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Middle East & Africa


Kenyan shilling firms after central bank intervenes NAIROBI: Kenya's shilling strengthened from three-year lows on Thursday after the central bank intervened to support the currency by selling dollars, traders said.By 0905, commercial banks quoted the shilling at 90.00/90.10 to the dollar compared with Wednesday's close of 90.15/25.The currency had firmed to 89.90/90.10 immediately after the central bank's intervention.The Central Bank of Kenya (CBK) also sold dollars last week, helping the shilling strengthen to below the 90-mark against the dollar before it weakened again this week."CBK sold dollars and the shilling has strengthened to around 90 to the dollar. I have seen them selling at least two separate rounds," Martin Runo, senior trader at Chase Bank said, echoing comments from another trader.Before the central bank's action, Nahashon Mungai at Kenya Commercial Bank had said dollar demand was mainly coming from energy and telecommunications firms, as well as other importers.He had said companies were acting cautiously as the shilling ...

Egyptian pound strengthens in black market after volatile week CAIRO: Egypt's pound held steady at a central bank dollar sale on Thursday, while black market prices were volatile but generally stronger, traders said.The bank offered $40 million on Thursday and said it had sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, unchanged from its last sale on Wednesday.The price of dollars at the thrice-weekly auctions has stayed in a very tight range since the beginning of June, after the bank ...
Kenyan shilling hovers at 3-year lows, stocks rise NAIROBI: Kenya's shilling eased slightly to hover at 3-year lows on Wednesday on moderate dollar demand from companies, while stocks inched higher.At close of trade at 1300 GMT, commercial banks quoted the shilling at 90.15/25 to the dollar, compared with Tuesday's close of 90.10/20."It has weakened a bit. There was a bit of demand, not much, nothing to write home about," Chris Muiga, senior trader at National Bank of Kenya, said, adding that the local ...
South Africa's rand dips, all eyes on central bank rate decision JOHANNESBURG: Yields on South African bonds edged firmer while the rand softened against the dollar on Wednesday as investors held off ahead of an interest rate decision by the central bank.Local bonds continued to gain from demand for higher-yielding emerging market assets after Japan's surprise slip into recession, with the yield on the benchmark paper due in 2026 shedding 0.5 basis points to 7.815 percent.By 1603 GMT the rand had weakened 0.38 percent to 11.0725 ...
Ugandan shilling weakens as commercial banks buy dollars KAMPALA: The Ugandan shilling lost ground on Wednesday as commercial banks bought dollars, but its weakening was expected to be limited by a shortage of local currency.At 1027 GMT, commercial banks quoted the shilling at 2,743/2,753, weaker than Tuesday's close of 2,730/2,740."Some banks are going long, I think the bullish trend of the dollar in international markets is driving their demand," said Shahzad Kamaluddin, trader at Crane Bank."However there's significant tightness in availability of the ...
Egyptian pound weakens on black market on Qatari repayment jitters CAIRO: The Egyptian pound was flat at a central bank dollar sale on Wednesday but weakened significantly on the black market as Egypt's plans to repay a $2.5 billion Qatari deposit raised concerns of a looming dollar shortage, traders said.The bank offered $40 million on Wednesday and said it had sold $37.6 million at a cut-off price of 7.1401 pounds per dollar, unchanged from its last sale on Monday.The rates at which banks are allowed ...
South Africa's rand a touch softer ahead of CPI, US Fed JOHANNESBURG: South Africa's rand retreated slightly against the dollar on Wednesday, although traders did not expect it to break out of current ranges ahead of the release of US Federal Reserve minutes. Domestic consumer inflation data set to be released at 0800 GMT was unlikely to impact the currency much, with economists polled by Reuters expecting the year-on-year rate to have stayed unchanged at 5.9 percent in October. This would be within the Reserve Bank's ...


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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