East Africa | - Part 13

Kenyan shilling stays at 3-year-lows, central bank action eyed

NAIROBI (Reuters) – Kenya’s shilling was hovering at three-year lows on Wednesday but avoiding a further slide due to expectations that the central bank could offer support by selling dollars. At 0800 GMT commercial banks quoted the shilling at 93.35/45 to the dollar, compared with 90.30/50 to the dollar at Tuesday’s close – a level last seen in November 2011. “Fundamentally, it looks weak. What’s keeping it from weakening further is the probability of the…

Kenya sells $260 mln of 12-yr infrastructure bond at extended sale

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s central bank sold 24.02 billion shillings ($259.96 million) worth of a 12-year infrastructure bond in an extended sale in which it aimed to raise up to 25 billion shillings. The bond was first auctioned on March 25, when its weighted average yield rose slightly to 11.556 percent from 11.263 percent at a previous sale in October. At the extended sale on Wednesday all the bids for the bond were allotted at…

Rwanda Upgraded To ‘B+’ On Diminishing External Financing Risks; Outlook Stable

Posted on by The Editorial Team

Overview • Risks to Rwanda’s external financing are reducing owing to stable donor flows and the government’s ability to access the capital markets. • Real GDP growth rates have rebounded to more than 6.0% in 2014 from the 2013 low of 4.6%, and we project 7% GDP growth for Rwanda in 2015-2018. Fiscal consolidation is on track, and deficits are narrowing. • We are raising our long-term ratings on Rwanda to ‘B+’ from ‘B’ and…

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