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Middle East & Africa


Kenyan shilling firms on central bank dollar sale, stocks up NAIROBI: Kenya's shilling made modest gains on Wednesday after the central bank sold an undisclosed amount of dollars, while stocks were up.At the close of trade at 1330 GMT, the shilling was quoted at 105.55/65 to the US dollar, compared with Tuesday's close of 105.70/80.The shilling had almost touched an all-time low of 106.80 last week, before the central bank intervened with dollar sales to support it.Traders said the bank intervened again at 1245 GMT on Wednesday and sold dollars through brokers."There was a lot of central bank activity as they do not want to cross that 106.00 (versus the dollar) level," said one trader at a Nairobi-based bank.The central bank does not usually comment on its interventions.The central bank's announcement last week that its reserves dipped to $6.252 billion, below the four months import cover it usually keeps, has rattled nerves. But one trader said the bank had an ...

Egyptian pound stable at dollar sale, stronger at exchange bureaux CAIRO: The Egyptian pound was held steady by the central bank at a dollar sale on Tuesday, selling $37.8 million at a cut-off price of 7.7301 pounds per dollar, but strengthened on the parallel market. The official cut off price remained unchanged from Sunday's dollar sale but one trader said the dollar changed hands at 8.05 pounds in the parallel market, while another said it was at 8.10 pounds to the dollar, compared with 8.17 ...
Ugandan shilling slightly firmer as tax payments dampen demand KAMPALA: The Ugandan shilling gained on Tuesday as demand for hard currency slowed after corporate clients made mid-month tax payments. At 1007 GMT, commercial banks quoted the shilling at 3,658/3,668 to the US dollar, compared with Monday's close of 3,662/3,672. "Mid-month tax payments have pretty much slowed appetite from corporates," said Shahzad Kamaluddin, a trader at Crane Bank. Tax payments usually buoy the shilling because companies, mostly importers, reserve some of their local currency holdings ...
Ugandan shilling unchanged, central bank dollar purchase seen posing risk KAMPALA: The Ugandan shilling was flat on Monday but market players were on alert for any signs of depreciation pressure after the central bank resumed its dollar purchasing programme. At 0914 GMT, commercial banks quoted the shilling at 3,660/3,670 to the US dollar, unchanged from Friday's close. "We have the central bank back in the market today that will be a main factor players have their eyes on," said Faisal Bukenya, head of market making ...
Ugandan shilling flat, focus on central bank dollar purchases KAMPALA: The Ugandan shilling was stable on Friday, supported by subdued demand for the dollar, but traders said it was likely to come under pressure again next week when the central bank resumes its dollar purchasing programme. At 0927 GMT commercial banks quoted the shilling at 3,660/3,670, unchanged from Thursday's close. "One key factor to look out for is a signal from Bank of Uganda on resumption of the reserve build up," said Stephen Kaboyo ...
Kenya's shilling holds steady against dollar for now NAIROBI: Kenya's shilling was little changed against the dollar on Thursday, but was expected to come under pressure once the impact of the central bank intervention earlier in the week to support the currency fades.At 0925 GMT, commercial banks quoted the shilling at 105.25/45, barely changed from Wednesday's close of 105.25/35.Kenya's central bank intervened in the market on Monday and Tuesday, selling substantial quantities of dollars to boost the shilling as the local currency edged ...
Egypt pound steady at dollar sale, sharply higher at exchange bureaux CAIRO: Egypt's central bank kept the pound steady at a dollar sale on Thursday, selling $37.6 million at a cut-off price of 7.7301 pounds per dollar, unchanged from Tuesday. The cost of the pound nevertheless rose sharply at foreign exchange bureaus. Two traders at exchange bureaus said the pound was changing hands at 8.20 pounds per dollar while another said it was changing at 8.17 pounds per dollar, both rates sharply higher than Tuesday's rate ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.998 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklySeptember 21, 2015
Reserves $18.726 bln