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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

 


 

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