Shilling holds steady against the dollar

The Kenyan shilling was unchanged against the dollar on Monday and traders said activity was likely to remain subdued until the central bank sets rates on Wednesday.

"It is quiet as we await the MPC on Wednesday," said a trader at a commercial bank, referring to the central bank's Monetary Policy Committee.

The shilling fell less than many other emerging market currencies last year, weakening 11 percent against steeper falls in other currencies like the Ugandan shilling.