Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo

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

Communications

Industry Products

Media Services

Follow Us

Kenya Shilling Weakens as Businesses Buy Dollars Before Vote

Jan. 31 (Bloomberg) -- Kenya’s shilling weakened, reversing gains made this week, as importers accumulated dollars ahead of elections.

The currency of East Africa’s biggest economy depreciated as much as 0.2% to 87.70 a dollar and traded lower at 87.65 a dollar by 1:08 p.m., snapping yesterday gains, according to data compiled by Bloomberg. The shilling has fallen 1.8 percent this year, compared with a 5.5 percent weakening of the South African rand and 7 percent drop by the Malawian Kwacha, the worst performing African currencies tracked by Bloomberg.

“The Kenyan shilling outlook remained bearish as importers stocked up on dollars ahead of national elections in March,” analysts at Nairobi-based NIC Bank Ltd., led by Bernard Matimu, said in a note to clients today. “The shilling could weaken to 89 before the elections,” it said.

Kenya will hold its presidential vote on March 4, the first since a disputed 2007 poll sparked two months of violence in which more than 1,100 people died.

Tanzania’s shilling depreciated for the third day, weakening 0.4 percent to 1,623.50 a dollar, the lowest since Dec 13, 2011, while the Ugandan shilling weakened 0.3 percent to 2,665 a 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

Please upgrade your Browser

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

Chrome, Firefox, Safari, Opera or Internet Explorer.