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"Appreciation mainly result of increased flower exports to Eurozone"

Kenya: Shilling appreciates 0.5% against dollar

The Kenya Shilling appreciated by 0.5 percent against the US Dollar during the month of February to 101.6 shillings, from 102.2 shillings at the end of January. Kenya’s leading regional investment firms, Cytonn, reported on Monday that the appreciation was mainly as a result of increased flower exports to the Eurozone in the middle of the month which saw the Kenyan Shilling hit a 1-year high of 100.8 shillings against the US dollar, but later depreciated.

Cytonn further pointed out that they expected the country’s inflation rates for 2018 to average 7.5 percent, which is the upper ceiling of the government target range of between 2.5 percent – 7.5 percent.

“We expect inflation rates for 2018 to average 7.5%, which is the upper bound of the government target range of between 2.5% – 7.5%,” Cytonn said in a statement.

Source: www.journalducameroun.com
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