Just in:  

You are here: Home»Markets»FXMM»Middle East & Africa

Middle East & Africa


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 shilling will remain biased on the weakening side."Bukenya said the central bank had drained excess liquidity via a seven-day repo on Monday, which could cushion the shilling. Bank of Uganda removed a total of 255 billion shillings($95.36 million) from the market.The local currency is down 5.8 percent against the dollar so far this year and some traders say it could weaken past the key support level of 2,700 in the next few days on 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 ...
Kenya shilling weakens ahead of long weekend, stocks edge lower NAIROBI: The Kenyan shilling weakened against the dollar on Friday as traders bought US currency to square positions before a long weekend, while stocks edged lower.The shilling closed at 89.10/89.20 on Friday, weaker than Thursday's close at 88.90/89.00.A senior trader at a Nairobi-based commercial bank said that after several days of volatile market conditions investors were squaring positions as the markets will be shut on Monday for a national holiday."If you look at the offshore ...
Egyptian pound steady on official, weaker on black market CAIRO: Egypt's pound held steady at a central bank dollar sale on Thursday, when the bank said it sold $37.6 million at a cut-off price of 7.1401 pounds per dollar.The price was unchanged from Wednesday's sale.In the unofficial market, the pound was trading at 7.45 to the dollar, weaker than Wednesday's rate of 7.40 to the dollar, one trader said.The rate for dollar sales has stayed in a tight range since the beginning of June, ...
Kenyan shilling gains on offshore investors; Safaricom sinks shares NAIROBI: The Kenyan shilling strengthened for a second straight session on Thursday dollars flowed in from offshore investors. Stocks edged lower.The shilling closed at 88.90/89.00, stronger than Wednesday's 89.10/89.20.A surge of dollars, most likely from offshore investors seeking to buy government debt, supported the local currency, said Eric Gathecha, a trader at I&M Bank."I'm thinking it must be for the government bonds coming up... we've seen quite a bit of (dollar) inflows," said Gathecha.Kenya will ...
Kenyan shilling holds steady against the dollar NAIROBI: The Kenyan shilling held steady against the dollar on Thursday and traders said payment of monthly taxes by firms could curb liquidity and offer mild support for the currency.At 0715 GMT, the shilling was trading at 89.10/20, unchanged from Wednesday's close.A trader with a leading commercial bank said that companies paying their monthly taxes this week are creating support for the shilling. "But it's a temporary support," he said.The shilling could come under pressure ...
Kenyan shilling gains on dollar inflows, stocks tread water NAIROBI: The Kenyan shilling strengthened on Wednesday on dollar inflows from charities, while stocks were steady.The shilling closed at 89.10/89.20, compared with Tuesday's close of 89.30/89.40.Duncan Kinuthia, head of trading at Commercial Bank of Africa, said foreign missionaries and non-governmental organizations with operations in Kenya were a major source of hard currency during the session."They always need to sell to fund local operations, so the money comes in foreign currency and they have to convert ...


Index Closing Chg%
Arrow DJIA 17,810.06 0.51
Arrow Nasdaq 4,712.97 0.24
Arrow S&P 2,063.50 0.52
Arrow FTSE 6,750.76 1.08
Arrow DAX 9,732.55 2.62
Arrow CAC-40 4,347.23 2.67
Arrow Nikkei 17,357.51 0.33
Arrow H.Seng 23,437.12 0.37
Arrow Sensex 28,334.63 0.95

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