Kenyan shilling steady, expected to firm due to remittances

NAIROBI: The Kenyan shilling was stable against the dollar on Tuesday but was forecast to strengthen supported by remittances from Kenyans abroad, traders said.

At 0912 GMT, commercial banks quoted the shilling at 101.15/35 per dollar, the same as Monday's close.

Central Bank of Kenya data showed that in 2017 remittances increased to $1.95 billion from $1.72 billion a year earlier, surpassing horticulture exports and tourism earnings as Kenya's top source of foreign exchange.