Kenya's shilling was little changed on Monday with foreign investor inflows, driven by high government debt yields, supporting the local currency.
ADVERTISEMENT
Shilling stable, seen supported by high debt yields
At 0725 GMT, commercial banks quoted the shilling at 101.95/102.05 to the dollar, little changed from Friday's close of 101.90/102.10.
A fuel attendant handles Kenyan shilling notes at a petrol station in the capital Nairobi REUTERS/Noor Khamis
The shilling has firmed in recent weeks due to inflows of dollars from offshore investors chasing government debt. Yields on the benchmark 91-day paper slipped at last week's auction to 19.471 percent but remain far above normal levels.
"Based on current yields, the shilling should stay supported," said one Nairobi-based trader.
Yields on the 182 and 364-day Treasury bills were above 21 percent at last week's auction.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.com.gh
Recommended articles
Dumsor: ECG board members reject PURC GH¢5.8m fine
Woman who claims to have been taken to another world by dwarfs shares experience
Organised Labour threatens to strike May 2 over Tier-2 pension arrears
Nana Addo assures he will prioritize the welfare of cocoa farmers
Truck driver arrested for allegedly causing train accident on Tema-Mpakadan railway line
Kia driver who caused accident involving Ghana’s new train reports himself to Police
No passenger injured in accident involving Ghana’s newly imported train – Railways Minister
NAGRAT gives govt one-week deadline to address unpaid pensions affecting 700,000 workers