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Middle East & Africa


Kenyan shilling firms as foreign investors get ready for bond auction  NAIROBI: The Kenyan shilling strengthened against the dollar on Tuesday and traders said investors were buying local currency ready for the auction of a government infrastructure bond on Wednesday.At 0815 GMT, commercial banks posted the shilling at 88.90/89.00, stronger than Friday's close of 89.10/89.20. Monday was a public holiday and markets were closed."There's an expectation that we could see some decent flows coming for the infrastructure bond that's being auctioned," said Duncan Kinuthia, head of trading at Commericial Bank of Africa.Kenya will auction a 12-year infrastructure bond worth 15 billion shillings ($170 million) on Oct. 22. The proceeds will be used to fund transport, energy and water projects, the central bank said.Copyright Reuters, 2014 ...

Dollar/Saudi riyal forwards jump as spot market pressured DUBAI: The Saudi riyal fell sharply against the U.S. dollar in the forwards market on Tuesday to its lowest level since March 2011, when the Arab Spring uprisings briefly shook confidence in the political and economic stability of the Gulf.Traders said the riyal's peg of 3.75 to the dollar was not under serious pressure, and that the currency's drop did not indicate major concern about Saudi Arabia's economy.Nevertheless, the move suggested that after a long ...
Dollar/Saudi riyal forwards jump as spot market pressured DUBAI: The Saudi riyal fell sharply against the US dollar in the forwards market on Tuesday because of a surge of demand for dollars in the spot foreign exchange market, where the riyal is pegged to the US currency, traders said.One-year dollar/Saudi riyal forwards jumped to 90.0 points, their highest level since a peak of 91.50 points hit in March 2011, when the Arab Spring uprisings elsewhere in the Middle East briefly raised concern about ...
South Africa's rand firmer on China GDP, local budget could weigh JOHANNESBURG: South Africa's rand edged up to its strongest level in a week against the dollar on Tuesday, partly tracking firmer Asian currencies after GDP data in major commodity importer China came out stronger than expected. The rand's gains could, however, be short-lived if Finance Minister Nhlanhla Nene predicts a wider budget deficit than seen in February and cuts growth forecasts for the ailing economy during his medium-term budget statement on Wednesday. Nene is expected ...
Egyptian pound broadly steady after Moody's review CAIRO: Egypt's pound held steady at a central bank dollar sale on Monday, showing little reaction to Moody's decision to raise the nation's credit rating outlook to stable from negative.Mood's said the political and security situation was more stable and saw signs of economic recovery, but kept the rating at Caa1 saying government finances are still too weak.The bank said it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar on Monday, ...
Ugandan shilling flat, seen weaker on energy, telecoms demand KAMPALA: The Ugandan shilling was little changed on Monday although traders said the currency was still vulnerable to losses because of expected demand for dollars from manufacturing, telecoms and energy companies.At 0952 GMT commercial banks quoted the shilling at 2,675/2,685, unchanged from Friday's close."We still expect significant demand from players in the manufacturing, telecoms and energy sectors," said Faisal Bukenya, the head of market making at Barclays Bank. "I believe in the short term the ...
South Africa's rand, govt bonds steady as market awaits budget JOHANNESBURG: South Africa's rand traded in a narrow range against the dollar on Monday, with domestic focus firmly on Finance Minister Nhlanhla Nene's medium term budget statement for an update on the health of the economy. Nene is likely to cut the GDP growth forecast for 2014, largely due to crippling wage strikes earlier in the year, and will probably predict a wider budget deficit than seen in February. The rand was at 11.0780 versus ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln