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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 to trade dollars are determined by the results of central bank sales, giving the bank effective control over official exchange rates.But in the unofficial market, the pound was trading at 7.75 to the dollar at midday, weaker than Monday's rate of 6.67 pounds and a marked decline from around 7.57 pounds on Thursday."There is pressure because of the Qatari deposit," said one foreign exchange trader at an Egyptian bank. "You are talking about a country ...

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 ...
Kenyan shilling steady, eyes on central bank NAIROBI: Kenya's shilling was steady early on Wednesday with investors and companies holding back on dollar purchases and keeping the currency below levels where the central bank intervened last week to sell dollars.By 0715 GMT, the shilling was trading at 90.05/15 to the US currency, little changed on Tuesday's close of 90.10/20."We have seen buyers stay on the sidelines at levels above 90," said Duncan Kinuthia, head of trading at Commercial Bank of Africa. "There ...
South Africa's rand strengthens to 2-week high vs dollar JOHANNESBURG: South Africa's rand climbed 1 percent to 11.0230 on Tuesday, its strongest in two weeks against the dollar as Japan's slide into recession helped boost demand for higher-yielding emerging market assets."The rand is stronger because high yields are in vogue at the moment," said David Gracey, a currency trader at Investec Bank. Copyright Reuters, 2014 ...
Kenyan shilling eases on corporate dollar demand, stocks dip NAIROBI: Demand for dollars from importers and manufacturers weakened Kenya's shilling on Tuesday although it ended off lows for the session, while share prices also slipped.At the market close of 1300 GMT, the shilling was at 90.10/20, compared with Monday's finish of 89.90/90. The currency touched a low of 90.15/25 before reversing some losses.The weakness was broadly driven by corporate demand for dollars, but traders said some firms saw the shilling's lows for the day ...
South Africa's rand, bonds hold steady, look offshore for direction JOHANNESBURG: South Africa's rand held steady against the dollar early on Tuesday as it waited for direction from abroad, while lower oil prices and Japan's slip into recession supported government debt. AT 0640 GMT the rand nudged up to 11.1175 to the dollar, off a 11.1345 close in New York on Monday. The currency was trading within Monday's levels, with little on the domestic calendar to inspire moves in either direction. Local factors will come ...
Kenyan shilling weakens as companies seek dollars NAIROBI: Kenya's shilling weakened in early trade on Tuesday, driven by demand for dollars from importers and manufacturers.By 0718 GMT, the shilling was trading at 90.05/15 to the US currency, lower than Monday's close of 89.80/90."We have weakened in early morning trade on the back of corporate demand," said Sheikh Mehran, head of trading at I&M Bank. "It is a correction from last week's central bank move."The shilling had strengthened to below the 90-level after ...

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln