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Middle East & Africa


Kenyan shilling little changed ahead of budget reading NAIROBI: Kenya's shilling held steady against the dollar on Thursday ahead of a budget reading by the finance minister in parliament later in the day.At 0740 GMT, the shilling was trading at 97.05/15 to the dollar, barely changed from Wednesday's close of 97.10/20.Henry Rotich is expected to announce fresh measures to shore up growth in east Africa's biggest economy and expand the tax base to boost revenue collection. The IMF last week trimmed Kenya's growth outlook to 6.5 percent from 6.9 percent."The market is flat ahead of the budget. People want to see the budget first before making the next move," said a trader at one Nairobi-based commercial bank.The shilling has been under pressure from the global strength of the dollar, a growing current account deficit and sliding foreign exchange earnings from tourism as visitors have stayed away due to a series of attacks by Somali Islamists."In respect to the ...

South African rand weaker as investors dump risky assets JOHANNESBURG: South Africa's rand fell more than 1 percent against the dollar on Monday, tracking a retreat in emerging market assets after renewed concerns about Greece's financial woes whittled investors' appetite for risk.The rand also weakened in line with other commodity currencies hit by worries about the growth prospects for China, a major consumer of South African minerals.At 1534 GMT the rand traded at 12.2625 versus the greenback, 0.93 percent lower compared with Friday's closing ...
Ugandan shilling weaker as dollar demand from firms weighs KAMPALA: The Ugandan shilling weakened on Monday, hurt by strong appetite for hard currency from firms in the telecoms and energy sectors and the local currency was expected to maintain a bearish bias this week.At 0843 GMT commercial banks quoted shilling at 3,065/3,075, weaker than Friday's close of 3,052/3,062.The shilling is 9.6 percent weaker against the dollar so far this year, with the latest wave of depreciation pushing it ever closer to its all-time record ...
Kenyan shilling steady, main share index down NAIROBI: The Kenyan shilling was steady on Friday, supported by the previous day's intervention by the central bank which sold dollars into the market after the local currency weakened.The benchmark NSE-20 share index finished lower while the all share index notched some gains for a second straight day.At the close of trade, commercial banks quoted the shilling at 97.45/55 to the dollar versus 97.50/70 at Thursday's close.The shilling lifted from an intra-day low of 98.95/99.05 ...
South Africa's rand under pressure as trade deficit widens JOHANNESBURG: South Africa's rand weakened for the second straight day against the dollar on Friday, hitting a session trough after data from the revenue service showed a trade deficit for April, the latest sign of a struggling economy. The local unit was within easy reach of five-week lows hit this week after Statistics South Africa said GDP growth expanded by only 1.3 percent in the first quarter while the jobless rate worsened. The rand fell ...
South Africa rand extends losses against dollar, reaches 5-week low JOHANNESBURG: South Africa's rand fell more than 1.3 percent against the dollar on Thursday, tracking emerging market peers after a report said capital flows were projected to fall, weighed down partly by the prospect of higher U.S. interest rates.The rand touched a session low of 12.1925/dollar, its weakest in five weeks, and was trading at 12.1775 by 1257 GMT, down 1.29 percent from Wednesday's close in New York.Copyright Reuters, 2015 ...
Kenyan shilling drops to 3-1/2 year low, shares ease NAIROBI: Kenya's shilling fell to its lowest in close to three years and seven months on Tuesday, undermined by dollar demand from the energy and manufacturing sectors.Shares fell slightly.At the close of trade, commercial banks quoted the shilling at 98.35/45 to the dollar, down from Monday's close of 97.85/95. The shilling last traded at these levels in Nov. 2011."Demand is from energy and manufacturing. But I expect it not to weaken further. I think we ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln