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.


CBK sells dollars after rate cap weighs on shilling

26 August 2016, 13:14

Nairobi - Central Bank of Kenya (CBK) pumped dollars into the market early on Thursday, helping to lift the shilling, after it weakened on the back of President Uhuru Kenyatta's decision to approve a law capping commercial lending rates, traders said.

At 0743 GMT, commercial banks quoted the shilling at 101.30/50 to the dollar, compared with Wednesday's close of 101.45/55.

Read Also: Kenya's move to cap commercial rates may lock out borrowers - IMF

The currency had weakened to 101.50/60 at the start of trading in reaction to the cap on the interest banks can charge borrowers, prompting the central bank to step in, the traders said.

Banking stocks on the Nairobi Securities Exchange also fell sharply at the start of trade on Thursday in reaction to the rate cap.

- Reuters


Read more from our Users

Submitted by
Shakila Alivitsa
4 ways to handle your cheating ma...

He is cheating. How do you handle him?

Submitted by
Shakila Alivitsa
Why do men choose second wives?

Why do men choose to have second wives?

Submitted by
Eugene Odanga
Wizkid set for twin Kenyan shows

Wizkid is back in Kenya. For two shows.

Submitted by
Eugene Odanga
Udada women's festival begins in ...

The Udada women's festival has arrived in Nairobi.

Submitted by
Uhuru pardons 2747 death row conv...

President Uhuru Kenyatta has pardoned a number of death row convicts, sending them to life sentences instead. Read more...

Submitted by
Eugene Odanga
WATCH: Kaka Sungura arrested in t...

Was Kaka Sungura arrested in town?