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Kenyan Shilling Little Changed; Equity Bank Expects Advance

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Dec. 7 (Bloomberg) -- Kenya’s shilling was little changed against the dollar. The currency may strengthen in the coming weeks, Nairobi-based Equity Bank Ltd. said today in an e-mailed note to clients.

The currency of East Africa’s biggest economy weakened 0.1 percent to 80.45 per dollar at 10:48 a.m. in the capital, Nairobi, from yesterday’s close of 80.35.

The shilling may gain against the dollar in the remainder of the year “due to reduced imports and rising remittances from the diaspora, coupled with higher tourism,” Equity Bank said.

Kenya’s current-account deficit narrowed to $1.79 billion in the year through August, from $2 billion a year earlier, the central bank said Dec. 3. Cumulative remittances during the nine months through September climbed 22 percent from a year earlier to $461.4 million, the bank said Nov. 19. The country is a popular destination for tourists during the European winter.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.

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