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Kenya Shilling Strengthens After the Central Bank’s Repo Auction

May 7 (Bloomberg) -- Kenya’s shilling gained, reversing an earlier decline, after the central bank’s sale of repurchase agreements.

The currency of East Africa’s biggest economy appreciated less than 0.1 percent to close at 83.13 per dollar in Nairobi, after falling 0.2 percent.

Kenya’s central bank offered and accepted bids for 5 billion shillings ($60 million) in its one-week repo auction at a weighted average rate of 17.363 percent after receiving offers for 6.1 billion shillings, an official in the bank’s money market department, who asked not to be identified citing policy, said in a phone interview today from Nairobi. The bank has accepted bids for 16 billion shillings since April 27 through repo auctions, according to data compiled by Bloomberg.

The Ugandan shilling weakened for the second day, depreciating 1 percent to close at 2,485 per dollar, the biggest decline since April 11.

Tanzania’s shilling declined for the first day in three, retreating 0.4 percent to close at 1,584.50 against the dollar.

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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