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:

3/20/2018 Labor costs a concern for growers in New Zealand
3/20/2018 India: Kalimpong could become floriculture hub
3/20/2018 Cold front slows Dutch flower export - but not towards Eastern Europe
3/19/2018 US: University says customers willing to pay more for Florida produce
3/15/2018 US: Florida consumers willing to pay more for flowers
3/15/2018 Cold weekend talk of town at Royal FloraHolland Seasonal Trade Fair
3/14/2018 South Korea: Flower market booms in March
3/14/2018 US: Bill to provide Hawaii with floriculture research funding
3/13/2018 India: Floriculture making strides in Nagaland
3/12/2018 UK: Popular UK Mother's Day flowers and plants
3/12/2018 Floriculture business Nepal booms alongside rapid urbanisation
3/9/2018 US: Florists saw rush of orders on Valentine’s Day
3/9/2018 Certification responds to increasing demand for sustainability
3/9/2018 Mother’s Day means Money Day for UK florists
3/9/2018 "Vietnam, EU likely to sign FTA soon"
3/8/2018 Germany: Is Amazon forcing plant retailers into a price war?
3/8/2018 Women's Day: "Russian market is growing up"
3/8/2018 Slavic men suffer from Women's Day stress
3/8/2018 "Vietnam, EU likely to sign FTA soon"
3/8/2018 Meeting the peak season demand of international floral markets


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