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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan shilling stable before rate-setting meeting       

NAIROBI (Xinhua) -- The Kenyan shilling closed the week on Friday stable against the U.S. dollar as the market awaits a key Central Bank meeting next Monday for direction.

The local unit traded unchanged at an average of 102.90 to the dollar, the same level it stood on Thursday.

The apex bank placed the shilling at 102.90, a negligible decline from 102.89 in the Thursday trading.

On the other hand, the East African nation’s commercial banks quoted the Kenya shilling at between 102.90 and 103.10, similar margins as those in the previous session.

Forex traders attributed the stability of the currency to the much-awaited rate-setting meeting which will be held on Monday by the Central Bank’s Monetary Policy Committee.

The meeting, according to analysts, would retain the benchmark rate at 10 percent as inflation is under check at about 5 percent.

Against the British pound, the shilling weakened on Friday to close the week at 142.71 from 141.92 in the Thursday session.

           

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