Kenya | - Part 43

Kenyan shilling hits new three-year low, more losses seen

NAIROBI (Reuters) – Kenya’s shilling weakened on Monday 11th May, with banks covering short dollar positions and traders said they expected the local currency seen easing even further. At 0802 GMT, commercial banks quoted the shilling at 95.80/90 to the dollar, a new low last seen in November 2011, compared with Friday’s close of 95.40/50. “Banks are covering short positions that they accumulated over the weekend. It’s trading with caution,” Chris Muiga, a senior trader…

East African traders want barriers removed

Posted on by The Editorial Team

Kigali, Rwanda (Capital Markets in Africa):- East Africa’s private sector is pushing Rwanda and Tanzania to dismantle the remaining trade barriers according to the East African News. Importers and exporters alike say the barriers are negatively affecting the competitiveness of the Central Corridor by increasing transport costs as a result of delays. These sentiments were voiced recently at a round-table organised by Rwanda’s Ministry of East African Community Affairs about the removal of non-tariff barriers…

Kenyan shilling softens to new 3-year low, stocks rise

Posted on by The Editorial Team

NAIROBI (Reuters) – The Kenyan shilling softened to a three-year low on Thursday due to strong dollar demand by companies seeking to settle their bills at the end of the month, traders said. At close of trade, commercial banks quoted the shilling at 94.60/70 to the dollar, from Wednesday’s close of 94.55/65.The shilling weakened to 94.75/85 in intraday trade, lows last seen in November 2011, before recovering amid concerns the central bank may intervene and…

World Bank to support to Kenya’s financial services sector

Posted on by The Editorial Team

The World Bank Group will support Kenya to develop a stronger financial system, increase long term financing and reduce the cost of credit to borrowers under a new finance program approved on the 30th of April. The World Bank Group’s Board of Executive Directors approved an International Development Association (IDA) credit of USD 37m for the Kenya Financial Sector Support Project to strengthen the legal, regulatory, and institutional environment. It will help Kenya to improve…

East African: Rising inflation takes its toll on region’s economies……

Posted on by The Editorial Team

East African economies are experiencing rising inflation as their currencies continue to weaken against the dollar according to the East African. The Bank of Uganda has raised its benchmark lending rate for the first time since June 2014, in a bid to slow the increase in inflation. BoU Governor Emmanuel Tumusiime-Mutebile said that the depreciation of the shilling and faster real GDP growth will lead to an increase in inflation over the medium term. Uganda…

African Market Watch: Thurs, 16th April 2015

Posted on by The Editorial Team

BRVM [The Regional Stock Exchange, Cote d’Ivoire]: BRVM (The Regional Stock Exchange of eight West Africa) closed its trading session today, higher than the previous day for both BRVM 10 index and BRVM Composite. BRVM 10 index rose from 271.78 to 273.94 points, a gain of 0.79%. BRVM Composite index gained 0.51% to 263.17 against 261.83 points previously. The equity market capitalization was recorded at XOF 6,492.71 billion. Likewise, the traded value was recorded at XOF…

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

Posted on by The Editorial Team

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…

« 1 … 41 42 43 44 45 … 51 »