MTN, Africa's biggest mobile operator by subscribers, has posted lower 2009 profit despite its new customer base increasing by 28% to 116 million. The country's second-biggest mobile phone operator says movements in exchange rates in the year, mainly in the South African rand and Nigerian naira, had a substantially negative impact on the group's financial results.

Chief executive officer of MTN Phuthuma Nhleko, who will step down as CEO and group president in March 2011, says MTN may face tougher competition from its rival, Kuwait's Zain in Africa as India's Bharti Airtel seeks to buy Zain's African mobile operations for $10.7 billion.

Rand Merchant Bank (RMB) says that the rand is poised to strengthen beyond the R10 per-Euro mark for the first time in more than two years. This as fiscal difficulties weaken the common currency used by 16 European countries. RMB says a breach of the psychologically important level for the first time since January 2008, may occur quite soon.

The Euro has slumped versus most major and emerging-market currencies this year on concern Greece may need a bailout from its European Union partners. The Rand has strengthened more than 5% against the Euro this year, adding to its 24% rally in 2009.