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Kenyan shillings hit fresh low against US dollar

by ChemOrbis Editorial Team -
  • 14/07/2015 (11:03)
According to media sources, the Kenyan shilling hit a three-and-a-half year low against the US dollar early this week since demand for US dollars is increasing in the energy and the manufacturing sectors. The shilling has retreated by around 14% since the beginning of the year.

Players expect a move from Kenya’s Central Bank to prop up the shilling by selling dollars.
However, over the near term, the shilling is expected to remain under pressure since the country’s tourism revenues have been hurt by the increasing number of attacks by Somali Islamists. Apart from that, the shilling has also been hurt by the country’s wide current account deficit.

On another note, a source from Kenya’s Central Bank reported to the media early this week that the Bank is planning to remove 21 billion shillings (204.88 million dollars) in excess liquidity from the money markets using term auction deposits.
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