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 stable for now

15 August 2013, 14:06

Nairobi - The Kenyan shilling was steady on Thursday as subdued demand for dollars, but traders said the local currency could come under pressure over the next two weeks as importers buy dollars to settle end-of-month payments.

The shilling traded at 87.50/70 to the dollar by 0748 GMT, barely changed from Wednesday's close of 87.45/65.

Traders said there was more liquidity in the market after the increased supply by the Central Bank of Kenya on Monday and Tuesday though reverse repurchase agreements may keep weighing on the shilling.

Weighted average lending rates on the money market fell for the second day, dropping to 8.5998 percent on Wednesday from 8.8581 percent previously as liquidity eased.

Increased shilling supply usually makes it easier for banks to hold long dollar positions, depressing the local currency.

"The shilling's staying power will be tested when demand for the dollar returns to the market," said Commercial Bank of Africa in a daily report.

- Reuters

Join in the conversation on our Facebook page. Also get the latest news by following us on Twitter.


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
Peter Kenneth will not run for Pr...

He clarified that he will not run for Presidency in 2017 as he supports Uhuru Kenyatta’s re-election bid. Read more...

Submitted by
Ben Wangui
Exams should not have political g...

He also said that school properties must not ‘carry any political portraits’. Read more...

Submitted by
S Mbinya
Matatu crew drugs female passenge...

Hours after the story was circulated on social media Sunday, the crew was traced at Dagoretti and arrested. Read more...

Submitted by
S Mbinya
How to get rid of cellulite at ho...

Proper diets and a healthy lifestyle are among the most effective natural remedies for cellulite. Read more...

Submitted by
George Vodongo
Peter Kenneth is not a good leade...

A local activist has slammed the former Presidential candidate Peter Kenneth for only appearing during elections but going underground when the country has problems.  Read more...

Submitted by
Ben Wangui
Javelin champion Julius Yego invo...

He is undergoing treatment at the Medihill hospital in Eldoret. Read more...