Currency | - Part 8

Angola’s central bank devalues kwanza by about 6 pct

Luanda, Angola (Capital Markets in Africa) – Angola’s central bank devalued the kwanza currency by about 6 percent against the dollar, a statement showed, a move analysts said was aimed at stimulating foreign currency inflows eroded by falling global oil prices. According to the bank’s latest update on the official exchange rate, issued late on Thursday, one U.S. dollar will now cost 116-117 kwanza, compared with 109-111 before. The exchange rate is however much higher…

South Africa’s rand softens as dollar rises on robust housing data

Posted on by The Editorial Team

Johannesburg, South Africa (Capital Markets in Africa):- South Africa’s rand weakened on Tuesday as the dollar was buoyed by strong U.S. housing data that revived bets of a rate hike in the world’s strongest economy by year-end. At 1502 GMT the rand had eased 0.26 percent to 11.9190 against the dollar, having ambled in the 11.80 region for most of the day before sliding lower as the greenback gained on the positive housing figures. U.S….

Egypt central bank sells $37.8m in FX auction

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa):- The Central Bank of Egypt said it sold $37.8 million to local banks in a foreign currency auction held Tuesday, at a cut-off price of EGP 7.53 per dollar. The banks had offered $40 million. The central bank has recently offered $800 million to banks under the interbank mechanism to meet the demand for the hard currency needed for importing goods ahead of the holy month of Ramadan.

Moody’s: Currency shifts to widen gap between global economies in 2015-16

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London (Capital Markets in Africa):- Robust US growth and stabilising financing conditions will help the global economy to grow more strongly next year after muted growth in 2015, says Moody’s Investors Service in its quarterly Global Macro Outlook report. Divergence between the major economies is likely to widen. The report “Global Macro Outlook: 2015-16. Stronger US Dollar and Shifts in Capital Flows Stoke Divisions in Global Growth”, is now available on www.moodys.com. Moody’s subscribers can…

Zambia central bank to address volatile kwacha

Posted on by The Editorial Team

LUSAKA (Reuters) – Zambia’s central bank will take measures to deal with the volatility in the kwacha’s exchange rate against the dollar, including tightening liquidity in the market, new Governor Denny Kalyalya said on Friday. The kwacha turned on his comments, firming by 1.3 percent to 7.55, having earlier fallen more than 1.1 percent against the greenback. The currency weakened to a record low of 7.7500 on Thursday. The local unit has fallen about 20…

Kenyan shilling weakens as traders meet dollar demands

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling weakened slightly on Monday, with banks coming into the market to buy dollars to meet anticipated demand and square their positions.At 0750 GMT, commercial banks quoted the shilling at 91.25/35 to the dollar, compared to Friday’s close of 91.15/25 per dollar.”Guys have come in to take advantage of the lower rates to meet some of their demands,” said Martin Runo, a senior trader at Chase Bank.”Once the shilling started strengthening,…

CFA franc peg to Euro sustainable

Posted on by The Editorial Team

Standard Chartered Bank considered that a devaluation of the West African CFA franc and the Central African CFA franc, which are both pegged to the Euro, is not likely in the near term. The CFA franc is the common currency of the West African Economic & Monetary Union and the Central African Economic & Monetary Community. First, it anticipated that the depreciation of the Euro against the US dollar would benefit the CFA franc zones…

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