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Tourism crisis keeps shilling under pressure

21 August 2014, 14:34

Nairobi - The Kenyan shilling edged down against the dollar on Thursday and traders said it was likely to remain under pressure due to a sharp decline in tourism.

At 0730 GMT, commercial banks posted the shilling at 88.30/40, down from Wednesday's close of 88.20/30.

"The shilling is in trouble," said Chris Muiga, a trader at National Bank, citing its weakening past the 88.20 resistance level on Monday, which signalled more losses for the currency.

"The supply-demand dynamics are actually pointing towards a weaker shilling," he said.

Kenya's tourism business, a top three foreign exchange earner, slid into crisis this year because of frequent deadly attacks blamed on Islamists from neighbouring Somalia.

Some western nations warned its citizens against travel to some parts of the country, including coastal resorts, prompting multiple cancellations.

Worries over the industry's performance have grown in recent weeks due to the Ebola outbreak in west Africa that has caused at least one airline, Korean Airlines, to suspend its flights to Kenya.

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- Reuters


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