Dividend payments weigh on Kenyan shilling

NAIROBI: The Kenyan shilling edged down on Monday, under pressure from demand for dollars by oil importers and firms paying their shareholders abroad.

At 0705 GMT, commercial banks posted the shilling at 87.15/25, slightly weaker than Friday's closing rate of 87.10/20.

"It will be under pressure for the rest of the month, and

then we will see it do better once the dividend season is out," said a trader with a leading commercial bank.

Kenyan firms have a wide array of foreign shareholders who have to be paid their annual dividends in hard currency.