Announcements

Job offersmore »

Tweeting Growers

Last commentsmore »

Top 5 - yesterday

Top 5 - last week

Top 5 - last month

Exchange ratesmore »




Turbulent start to 2017 for Kenyans as shilling slides

The Kenyan shilling has started the year on a turbulent note, slipping to a 15-month low against the US dollar and setting local consumers up for higher cost of imported goods as well as a steep rise in electricity bills.

“The shilling opened the year under pressure from importers, losing ground [to the dollar]. This trend is expected to remain throughout the week and we may see the regulator stepping in to manage volatility,” fixed income analysts at Genghis Capital said in a brief.

The importers are looking to fill their dollar requirements after the holidays, when most had stayed off the market.

Reports indicated that the Central Bank of Kenya (CBK) had moved into the market to sell an undisclosed amount of dollars in a bid to stave off extreme exchange rate volatility.

Foreign exchange reserves held by the CBK have over the past one month fallen by $318 million (Sh33 billion) to $6.97 billion — equivalent to 4.56 months of import cover.

Read more at Business Daily

Publication date: 1/5/2017

 


 

Other news in this sector:

10/19/2017 1-800-Flower.com now available via the Google Assistant
10/19/2017 Kenya’s approach to sustainability
10/19/2017 UK: Repotting the New Covent Garden Market
10/19/2017 US: New study tracks purchases of flower-buying consumers
10/18/2017 Kenyan union denies flower firms relocating to Ethiopia
10/18/2017 UK: Value of flowers and plants increased while overall value of crops fell
10/18/2017 "Plenty of opportunities to flourish in Dutch floriculture"
10/17/2017 EFTA and Ecuador make progress towards FTA
10/17/2017 Myanmar flower growers squeezed by imports from China
10/17/2017 Growth in Dutch, German flower and plant exports
10/16/2017 Dutch police raids greenhouses in heroin investigation
10/16/2017 Kenya: Concern as flower farmers relocate to Ethiopia
10/16/2017 Video: John Hardcastle talks about successful stories
10/12/2017 Tanzania: Horticultural exports generated $642M in 2016
10/11/2017 Design Star spreading American Grown flower love nationwide
10/11/2017 India: Floriculture estate likely to come up at Sirvoi
10/11/2017 "Green plants are not just a trend"
10/11/2017 Ethiopia's central bank devalues currency by 15 percent
10/10/2017 USDA helping growers build success with new technology
10/10/2017 Where do florist flowers come from?

 

Leave a comment: (max. 500 characters)

  1. All comments which are not related to the article contents will be removed.
  2. All comments with non-related commercial content, will be removed.
  3. All comments with offensive language, will be removed.




  Display email address

  new code