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Kenyan shilling seen stronger after central bank talks up currency  NAIROBI: The Kenyan shilling hovered at near three-year lows on Wednesday, with traders saying it could strengthen after the central bank on Tuesday indicated that it had adequate reserves to defend the local currency.At 0835 GMT, commercial banks posted the shilling at 89.55/65 to the dollar, slightly firmer on Tuesday's close of 89.60/70. The shilling had at one point on Tuesday slipped to 89.65/75, its weakest level since December 2011.The rate-setting Monetary Policy Committee (MPC) said the shilling was stable due to remittances by Kenyans abroad and participation by foreign investors at the stock market. It also said that it had adequate hard currency reserves to cushion the foreign exchange market against any shocks.Nahashon Mungai, a trader at KCB, said the shilling was receiving support from the MPC statement."This sort of rhetoric coming out of the MPC yesterday has definitely made the sentiment for the shilling rather positive this morning, ...

Kenyan shilling under pressure after weekend attacks NAIROBI: The Kenyan shilling weakened on Monday, hurt by fears that the ailing tourism sector, a key source of hard currency, could be damaged further after weekend attacks along the country's Indian Ocean coastline.At 0730 GMT, commercial banks posted the shilling at 89.45/55, slightly weaker on Friday's close of 89.40/50."Security concerns are what has made the shilling weaken slightly," said Eric Gathecha, a trader at I&M Bank.Kenyan soldiers on Sunday shot dead six suspected members ...
Kenyan shilling weakens on end-month dollar buying, shares fall NAIROBI: The Kenyan shilling edged down against the dollar on Friday with companies in the energy and manufacturing sectors buying the US currency, while shares fell.The shilling closed at 89.40/50, slightly down from Thursday's close of 89.30/40."This is just due to usual end of the month and end of the week covering. There was also a bit of demand from energy companies and manufacturers," Sheikh Mehran, head of trading at I&M bank.During the week, traders ...
Kenyan shilling holds steady, bond flows still help NAIROBI: The Kenyan shilling was unchanged on Thursday, supported in part by expectations of hard currency inflows from offshore investors in a government bond.At 0840 GMT, the local currency of East Africa's biggest economy traded at 89.30/40 to the dollar, unchanged from Wednesday's closing level.The central bank on Tuesday announced an additional sale of a 12-year government infrastructure bond worth 20 billion shilling ($220 million), attracting currency inflows that balanced end-month dollar demand from importers."The ...
Ugandan shilling stronger on dollar inflows from charities KAMPALA: The Ugandan shilling strengthened on Wednesday, helped by dollar inflows from non-governmental organisations and expectations foreign investors will participate in a Treasury bill auction.At 0914 GMT, commercial banks quoted the shilling at 2,700/2,710, from Tuesday's close of 2,705/2,715."The market has received substantial inflows from NGOs that we normally get at the end of the month," said Faisal Bukenya, head of market making at Barclays Bank.Charities typically convert hard currency at the end of the ...
Kenyan shilling firms on infrastructure bond, stocks rise NAIROBI: Kenya's shilling strengthened on Tuesday, helped in part by expectations of hard currency inflows from offshore investors in a government bond, while stocks recovered to close higher.The currency of East Africa's largest economy closed at 89.25/35 to the dollar, firmer than Monday's close of 89.35/45.Investors seeking to take up a 12-year government infrastructure bond worth 20 billion shillings ($224 million), the proceeds of which will partly be used to fund expansion of Kenya's main ...
South Africa's rand firmer as US data disappoints JOHANNESBURG: The rand firmed to a six-week high against the dollar on Tuesday as durable goods orders in the United States came in below estimates.The rand raced to 10.8850 against the dollar from a New York close of 10.9410, shortly after the U.S. Commerce Department said non-defense capital goods orders fell 1.7 percent in September- its biggest drop in eight months."The magnitude of the surprise in the U.S. data would have unsettled market participants, especially ...

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln