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Kenya Shilling Rises to Five-Week High as Businesses Pay Taxes

Kenya’s shilling rose for a sixth day, reaching the highest in more than five weeks, as businesses sought the currency to settle tax bills.

The currency of East Africa’s largest economy appreciated as 0.6 percent to 83.60 per dollar by 5:02 p.m. in the capital Nairobi, its strongest since May 15.

“The shilling has gained as businesses make payment of their taxes and a tight liquidity situation in the market following the recent drive to curb money supply by the central bank,” Duncan Kinuthia, a dealer at Nairobi-based Commercial Bank of Africa Ltd., said in a phone interview today.

Businesses submitted their value added tax, withholding tax, aviation tax and standards levy charges today, according to the Kenya Revenue Authority website.

The central bank did not offer repurchase agreements and term-auction deposits today, a central bank official who asked not to be named in line with policy said. The bank re-introduced term-auction deposits as a “liquidity management” measure on June 5, according to a statement on its website.

Uganda’s shilling weakened 0.1 percent to 2,487.50 per dollar, while Tanzania’s currency appreciated less than 0.1 percent to close at 1,582 per dollar.

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