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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya shilling sustains positive growth amid tough political climate   

NAIROBI (Xinhua) -- The Kenyan shilling gained more ground against the U.S. dollar Tuesday as the currency sustained positive growth even as East African nation’s economy takes a beating from prolonged electioneering period.

Kenya is set to hold repeat presidential polls on Oct. 17, which the opposition has threatened to boycott, with the extended period putting the total campaign period since March at six months.

On Tuesday, the Kenya shilling traded at an average of 102.7 to the dollar, a gain from 102.8 the previous day.

The Central Bank of Kenya (CBK) on Tuesday quoted the local unit at 102.7 after rising from 102.89, in the previous session and 103.0 at the end of last week.

Commercial banks, on the other hand, placed the value of the shilling against the dollar at between 102.7 and 102.9, with traders noting that there was high dollar inflows which helped to offset demand from oil importers.

Similarly, the local currency strengthened against the British Pound to close the day 135.5 from 135.85 in the previous session. On a year-to-date basis, the shilling has depreciated against the dollar by 0.4 percent. 

However, according to Cytonn, a Nairobi-based investment firm, the International Monetary Fund notes that the dollar is overvalued by between 10 and 20 percent based on economic fundamentals, which therefore puts shilling at stronger position. 

             

 

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