Khusoko – East African Markets
    Facebook Twitter Instagram
    Khusoko – East African MarketsKhusoko – East African Markets
    • NEWS
    • ECONOMY
      • BANKING & FINANCE
      • COMPANY
      • MARKETS
    • INDUSTRY
      • AGRICULTURE & ENVIRONMENT
      • HEALTH & WELLNESS
      • PROPERTY
        • RETAIL
      • TECHNOLOGY
        • ELECTRONICS
    • ENTREPRENEURSHIP
      • ENTREPRENEURS
      • PEOPLE
      • PERSONAL FINANCE
    • SPORTS
    • COMMENTARY
    • ARTS & CULTURE
      • BOOKS
      • ENTERTAINMENT
      • FAMILY & RELATIONSHIPS
      • FASHION & STYLE
      • FOOD & DRINK
      • TRAVEL & LEISURE
    Khusoko – East African Markets
    MARKETS

    Kenya Shilling Defies Volatility, Closes at KSh 103.9

    KhusokoBy Khusoko2019-09-23No Comments2 Mins Read
    Dr Patrick Njoroge, CBK Governor Displaying some of the new currency Notes
    Dr Patrick Njoroge, CBK Governor Displaying some of the new currency Notes

    The Kenya Shilling gained against the dollar for the first time week ending September 20 to close Ksh 103.9. 

    “It exchanged at KSh 103.91 per US Dollar on September 19, compared to KSh 103.78 on September 12,” according to the Central Bank of Kenya weekly bulletin. 

    This was supported by inflows from diaspora remittances amidst thin dollar demand from merchandise importers. 

    Early in the week, the Kenya Shilling was termed as the most stable currency in Africa despite recent volatilities by Charles Robertson, Renaissance Capital’s global chief economist. 

    “I agree with Central Bank of Kenya that the shilling’s stability is organic, otherwise, we could not have witnessed this kind of resilience,’’ Robertson told investors during the Renaissance Capital’s 5th Annual East Africa Investor Conference held in Nairobi.

    CBK governor Patrick Njoroge attributed the shilling’s strength to a drop in the current account deficit, which stands at 4.2 percent of GDP, down from 10.4 percent four years ago.“I want to emphasis that we have a flexible exchange rate policy. We only intervene to minimise volatility,’’ Njoroge said.

    National Treasury in its 2019 Budget Review paper further says the Kenya Shilling exchange rate has continued to display relatively less volatility, compared to most sub-Saharan African currencies. 

    “ This stability reflected strong inflows from tea and horticulture exports, strong diaspora remittances and tourism receipts.” “However, against the US Dollar, the Shilling weakened in August 2019 exchanging at 103.3 compared to the same period in 2018 where Ksh 100.6 were required to buy one Dollar. 

    The depreciation of shilling is attributed to increased demand for import and excess liquidity in the money market.”    

    Kenya Shilling Money Market
    Khusoko

    Multimedia platform providing analysis of business & financial news in East Africa.

    Related Posts

    Kenya’s Central Bank Keeps Lending Rate Steady at 9.50%

    2023-05-29

    Finance Bill 2023: Kenya’s Most Extensive in The Recent Past

    2023-05-28

    IMF Staff, Kenya Reach Agreement for Kshs 56.58 Bn

    2023-05-23

    Leave A Reply Cancel Reply

    Our Language is Flirty
    https://www.facebook.com/flirtynailsparlour/
    MORE TOP STORIES
    • Oppo Launches Find N Flip its Foldable Smartphone in Kenya
    • Kenya’s Central Bank Keeps Lending Rate Steady at 9.50%
    • Investing in Healthcare: M-PESA Foundation’s KSh 46 Mn Investment in Medical Camps
    • Do You Feel Sudden Heavy Emotions? Here’s How to Manage It
    • CAK Approves Hope Advancement’s 51pct Acquisition of Smep Microfinance Bank
    • Facebook
    • Twitter
    • LinkedIn
    Facebook Twitter LinkedIn
    • ABOUT US – KHUSOKO
    • PRIVACY POLICY
    • KHUSOKO STANDARDS GUIDE
    © 2023 Khusoko. All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.