The Kenyan shilling edged up against the dollar on Friday as firms sold dollars to meet their monthly tax obligations.
Shilling inches up as firms convert dollars to pay tax
At 1100 GMT, banks quoted the shilling at 101.30/40 per dollar, compared with 101.45/55 at Thursday's close.
Kenya shilling coins and notes are pictured inside a cashier's booth at a forex exchange bureau in Kenya's capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya
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![Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]")
"Corporations have to change to Kenya shillings in advance to pay those obligations," said a trader from a commercial bank, referring to the tax that falls due on the 20th of the month.
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