Kenya Shilling Weakens Ahead of International Court Ruling
The currency of East Africa’s biggest economy weakened as much as 0.9 percent to 86.85 per dollar and traded 0.6 percent lower at 86.55 at 12:24 p.m. in Nairobi.
“The weakening of the shilling is tied to market nervousness over the ruling by the international criminal court, with buyers seeking to buy dollars in advance,” Duncan Kinuthia a dealer at Nairobi-based Commercial Bank of Africa Ltd., said in a phone interview today.
The ICC is expected to decide today whether to confirm crimes against humanity charges against the Kenyans, including Finance Minister Uhuru Kenyatta, for their alleged role in spurring violence after a disputed presidential election in 2007-08.
The clashes killed 1,500 people, displaced 300,000 and slowed growth in East Africa’s largest economy.
Tanzania’s shilling weakened for the first time in four days against the dollar, declining 0.5 percent to 1,593 while Uganda’s currency strengthened for a third day, gaining 0.4 percent to 2,385.
-- Editors: Peter Branton, Linda Shen
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