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Middle East & Africa


Ugandan shilling weakens on central bank liquidity injection KAMPALA: The Ugandan shilling weakened on Wednesday after an injection of local currency liquidity by the central bank eased scarcity among commercial banks.At 0851 GMT commercial banks quoted the local currency at 2,855/2,865, weaker than Tuesday's close of 2,845/2,855.Ahmed Kalule, trader at Bank of Africa said tight shilling liquidity in recent trading sessions had pushed up rates for overnight and one-week funds in the interbank market."The central bank came in with a reverse repo to ease the scarcity and after that we saw a surge in interbank demand (for dollars)," he said.The shilling has lost about 3 percent against the dollar this month, partly due to dollar demand from commercial banks who were stocking up on greenbacks on fears the United States would imminently hike interest rates.Speculative activity has also been fingered by the central bank which has sold hard currency five times this month to try to tame demand ...

Kenyan shilling firms on tight liquidity, gains seen short-lived NAIROBI: The Kenyan shilling firmed on Wednesday helped by tight liquidity in the money markets but traders said the local currency was expected to stay under pressure due to end-month importer demand for dollars.At 0745 GMT, commercial banks quoted the shilling at 91.50/60 to the dollar, compared with Tuesday's close of 91.60/70.Traders said the shilling was receiving support from a shortage of the local currency after investors bought Treasury bills and bonds worth a total ...
South Africa's rand weakens for 3rd day on power crunch JOHANNESBURG: South Africa's rand weakened against the US dollar for the third straight session on Tuesday, pressured by concerns over the damage persistent electricity blackouts will have on a stuttering economy.South Africa's troubled power utility Eskom said on Tuesday it had widened power outages and there would be rolling blackouts for a second day in a row."Eskom blackouts are proving a regular problem," said Bart Stemmet, an analyst at NKC Independent Economists.At 1531 GMT, the ...
Kenyan shilling firms on tight liquidity, stocks inch up NAIROBI: Kenya's shilling was marginally stronger against the dollar on Tuesday after commercial banks trimmed their dollar exposure amid tight shilling liquidity. Stocks edged higher.At the 1300 GMT close, banks quoted the shilling at 91.60/70 to the dollar, slightly stronger on Monday's close of 91.70/75.Chris Muiga, a trader at National Bank of Kenya, said commercial banks have sought to build longer shilling positions, but added that he expected the shilling would be on the back ...
Ugandan shilling extends gains after banks sell dollars KAMPALA: The Ugandan shilling extended gains for a second consecutive trading session on Tuesday, after commercial banks sold dollars following multiple central bank interventions dampened demand for the U.S. currency.At 0915 GMT commercial banks quoted the shilling at 2,845/2,855, stronger than Friday's close of 2,858/2,868. Markets were closed on Monday for a national holiday in Uganda."We're experiencing the after-effects of the central bank action... the interventions burnt speculators," said Isaac Iga, chief dealer at Orient ...
Nigeria naira closes at record low, despite intervention LAGOS: Nigeria's naira ended at a record closing low on Monday, despite central bank intervention, as the currency continued to weaken on strong demand for the greenback, dealers said.The unit closed at 191.10, a new record low against the U.S. dollar, compared with Friday's record low close of 190.60 naira. One dealer traded the naira at a one-off rate of 194.10 during mid-day session.The currency had initially gained 1.66 percent to 186.80 naira after the ...
Kenyan shilling steady, stocks inch lower NAIROBI: The Kenyan shilling was little changed on Monday as tight liquidity continued to lend support to the local currency. Stocks inched lower.At the 1300 GMT close, banks quoted the shilling at 91.70/75 to the dollar, barely changed from Friday's close of 91.70/80.A trader at one Nairobi-based commercial bank said the shilling was stuck in a five cent range throughout the day, trading in low volumes amid a shortage of the local currency."The money market ...


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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 $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln