FX | - Part 7

Zambia’s kwacha gains 3 pct on possible mining tax review

LUSAKA (Reuters) – Zambia’s kwacha gained more than 3 percent against the dollar on Friday, boosted by expectations of changes to the copper producer’s mining royalty regime and reduced liquidity after a rise in statutory reserves. By 1429 GMT, the kwacha was trading at 7.2000 against the dollar, 3.16 percent firmer from its closing level on Thursday.”There is some correction on the kwacha after it over shot weaker yesterday,” said Zambia analyst Irmgard Erasmus of…

Nigeria to limit amount individuals can spend abroad on debit cards

Posted on by The Editorial Team

LAGOS (Reuters) – Nigeria’s central bank plans to limit the amount commercial bank customers can spend using their debits cards while abroad, an industry group said on Friday, in the latest crackdown on dollar demand to save its dwindling foreign reserves. The bank has been battling to prop up the naira after a sharp fall in the price of oil, Nigeria’s main export, which triggered a sell-off in assets by foreign investors. The Chief Executive…

Kenyan shilling steady, traders wary of central bank intervention

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling was steady on Thursday, and traders said it was expected to stay in a tight band as market players traded warily anticipating the central bank would sell dollars. At 0805 GMT, commercial banks quoted the shilling at 92.65/85, compared with 92.70/75 at Wednesday’s close. “After the last intervention that happened on Tuesday, the market yesterday was very quiet indeed,” said a senior trader at one commercial bank. The shilling had…

Kenyan shilling steady, seen supported by bond sale

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling was little changed on Wednesday, with dollar demand in the interbank market offset by central bank liquidity mop ups and hard currency inflows from investors preparing to buy a bond. By 0920 GMT, commercial banks quoted the shilling at 92.35/55 to the dollar, barely changed from Monday’s close of 92.35/45. Sheikh Mehran, head of trading at I&M Bank, said there was early dollar demand by banks in the interbank market…

Kenya shilling 5-10 pct overvalued, no policy shift needed: IMF

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling is overvalued by about 5 to 10 percent to the dollar but demand for imports and other market pressures are likely to weaken it gradually so no policy change is required, the IMF said. The shilling has lost 1.7 percent since the start of 2015 against the dollar, after a 4.5 percent fall in 2014 that was largely blamed on a downturn in the vital tourism industry after a number…

Kenya shilling firm, bond inflows match corporate dollar demand

Posted on by The Editorial Team

NAIROBI (Reuters) – 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…

South Africa’s rand at three-week high against dollar on EM rally

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – 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…

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