Economy

Kenyan shilling steady as central bank stays vigilant on volatility

Date: Apr 22, 2015

The Kenyan shilling was unchanged against the dollar on Wednesday and traders expect the central bank to keep managing any volatility with intervention whenever necessary.

By 0650 GMT, commercial banks traded the shilling at 93.70/80, unmoved from the previous day's close.     
The central bank sold an unspecified amount of dollars to banks in Tuesday’s session, helping to lift the shilling from its intra-day low.    
"If it threatens to go past 94.00 we will see CBK (central bank) coming in to bring it down," Chase Bank trader Martin Runo said.    
Traders expect the shilling to maintain its weakening bias, mainly due to a firmer dollar.    
The shilling is down 3.7 percent against the greenback this year. It has fared better than other regional currencies. The Ugandan shilling has lost 8.5percent while Tanzania shilling hit a record low last week.    
--reuters--

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