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Kenya Shilling Fluctuates as Central Bank Mops Up Liquidity

Aug. 24 (Bloomberg) -- Kenya’s shilling fluctuated against the dollar as the Central Bank of Kenya sought to meet demand through repurchase agreements.

The currency of East Africa’s largest economy was less than 0.1 percent stronger at 83.95 a dollar by 4:36 p.m. in Nairobi, the capital, having earlier weakened 0.1 percent. The currency has advanced 0.3 percent this month.

The shilling is “expected to be supported in coming days by central bank liquidity mop-ups,” Nairobi-based NIC Bank Ltd. said today in an e-mailed note to clients.

The central bank accepted 8.01 billion shillings ($95.3 million) today via repurchase agreements, after it received bids worth 9.84 billion shillings for the 8 billion shillings it had offered, a central bank official who asked not be named in line with policy said by phone.

The Tanzanian shilling was trading 0.1 percent stronger at 1,569 a dollar, while Uganda’s shilling gained 0.4 percent to 2,520 versus the U.S. currency, snapping two days of decline.

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

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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