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Middle East & Africa


Kenyan shilling steady, bond sale, subdued demand seen helping  NAIROBI: Kenya's shilling firmed on Wednesday, with traders expecting more gains, helped by offshore investor flows to buy government bonds later in the day and subdued dollar demand as companies close down for the holidays.At 0857 GMT, commercial banks quoted the shilling at 90.40/60 to the dollar, compared with Tuesday's close of 90.55/65.The central bank is due to auction a new two-year Treasury bond and a re-opened 15-year bond worth a total 20 billion shillings later on Wednesday.Traders said this was expected to give the shilling some support as foreign investors bring in dollars to buy the bonds."It looks bullish today," Peter Njuguna, head of asset liability management at Kenya Commercial Bank, said."You know there is a bond auction today, so people are arguing that we could see just a bit of inflows going into the bonds and supporting the shilling," he said.Traders said a slowdown in dollar demand due ...

Egyptian pound steady on official, black markets CAIRO: The Egyptian pound held steady at a central bank dollar sale on Wednesday and was unchanged on the unofficial market after the government established a fourth weekly dollar auction.The bank offered $40 million and said it had sold $38.4 million at a cut-off price of 7.1401 pounds to the dollar, a rate unchanged from its last sale on Monday.The rates at which banks are allowed to trade dollars are determined by the results of ...
Ugandan shilling weakens as banks buy dollars KAMPALA: The Ugandan shilling weakened for a second straight day on Tuesday as commercial banks bought dollars and traders expected the local currency to lose further ground unless the central bank intervened.At 1025 GMT commercial banks quoted the shilling at 2,780/2,790, weaker than Monday's close of 2,768/2,778."Most commercial banks are short after yesterday's strong energy sector demand (for dollars)," said Robert Mpuuga, trader at Housing Finance Bank."They (banks) are now covering those positions."The shilling fell ...
Kenyan shilling gains on remittances, shares ease NAIROBI: Kenya's shilling strengthened slightly on Tuesday on remittances from Kenyans abroad and a mop-up of excess liquidity by the central bank, while stocks fell.The shilling closed at 90.55/65 to the dollar, compared with 90.60/70 at Monday's close.Duncan Kinuthia, head of trading at Commercial Bank of Africa said there were improved dollar inflows coming in from Kenyans' overseas in the run up to the Christmas break.Money sent home by Kenyans living abroad - or remittances ...
Kenyan shilling holds steady, cushioned by remittance inflows NAIROBI: Kenya's shilling held steady against the dollar on Tuesday, with remittances from Kenyans abroad offsetting dollar demand from corporates.The shilling was quoted at 90.60/70 to the dollar at 0700 GMT, unchanged from Monday's close."We've been seeing more corporate demand (for dollars) as companies make final orders ahead of the Christmas break. But as we approach the Christmas break we also see improved (dollar) flows coming in from Kenyans' overseas," said Duncan Kinuthia, head of ...
South Africa's rand retreats on economic woes, oil sell-off JOHANNESBURG: South Africa's rand weakened against the U.S. dollar on Monday, pressured by a gloomy economic outlook and dragged down with other emerging markets by an unrelenting oil sell-off.By 1530 GMT the local unit had weakened more than 1 percent to 11.7225 against the greenback.The rand had rallied in early trade after credit agency Fitch maintained its BBB rating and negative outlook, surprising market watchers who predicted it would downgrade Pretoria, as Standard & Poor's ...
Ugandan shilling weaker on dollar demand from energy firms KAMPALA: The Ugandan shilling was weaker on Monday on dollar demand from energy and telecoms companies, although hard currency inflows from charities slowed the currency's decline.At 1120 GMT commercial banks quoted the shilling at 2,770/2,780, weaker than Friday's close of 2,762/2,772."Energy sector players are buying (dollars)... that's putting significant pressure on the shilling," said Ahmed Kalule, trader at Bank of Africa.Kalule said the global strength of the greenback was also feeding a negative market sentiment ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln