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Kenyan shilling weakens as firms buy dollars before budget speech  NAIROBI: The Kenyan shilling lost ground against the dollar on Thursday, after companies bought the US currency to avoid excessive exposure to the shilling over concerns about how the government would fund its new national budget.At 0750 GMT, the shilling traded at 87.90/88.00 to the dollar, weaker from Wednesday's close of 87.70/80.The shilling has been on the back foot and has fallen nearly 2 percent against the dollar since January.Finance Minister Henry Rotich is scheduled to present the government's 2014/15 annual budget that runs from July 1 after 1200 GMT, offering markets a broader guide to the direction of east Africa's biggest economy.Kenya's budget is set at about 1.8 trillion shillings ($20 billion) but traders said there were concerns about how the government would raise that money. Rotich will include the latest guidance on growth, inflation and borrowing projections.Joshua Anene, a Commercial Bank of Africa trader, said companies were being ...

Egypt's pound stable on official market, strengthens in black market CAIRO: The gap between the Egyptian pound's official and unofficial exchange rates narrowed on Thursday, with the currency strengthening against the dollar in the black market and remaining stable at a central bank dollar sale.The central bank said it had sold $39.2 million at a cut-off price of 7.1402 pounds on Thursday, unchanged from its previous sales on Wednesday and Monday. It had offered $40 million.The dollar was offered for 7.37 pounds in the black ...
Excess liquidity weakens Kenyan shilling NAIROBI: The Kenyan shilling weakened against the dollar on Wednesday as excess liquidity and dollar demand across the board put pressure on the local currency.At 0815 GMT, commercial banks posted the shilling at 87.90/88.00 per dollar, weaker from Tuesday's close of 87.70/80."It seems the market is flush with Kenya shillings," said Andlip Nazir, senior trader at I&M Bank.The central bank has regularly intervened to mop up shilling liquidity via repurchase agreements and other instruments, and ...
South Africa's rand, bonds weaken on downgrade fears JOHANNESBURG: The rand traded on the back foot against the dollar on Wednesday, lagging emerging market peers as a bleak economic outlook and expectations of ratings downgrades later this week applied pressure. By 0638 GMT, South Africa's currency weakened 0.4 percent at 10.7475 to the dollar, threatening the 10.80 support level that held firm last week. The rand is likely to trade with little impetus on Wednesday as investors await output data from the mining ...
Kenyan shilling stuck in narrow range, shares edge down NAIROBI: The Kenyan shilling weakened against the dollar on Tuesday and market participants said they expected it to trade in a narrow band.At the 1300 GMT close of trade, commercial banks posted the shilling at 87.70/80 per dollar, slightly weaker than Monday's close of 87.55/65, but still within its recent range.The central bank would seek to support it at 88.20, to prevent it from falling too steeply, thereby confining it into a tight range, traders ...
South African bonds, rand weaken after SARB comments JOHANNESBURG: Yields on South African government bonds jumped on Tuesday as hawkish comments from central bank Governor Gill Marcus combined with a weak auction to drive benchmark prices lower.The rand also traded weaker, losing just under 1 percent against the dollar as Marcus' comments about diminishing capital inflows to emerging markets added to losses from a general sell-off of risky assets.It was at 10.7250/dollar at 1537 GMT, down 0.8 percent from its previous close in ...
Ugandan shilling firmer, eyes on budget this week KAMPALA: The Ugandan shilling firmed on Tuesday as corporate demand for dollars slowed, but investors were reluctant to make any sharp moves before a budget announcement later this week.At 0824 GMT, commercial banks quoted the shilling at 2,555/2,565, up from Friday's close of 2,560/2,570. Uganda's markets were closed for a holiday on Monday."When the shilling hit 2,570 levels last week most corporate buyers thought (the dollar) was getting a little expensive," said Faisal Bukenya, head ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln