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Middle East & Africa


South Africa's rand falls on US inflation data, power cuts JOHANNESBURG: South Africa's rand fell to a one-week low against the dollar on Friday as the greenback was bolstered by US inflation data that raised hopes of a rate hike, while local power cuts and anti-immigrant unrest hit sentiment. At 1428 GMT, the rand was trading 0.71 percent weaker at 12.0480 to the dollar compared with its closing level on Thursday and also at its softest levels since April 9, according to Thomson Reuters data."What we saw with the US CPI data is that the headline number was slightly softer than expected," said Jana van Deventer, a market analyst with ETM Analytics. "But the core inflation surprised to the top side which appears to have triggered some renewed speculations surrounding hawkish Fed risks and the timing of US interest rates hikes." Analysts are still pricing in just one US rate increase this year, sometime late in the fourth quarter. Traders ...

South Africa's rand recovers as soft US data weighs on dollar JOHANNESBURG: South Africa's rand strengthened against the dollar on Thursday as soft U.S. housing and jobs data weighed on the dollar, adding uncertainty over the timing of a rate rise from the Federal Reserve.At 1530 GMT, the rand was trading 0.61 percent firmer at 11.9925 to the dollar, compared with an overnight close of 12.0320 in New York."The U.S. data is very soft, so that's supporting the trend of slight bearing of dollar longs, with ...
Ugandan shilling eases as manufacturers buy dollars KAMPALA: The Ugandan shilling eased on Wednesday, weighed down by dollar demand from firms in the manufacturing and energy sectors but was expected to trade stable amidst a squeeze in liquidity.At 0933 GMT commercial banks quoted the shilling at 3,002/3,012 from Tuesday's close of 3,000/3,010."Players in the manufacturing and energy (sectors) are coming in with demand appetite and pushing the shilling a bit lower," said Ahmed Kalule, trader at Bank of Africa.Kalule said there was ...
Egyptian pound steady on official, black markets CAIRO: Egypt's central bank kept the pound steady at 7.53 to the dollar at a foreign exchange auction on Wednesday, while the currency remained steady on the black market.The central bank has kept the official exchange rate steady for more than two months after letting the pound weaken at the start of the year, which, combined with other measures, has seen black market trading almost disappear.The bank said it offered $40 million at auction on ...
South Africa's rand gains on softer U.S retail sales data JOHANNESBURG: South Africa's rand gained more than 1 percent to the dollar on Tuesday as weaker-than-expected US retail sales data dampened expectations the Federal Reserve could raise interest rates as early as June. The rand was stronger despite South Africa's power utility Eskom having lost a quarter of its usual power supply in plant breakdowns. "If it were not for some structural domestic hindrances such as Eskom and electricity supply shortages we possibly would have ...
Yuan-rand exchange mechanisms at advanced stage PRETORIA: Preparations for the direct exchange of the Chinese yuan and the South African rand are at an advanced stage, government officials said Tuesday."We are at an advanced stage of the currency swap mechanisms," South African Foreign Minister Maite Nkoana-Mashabane said at a joint press conference with her Chinese counterpart Wang Yi in Pretoria. "We agree on the establishment of the clearing centre for the RMB (yuan), so we can have a direct exchange of ...
Ugandan shilling weaker as banks cover short dollar positions  KAMPALA: The Ugandan shilling lost ground on Monday despite tight liquidity conditions, undermined by dollar demand in the interbank market as banks sought to cover short positions.At 0911 GMT commercial banks quoted the shilling at 2,980/2,990, weaker than Friday's close of 2,970/2,980."There's short position covering by some players," said Shahzadd Kamaluddin, trader at Crane Bank."That's applying a bit of pressure although there's scarcity of shillings in the market."Kamaluddin said the liquidity squeeze had pushed the ...


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Arrow DJIA 17,757.91 0.79
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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 $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln