NAIROBI (Xinhua) --
The Kenyan shilling slid further on
Friday against the U.S. dollar as the central bank
reportedly intervened to prop it up.
ended the week at an average of 101.75 per dollar, down
from Thursday’s 101.50. The Central Bank of Kenya placed
the currency at 101.75 to the greenback, the lowest in
two weeks, from 101.46 of the previous day.
banks in the east African nation put the currency at an
even lower position of between 101.80 and 101.95.
traders noted the shilling was under pressure from a
huge demand for dollars from importers of retail goods
and oil, but the apex bank is expected to continue
pressure also came from the revelation that Kenya lost
access to a precautionary 1.5 billion dollar credit
facility from the International Monetary Fund.
Kenya raised 2 billion dollars from a second Eurobond
that was massively oversubscribed, a development
expected to boost the shilling.