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Middle East & Africa


Ugandan shilling strengthens on expectations of rate increase KAMPALA: The Ugandan shilling rose on Monday as commercial banks trimmed their hard currency positions amid concern soaring consumer prices will spur policymakers to raise interest rates. At 0951GMT, commercial banks quoted the shilling at 3,550/3,560, stronger than Friday's close of 3,560/3,570. "People are worried about the direction of inflation," said Ahmed Kalule, a trader at Bank of Africa. "Traders are thinking the direction of inflation will force the central bank to do another round of tightening." As a result of those worries, Kalule said, some commercial banks were exiting their dollar positions, anticipating a rise in the cost of local currency funds. Year-on-year inflation surged to 8.8 percent last month from September's 7.2 percent, spurred by the high costs of food and energy, according to the statistics office. High consumer prices, partly caused by a weakening of local currency this year, has already forced the Bank of Uganda to ...

Kenyan shilling steady, high T-bill yields weigh on shares NAIROBI: Kenya's shilling was steady on Tuesday, as dollar inflows by investors chasing high-yielding government debt matched demand for foreign exchange at the shillings' stronger levels.Meanwhile, the benchmark share index slipped, as investors sold stocks and switched to Treasury bills.By the 1330 GMT close of the money market, commercial banks quoted the shilling at 101.60/70, little changed from the 101.60/80 close on Monday."This level will be there for a while," said one dealer at a ...
South Africa's rand down slightly, protests weigh on sentiment JOHANNESBURG: South Africa's rand was slightly weaker against the dollar on Tuesday, trailing its emerging market peers as ongoing student protests against the high cost of university education highlight the myriad of problems facing Africa's most developed economy.Government bonds were also unchanged from the previous close, while the local bourse opened slightly lower, with the blue-chip Top 40 index and the All-share index each down 0.27 percent at the start of trade. The rand traded ...
Egyptian pound steady at dollar sale, stronger in parallel market CAIRO: Egypt's central bank kept the pound steady at a dollar sale on Sunday, as it sold $37.8 million at a cut-off price of 7.9301 pounds per dollar. The pound strengthened, however, on the parallel market. The official cut-off price was unchanged from Thursday's dollar sale but one trader said the dollar changed hands at 8.25 pounds in the parallel market, lower than Thursday's rate of 8.50 pounds to the dollar. Egypt announced on Wednesday ...
Kenyan shilling firm, supported by dollar inflows chasing yields NAIROBI: Kenya's shilling firmed on Friday, supported by dollar inflows from offshore investors chasing rising yields on Treasury bills.The benchmark share index closed slightly higher.By the 1330 GMT close, the shilling was quoted at 102.15/25 to the dollar, compared to Thursday's close of 102.10/30. The currency has climbed in past weeks after sliding in September close to a 2011 all-time low of 106.80 to the greenback."We have seen some decent inflows chasing yields," said one ...
South Africa's rand, bonds on backfoot after medium term budget JOHANNESBURG: South Africa's rand hovered near the previous day's week lows against the dollar on Thursday and was likely to stay under pressure after the Finance Minister painted a dim picture of the economic outlook in his medium term budget.The local bourse was set to open slightly lower at 0700 GMT, as indicated by a 0.27 percent dip in the Top-40 futures index.At 0648 GMT, the rand traded at 13.5135 to the dollar, little changed ...
South Africa's rand little changed ahead of medium-term budget, stocks up JOHANNESBURG: South Africa's rand hardly moved on Tuesday as investors refrained from making any large bets ahead of medium-term budget review and inflation data on Wednesday while stocks ended slightly lower. By 1530 GMT, the rand was at 13.2520 versus the greenback, up 0.24 percent from Monday's close of 13.2835. "The rand is really on the ranges, awaiting for the CPI data tomorrow and the medium term budget speech tomorrow.It all depends on how the ...


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 30, 2015
Reserves $19.828 bln