANNESBURG: South Africa's rand extended gains against the dollar on Wednesday, briefly scaling its strongest level since early December after data showed stronger-than-expected February retail sales.The rand climbed more than 1.0 percent to 14.5520 per dollar, the firmest it has been since Dec. 9 last year, according to Thomson Reuters data.The currency of Africa's most industrialised economy was last at these levels hours before President Jacob Zuma fired Finance Minister Nhlanhla Nene, shocking markets and triggering a financial markets turmoil that sent the rand falling through a series of lows.By 1400 GMT, the rand was 0.55 percent stronger at 14.6225.The currency's rise was sparked by data showing that retail sales rose 4.1 percent year-on-year in February from a revised 3.6 percent in January. This compared with a median consensus of 2.6 percent reached by analysts in a Reuters poll.The rand was also helped by a weaker dollar, which came under ...

Markets - FXMM - Middle East & Africa

South African rand firms to third day in a row, stocks flat JOHANNESBURG: South African's rand firmed for a third consecutive session against the dollar on Tuesday as the greenback slipped while emerging markets lapped up a return of appetite for riskier assets. At 0715 GMT, the rand traded at 14.6615 versus the dollar, 0.5 percent firmer from Monday's New York close and near a one-week high.Government bonds were weaker, with the benchmark instrument due in 2026 adding 1 basis points to 9.145 percent.The rand continued to ...

Markets - FXMM - Middle East & Africa

Kenyan shilling firms slightly shrugs bank receivership NAIROBI: Kenya's shilling gained slight ground on Friday, shaking off jitters from a day earlier after the central bank put one bank, Chase Bank, under receivership.At 0943 GMT, commercial banks quoted the shilling at 101.20/30 to the dollar, compared with Thursday's close of 101.30/40.The shilling has appreciated 1 percent against the dollar so far this year."It had weakened a bit yesterday on the news for Chase Bank, then there was word that central bank intervened ...

Markets - FXMM - Middle East & Africa

Ugandan shilling firms due to low corporate dollar demand KAMPALA: The Ugandan shilling firmed on Friday, buoyed by a low corporate dollar demand, traders said. At 1119 GMT commercial banks quoted the shilling at 3,345/3,355, stronger than Thursday's close of 3,355/3,365. "There's no buzz in the market, corporate demand is completely flat," said Shahzad Kamaluddin, trader at Crane Bank. A market note from Alpha Capital Partners, however, said this week's policy easing move could spur a rebound in dollar demand and pressure the shilling. ...

Markets - FXMM - Middle East & Africa

Kenyan, Ghanaian and Zambian currencies to firm, Nigeria's to ease NAIROBI: Kenyan, Ghanaian and Zambian currencies are expected to gain ground in the next week to Thursday, while Nigeria's will weaken, traders said.KENYAKenya's shilling is seen firming after weakening on news that the central bank said it had placed Chase Bank under receivership for 12 months to protect depositors, creditors and the public.At 1131 GMT, commercial banks quoted the shilling at 101.25/35 to the dollar, compared with last Thursday's close of 101.40/50."We expect the shilling ...

Markets - FXMM - Middle East & Africa

Uganda shilling stable, slow consumer spending offers support  KAMPALA: The Ugandan shilling was unchanged on Thursday as weak consumer spending continued to dampen appetite for hard currency among importers.At 1039 GMT commercial banks quoted the shilling at 3,355/3,365, unchanged from Wednesday's close."Consumer spending and general pace of the economy appears to be sluggish and it's impacting demand for dollars," said Faisal Bukenya, head of market making at Barclays Bank Uganda. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Egyptian pound stable at extra official auction as Saudi king visits CAIRO: Egypt's central bank said it kept the pound stable at 8.78 pounds to the dollar in an extra foreign currency auction on Thursday, coinciding with a visit by Saudi Arabia's King Salman to sign an oil deal.The bank, which holds regular forex auctions on Tuesdays, said it sold $118.7 million of an intended $120 million.Meanwhile the pound weakened on the black market as demand for dollars rose, three traders told Reuters.Egypt, which relies heavily ...