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Middle East & Africa


Kenya shilling firm, bond inflows match corporate dollar demand  NAIROBI: Kenya's shilling was steady in early business on Wednesday, with usual end-month demand for dollars matched by inflows of foreign exchange from investors attracted by a government bond auction.By 0733 GMT, the shilling was quoted at 91.75/95, little changed from Tuesday's close of 91.70/80."It looks like the flows that were expected for the upcoming infrastructure bond have been supporting the local currency," said Duncan Kinuthia, head of trading at Commercial Bank of Africa.A bond worth 25 billion shillings ($272 million) will be auctioned on Wednesday. Traders said it was drawing offshore interest.Traders said corporate demand for dollars was picking up as usual towards the end of the month, when companies meet regular payments. They said amounts sought were in the normal range.Kinuthia said he expected the shilling to stay in a recent range of 91.50 to 92.30 in the days ahead, while another trader cited a slightly narrower range ...

Ugandan shilling marginally stronger as dollar demand fizzles KAMPALA: The Uganda shilling was slightly stronger on Wednesday, buoyed by subdued demand for the U.S. currency, with the market wary the central bank could sell dollars if the local currency breached the key level of 3,000.At 0913 GMT commercial banks quoted the shilling at 2,970/2,980, stronger than Tuesday's close of 2,980/2,990."There's significant liquidity after a BoU (Bank of Uganda)injection yesterday but players are not taking positions," said Ahmed Kalule, trader at Bank of Africa."Some ...
South Africa's rand surfs near 2-week highs, eyes on MPC JOHANNESBURG: South Africa's rand traded within reach of the previous day's two-week high on Wednesday, with U.S. durable goods data likely to drive sentiment ahead of Thursday's domestic monetary policy statement.The local unit changed hands at 11.8335 per dollar around 0657 GMT, a 0.28 percent retreat from Tuesday's last trading level in New York.Government bonds extended gains with the yield on the benchmark 2026 government paper shedding 2 basis points to 7.63 percent, its lowest ...
South Africa's rand at three-week high against dollar on EM rally JOHANNESBURG: South Africa's rand rode the wave of an emerging market rally on Tuesday, extending gains to a new three-week high to a U.S. currency weighed down on expectations the Federal Reserve will delay an interest rate hike to September.By 1506 GMT the rand had firmed 0.5 percent to 11.8500 per dollar, having strengthened to as much as 11.8000 in the session before pulling back as weak Chinese manufacturing data restricted EM currency gains.Most of ...
Ugandan shilling extends losses on manufacturer dollar demand  KAMPALA: The Ugandan shilling weakened further on Tuesday after a surge in end-month dollar demand from manufacturing firms and an injection of liquidity by the central bank.At 0853 GMT commercial banks quoted the shilling at 2,980/2,990, weaker than Monday's close of 2,960/2,970."The shilling is taking in pressure from end of month (dollar) demand by manufacturing firms," said Isaac Iga, chief dealer at Orient Bank."The central bank has also injected in liquidity via a reverse repo ...
South Africa's rand rides on euro gains versus dollar JOHANNESBURG: South Africa's rand steadied versus the dollar after pushing firmer than the 12.00 mark overnight, helped by a stronger euro after the Federal Reserve signalled last week that U.S. rates would rise very gradually.A less aggressive than expected policy tightening cycle by the Fed would boost high-yielding emerging currencies such as the rand, even as South Africa's own central bank is expected to keep its key repo rate unchanged on Thursday.At 0643 GMT, the ...
Kenyan shilling steady, stocks fall on profit-taking NAIROBI: Kenya's shilling was stable on Monday, supported by offshore investors preparing to participate in this week's government bond sale, while stocks closed lower.The shilling closed trade at 91.90/92.10 to the dollar, little changed on Friday's close of 92.00/92.10."We won't see any changes until the bond auction flows are over," Julius Kiriinya, trader at African Banking Corporation, said.The central bank will auction an infrastructure bond worth 25 billion shillings ($272 million) on Wednesday, which traders ...


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Arrow Sensex 27,457.58 2.33

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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 $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln