Kenyan Shilling Hits 11-Month High on Supply, Coffee Sales
Kenya’s shilling strengthened to its highest in eleven months as the central bank offered to mop up money supply and on increased dollar inflows from coffee sales.
The currency of East Africa’s biggest economy appreciated 0.8 percent to 82.80 per dollar as of 12:51 p.m. in the capital, Nairobi. A close at this level would be the highest since March 2, according to data compiled by Bloomberg.
The central bank is offering 2 billion shillings ($24 million) of seven-day repurchase agreements to mop up liquidity, an official at the Nairobi-based bank, who declined to be identified in line with policy, said by phone today.
Kenya’s weekly coffee sale rose 20 percent to 7,896 bags, worth $2.69 million compared to last week’s auction, Nairobi Coffee Exchange said in an e-mailed statement yesterday.
Tanzania’s shilling appreciated 0.5 percent to trade at 1,590 as of 12:46 p.m., while the Ugandan shilling weakened 0.2 percent to 2,315 per dollar.
-- Editors: Peter Branton, Wojciech Moskwa
To contact the reporter on this story: Johnstone Ole Turana in Nairobi at jturana@bloomberg.net
To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net
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