Kenyan shilling stable, trading activity slow

NAIROBI: The Kenyan shilling was barely changed on Monday, with traders expecting the currency to remain stable with less activity in the market as the holidays approach.

At 0830 GMT, commercial banks quoted the shilling at 90.30/50 to the dollar, compared to Friday's close at 90.35/45 to the dollar.

"Most businesses and NGOs (non governmental organizations) closed on Friday. Christmas is around the corner, and there is minimal trading activity," said a trader at a major commercial bank.

Last week, traders said the shilling could benefit from banks trimming their long dollar positions.

"I am just seeing interbank (players) closing their long dollar positions ahead of the weekend," Julius Kiriinya, a trader at African Banking Corporation, said.