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Middle East & Africa


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 their foreign exchange exposure ... because the fundamentals are pointing to a weaker shilling," Otieno said.Chris Muiga at the National Bank of Kenya said the shilling would extend losses on concerns about the current account deficit, as a growing economy sucks in imports, and about a slump in tourist revenues after a spate of Islamist militant attacks scared off visitors.The government has said Kenya's economy will grow by about 6.9 percent in 2015. The shilling ...

South Africa's rand gains after US jobs underwhelms JOHANNESBURG: South Africa's rand gained over one percent against the dollar on Friday as jobs gains in the US underwhelmed, helping to boost emerging market assets. At 1400 GMT the rand firmed 0.94 percent to 11.9275, having climbed over a percent after non-farm payrolls data showed the United States added 223,000 jobs in April, just shy of market expectations but above the crucial 200k mark. The March jobs figure was revised downwards to 85,000 from ...
South Africa's rand softens after failing at key resistance JOHANNESBURG: South Africa's rand eased against the US dollar on Thursday after failing to push through the stubborn 12/$ resistance level, while investors waited for direction from US jobs numbers due in the next session. The weak state of the domestic economy was also in focus after Finance Minister Nhlanhla Nene told parliament a sluggish global recovery and domestic constraints such as power shortages were holding back growth. At 1504 the rand had softened 0.27 ...
Ugandan shilling flat on tepid demand for dollars KAMPALA: The Ugandan shilling was unchanged on Thursday amidst sluggish demand from banks and firms for dollars.At 0901 GMT, commercial banks quoted the shilling at 2,995/3,005, unchanged from Wednesday's close.Shahzad Kamaluddin, a trader at Crane Bank, said importers were waiting to see if the foreign exchange rate would come off in the event of the dollar weakening and the central bank propping up the local currency."Because of these factors corporate (firms) think there's room for ...
South Africa's rand gains, economy woes offset by weak dollar JOHANNESBURG: South Africa's rand held on to gains against the dollar on Wednesday despite a fall in domestic consumer confidence, as the greenback came under pressure from poor U.S. trade data.At 1430 GMT the rand was trading 0.47 percent firmer at 11.9235 to the dollar compared with its closing level on Tuesday.The currency briefly breached the key 12/$ mark after data showed South Africa's consumer confidence slumped in the first quarter of 2015, weighed down ...
South Africa's rand recovers as US trade deficit dampens dollar JOHANNESBURG: South Africa's rand firmed on Tuesday after a mixed batch of U.S. economic data stoked uncertainty about the pace of interest rate increases in the United States, denting the dollar and giving emerging markets a modest reprieve.At 1526 GMT the rand had gained 0.38 percent to 12.018 per dollar, recovering from a slide towards its worst level in two weeks in the previous session as local economic data sapped appetite for the currency.New vehicle ...
Ugandan shilling stable as importers stay on sidelines KAMPALA: The Ugandan shilling was stable on Tuesday, helped by sluggish corporate demand for dollars as importers stayed on the sidelines betting on a cheaper greenback in the coming days.At 0849 GMT, commercial banks quoted the shilling at 2,997/3,007, barely moved from Monday's close of 2,998/3,008."Most corporates are staying out of the market because they say at current levels the dollar is very expensive," said Sage Daniel Muganza, trader at Centenary Bank. "They're waiting to ...


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Arrow DJIA 17,440.59 0.73
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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