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Middle East & Africa


Qatar riyal sinks in forwards market on loan concern: traders DUBAI: Qatar's riyal fell sharply in the forward foreign exchange market on Wednesday because of concern about the country's progress in obtaining a syndicated loan of up to $10 billion from banks, traders said.One-year U.S. dollar/riyal forwards rose as high as 312 points, their highest level since February 2009 during the global financial crisis, from 250 points on Tuesday.Earlier this month, bankers said Qatar was in talks with banks for a loan of up to $10 billion to help cover its expenses. Qatar is one of the wealthiest of the Gulf Arab energy exporters, but its income has been pressured by low oil and gas prices.The five-year loan was expected to carry a margin below 100 basis points over the London interbank offered rate, one of the bankers said at the time. Qatar was aiming to complete the deal by the end of this year.On Wednesday, senior traders at two ...

South African rand steadies but looming US rate hike poses risk JOHANNESBURG: South Africa's rand was largely unchanged against the dollar in early Wednesday trade but analysts said the short-term prognosis was for the currency to weaken as US interest rates look set to rise. The JSE securities exchange's Top-40 futures index was up 0.6 percent, indicating the actual index would open 265 points higher.At 0648 GMT the rand traded at 14.0250 versus the dollar, barely moved from Tuesday's New York close at 14.0370. The rand ...
Egyptian pound steady at dollar sale, lower at parallel market CAIRO: The Egyptian pound was stable at a dollar sale on Tuesday, with the central bank selling $37.8 million at a cut-off price of 7.7301 pounds per dollar, while the currency weakened on the parallel market.Earlier this month the central bank surprised the market by strengthening the pound by 20 piasters from 7.9301 pounds to the dollar.The official cut-off price was unchanged from Sunday's dollar sale, but one trader said the dollar changed hands at ...
Ugandan shilling steady, helped by subdued dollar demand KAMPALA: Uganda's shilling was broadly stable on Tuesday, helped by tight liquidity and subdued appetite for the U.S. dollar.At 0939 GMT, commercial banks quoted the shilling at 3,375/3,385, unchanged from Monday's close."There are pockets of shilling tightness in the interbank (market)," said Ali Abbas, trader at Crane Bank, adding that regular end-month corporate demand for dollars could start putting pressure on the local currency in the coming days.Companies such as manufacturers usually seek dollars towards ...
Kenyan shilling closes steady; shares rise NAIROBI: The Kenyan shilling was little changed against the dollar on Monday as expectations of central bank intervention lent support to the local currency, while stocks rose.At the close of trade, commercial banks quoted the shilling at 102.15/25 per dollar, barely changed from Friday's close of 102.10/20.Traders said trading volumes were thin, partly due to importers' lower appetite for dollars ahead of Christmas."The aggressive posture of the central bank was supporting the shilling," said one ...
Nigerian naira eases on parallel market after central bank cut dollar supply LAGOS: Nigeria's naira currency eased 2.17 percent against the dollar on the parallel market on Monday after the central bank cut dollar supply to bureaux de change operators in a bid to conserve forex reserves, traders said.The local currency traded at 235 to the dollar on the parallel market compared with 230 a dollar on Friday, but remained unchanged at 197 to the dollar on the official interbank market. "The central bank has reduced the ...
South Africa's rand eases on US rate hike jitters, stocks fall JOHANNESBURG: South Africa's rand ended a five-day winning streak to the dollar on Monday as the dollar firmed one the likelihood of a December rate hike by the US Federal Reserve and its negative impact on emerging markets. Resource stocks pulled the bourse lower as base metals fell to multi-year lows on worries that the surge higher in the dollar will deter producers from making supply cuts in a market battling poor demand, especially in ...


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln