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Middle East & Africa


Ugandan shilling weakens as banks, manufacturers buy dollars KAMPALA: The Ugandan shilling weakened on Wednesday under pressure from manufacturers and banks buying dollars, but traders said higher Treasury bills yields would help cushion the currency.At 0846 GMT commercial banks quoted the shilling at 2,610/2,620, weaker than Tuesday's close of 2,605/2,615."There was pressure in the market mainly from manufacturers and some banks who wanted to cover short positions," said Isaac Iga, chief dealer at Orient Bank. "Most speculation, though, is on what will come out of the auction... if rates go up we will see a recovery."Bank of Uganda was due to issue results of a Treasury bill auction later on Wednesday, where a total of 145 billion shillings ($55.77 million) worth of debt is up for sale.Iga said there was market speculation that the recent increases in yields may have peaked, which could curb demand from offshore investors for Ugandan debt.At the last auction on September 3, the ...

South Africa's rand weaker vs dollar before key inflation data JOHANNESBURG: South Africa's rand weakened against the dollar before the release of expected lower inflation data on Wednesday, with investors keen to see what effect the number could have on an interest rate decision in the coming session. Offshore, the focus is on the US Federal Reserve's monetary policy-setting meeting later in the day, with expectations that the bank will signal tighter policy sooner than expected.The rand traded at 10.9275 to the dollar at 0651 ...
Kenyan shilling dips, stocks close higher NAIROBI: The Kenyan shilling weakened on Tuesday, pressured by demand for dollars from importers amid scant hard currency inflows.At close of trade at 1300 GMT, commercial banks quoted the shilling at 89.00/10 to the dollar, compared with Monday's close of 88.90/89.00.Late in the session, the shilling touched 89.05/25, its weakest since mid-December 2011 when it hit 89.10/20, according to Thomson Reuters data.Traders said there was little dollar inflow from the tea and tourism sectors, which ...
Ugandan shilling stable, market eyes Treasury bill auction KAMPALA: The Ugandan shilling was unchanged on Tuesday and traders said they were watching a Treasury bill auction for possible inflows that could offer support to the local currency.At 1042 GMT commercial banks quoted the shilling at 2,605/2,615 to the dollar, unchanged from Monday's close."Our eyes are on what happens tomorrow at the auction," Ali Abbas, a trader at Crane Bank, said."Maybe if rates climb up it could produce a favourable sentiment for the shilling ...
Kenyan shilling steady, seen weaker on pent-up dollar demand NAIROBI: The Kenyan shilling was flat on Tuesday but was expected to weaken due to expected demand from importers for dollars amid scant hard currency inflows.At 0830 GMT, commercial banks quoted the shilling unchanged at 88.90/89.00 to the dollar.The currency of East Africa's biggest economy on Monday slipped briefly to a 32-month low of 88.95/89.05, Reuters data showed.Traders said there was little inflow of dollars from the tea and tourism sectors, which are leading foreign ...
Egyptian pound steady on official market, down on black market CAIRO: Egypt's pound held steady at a central bank dollar sale on Monday, with the bank saying it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, unchanged from Thursday's rate.In the unofficial market, the pound was trading at 7.38 to the dollar, slightly weaker than Thursday's rate of 7.35, one trader said.The rate for dollar sales has stayed in a tight range since the beginning of June, after the bank allowed ...
Kenyan shilling hits 32-month low NAIROBI: The Kenyan shilling touched a 32-month low on Monday, under pressure from dollar buying by importers and lower hard currency inflows.At the close of trade, commercial banks quoted the shilling at 88.90/89.00 to the dollar, compared with Friday's close of 88.80/88.90. The shilling had fallen to an intra-day low of 88.95/89.05 last seen in January 2012, Reuters data showed."The shilling lost on intensified dollar buying by mostly telecommunications and manufacturing firms, and attempted to ...


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln