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Middle East & Africa

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Egyptian pound held steady by central bank but weakens on black market CAIRO: Egypt's central bank kept the pound steady at 7.53 pounds to the dollar at a foreign exchange auction on Wednesday, while the domestic currency weakened on the black market.The bank said it had offered $40 million and sold $38.4 million at a cut-off price of 7.5301 pounds per dollar, unchanged from its last auction held on Monday.The central bank has now kept the official exchange rate steady for more than a month after letting the pound weaken in an effort to wipe out black-market trading.Black-market traders said trade had fallen dramatically because of this step and due to a cap imposed by the central bank in February on the amount of dollars that could be deposited in banks.The limit on deposits discourages use of the black market by depriving those who want to exchange dollars outside official channels of a place to keep their funds.One trader said the dollar ...

South Africa's rand slips on foreign portfolio outflows JOHANNESBURG: South Africa's rand weakened slightly against the US dollar on Tuesday as optimism provided by a narrowing of the current account deficit was overshadowed by signs of foreign capital flight. South Africa lost 16.8 billion rand ($1.36 billion) in Q4 of 2014 to foreign portfolio outflows, due mainly to a loss of confidence in the local economy and the prospect of rate hikes in the US, central bank data showed. The Reserve Bank said, ...
Kenyan shilling flat as caution sets in, shares fall NAIROBI: Kenya's shilling was steady at near 3-year lows on Tuesday, as traders acted carefully on prospects of the central bank pumping in dollars to cut any volatility.The benchmark shares index fell on profit-taking.The shilling closed trade at 92.05/15 against the dollar, unchanged from Monday's close. The central bank sold an undisclosed amount of dollars on Monday when the shilling touched its lowest level since Nov. 2011."We were largely unchanged as market players now take ...
Kenyan shilling flat, focus on possible central bank action NAIROBI: Kenya's shilling was treading water at near 3-year lows on Tuesday, with pressure from a globally strong dollar offset by the possibility that the central bank may intervene for the second straight day to support the local currency.The shilling was trading at 92.05/15 against the dollar at 0720 GMT, unchanged from Monday's close. The central bank sold an undisclosed amount of dollars on Monday when the shilling touched its lowest level since Nov. 2011.One ...
Ugandan shilling snaps 5-day losing streak on tight liquidity KAMPALA: The Ugandan shilling firmed on Tuesday on the back of lower local currency liquidity in the money markets and slow dollar demand by importers, breaking a five-day losing streak.At 0907 GMT, commercial banks quoted the shilling at 2,910/2,920 per greenback, slightly up from Monday's close of 2,930/2,940.The central bank sold an unspecified amount of dollars for the tenth time this year on Monday as it sought to stabilise the shilling. The shilling is down ...
South Africa's rand softens ahead of current account data OHANNESBURG: South Africa's rand was slightly softer against the dollar early on Tuesday with scope to weaken further should a central bank report show a wider-than-expected current account deficit.The local unit tends to be hit harder than its peers when investors bail out of emerging markets which offer higher yields but are perceived to carry greater risk.At 0632 GMT the rand traded at 12.4180 to the dollar, down 0.19 percent from where it ended Monday's ...
South Africa's rand firmer; current account, CPI in focus JOHANNESBURG: South Africa's rand firmed against the dollar on Monday as the U.S. currency took a breather from its sharp gains but investors remained wary ahead of data expected to give an indication of how the domestic economy was performing.The rand was trading 0.31 percent stronger at 12.4440 to the dollar as of 1443 GMT, against a New York close of 12.4825 on Friday.In fixed income, government bonds also gained and the yield for the ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJanuary
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyApril 16, 2015
Reserves $16.818 bln