Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Shilling firmer on tea sector dollar inflows

27 August 2013, 11:46

Nairobi - The Kenyan shilling was steady on Tuesday, underpinned by high yields on local debt, with traders saying it could firm slightly on dollar conversions by tea exporters.

By 09:51 GMT, commercial banks quoted the shilling at 87.45/65, barely changed from Monday's close of 87.50/70.

A trader at one commercial bank in Nairobi said end-of-month importer demand for dollars was being offset by foreign investors buying into local debt to lock in the high yields on offer.

Yields on Kenyan debt rose steadily for eight straight weeks due to tight shilling supply in the market, but started falling at auctions last week after liquidity eased.

"The market is (also) watching out for the central bank's rate setting meeting in a week's time for clear direction," the trader said.

The central bank is set to hold its monetary policy meeting on September 3, which traders expect will hold the key rate decision at 8.50 percent to give time for previous rate cuts to filter through the economy.

- Reuters


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
George Vodongo
Kalonzo says he will defeat UhuRu...

Wiper leader Kalonzo Musyoka has expressed confidence that he will send the Jubilee government home in the upcoming Presidential election. Read more...

Submitted by
S Mbinya
Why Caffeine Is Used for Weight L...

The following are the reasons why caffeine is used for weight loss. Read more...

Submitted by
S Mbinya
What guys want in relationships

Here are the top four things guys need in a relationship. Read more...

Submitted by
EACC recovers KES3.5 million stol...

EACC has recovered KES 3.5 million stolen from Mukurwe-ini Constituency Development Fund (CDF) by former committee members managing the kitty. Read more...

Submitted by
Governor snubs Mashujaa Day celeb...

The Governor was last seen in public during his impeachment debate at Senate, which he survived, and later went India for medical checkups. Read more...

Submitted by
Ben Wangui
President recognises Kenya’s new ...

From young innovators, to doctors and local athletes who have represented Kenya in various events, here are the young heroes recognised by the President in this year's Mashujaa Day celebrations. Read more...