Advertisement
Higher remittances support shilling
&format=webp)
A teller counts Kenya shilling notes inside the cashier's booth at a forex exchange bureau in Kenya's capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya
Hard currencies sent back home Kenyans living abroad, known as remittances, rose 6.3 percent last month from May to $156 million, the central bank said on Tuesday.
Advertisement
The Kenyan shilling was stable on Wednesday and traders said it could strengthen due to subdued dollar demand from importers and higher remittances.
Advertisement
"Every other month, inflows from diaspora in the form of remittances seem to be reaching new levels," said a trader from a commercial bank.
At 0614 GMT, commercial banks quoted the shilling at 101.30/40 to the dollar, unchanged from Tuesday's close.
Advertisement
Subscribe
Sportal WhatsApp
Latest Videos
Advertisement
Videos
-
Business 06.09.2017Stranded? Don't worry you are covered!
-
Business 06.09.2017Stranded? Don't worry you are covered!
-
Business 29.03.2017Taking customer engagement to new levels -
Business 10.03.2017Check out the new 2017 model
&format=webp)
&format=webp)
&format=webp)
Advertisement
&format=webp)
&format=webp)
&format=webp)
&format=webp)
&format=webp)
&format=webp)
Advertisement