Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Kenya Currency Weakens for Fourth Day Before Inflation Data

Don't Miss Out —
Follow us on:

Aug. 30 (Bloomberg) -- Kenya’s shilling weakened for a fourth day as investors await inflation data that will influence the central bank’s review of interest rates next week.

The currency of East Africa’s largest economy depreciated 0.2 percent to 84.40 a dollar by 4:56 p.m. in Nairobi, Kenya’s capital, set for the lowest since June 15.

“Investors are looking for the inflation data,” Peter Mutuku, a trader with Bank of Africa Ltd., said by phone from Nairobi. “If it goes down there will be pressure to cut rates.”

The Kenya National Bureau of Statistics releases inflation data by end of every month. Inflation slowed for an eight month in July, with the rate declining to 7.7 percent from 10.1 percent in June. The central bank is due to review policy on Sept. 5. Monetary policy makers last met in July when they cut the key lending rate for the first time in 18 months, lowering it 1.5 percentage points to 16.5 percent.

Uganda’s shilling declined for the first time in five days, falling 0.1 percent to 2,497.50 a dollar. The Tanzanian currency dropped 0.5 percent to 1,578.50, set for its biggest slump since July 23, according to data compiled by Bloomberg.

To contact the reporter on this story: Sarah McGregor in Nairobi at smcgregor5@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.