Kenyan Shilling, World's Worst Performing Currency, Declines for Third Day! | JamiiForums | The Home of Great Thinkers

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Kenyan Shilling, World's Worst Performing Currency, Declines for Third Day!

Discussion in 'Kenyan News and Politics' started by Invisible, Jan 5, 2012.

  1. Invisible

    Invisible Admin Staff Member

    Jan 5, 2012
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    By Sarah McGregor and Fred Ojambo | Jan 5, 2012

    Kenya's shilling snapped two days of losses against the dollar after the country's central bank sold repurchase agreements to curb shilling supply.

    The currency of East Africa's largest economy strengthened 0.9 percent to 86.90 per dollar 4:23 p.m. in Nairobi, the capital, after earlier retreating 1.7 percent, according to data compiled by Bloomberg.

    "The strengthening is because of the repurchase agreements and because the Central Bank of Kenya sold dollars in the market for at least the last two days," John Muli, a dealer at African Banking Corp., said by phone from Nairobi.

    The central bank accepted all of the 3.5 billion shillings ($40.2 million) of bids it received for so-called repos, after offering 3 billion shillings of the securities, said Donald Murgor, a dealer at the Nairobi-based bank today.

    Uganda's shilling, which was up 1.3 percent yesterday, retreated 0.1 percent to 2,455.55 per dollar.

    "The market is flat as the demand in the market is being offset by inflows resulting from yesterday's bond auction," Ahmed Kalule, the head of currency trading at Bank of Africa Uganda Ltd., said by phone from the capital Kampala. Uganda's central bank sold 95 billion shillings ($38.7 million) of three- year bonds at a yield of 21.09 percent yesterday.

    Tanzania's currency weakened for the fourth time in five days, after closing unchanged yesterday, slipping 0.7 percent to 1,595.20. A close at this level would the lowest since Dec. 16.

    "There are very little dollar inflows into the market today," Hamis Mwakibete, head of trading at Commercial Bank of Africa Tanzania Ltd., said by phone from the commercial hub of Dar es Salaam.

  2. Msarendo

    Msarendo JF-Expert Member

    Jan 5, 2012
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    Vita ya alshabab ndo inawacost hivyo.
  3. Mtoboasiri

    Mtoboasiri JF-Expert Member

    Jan 5, 2012
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    Shilling ya Kenya imekuwa inayumba hata kabla ya kwenda Somalia. Acha uzushi
  4. meningitis

    meningitis JF-Expert Member

    Jan 5, 2012
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    so what?
  5. Mpita Njia

    Mpita Njia JF-Expert Member

    Jan 5, 2012
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    But, which criteria did they use to regard it the worst performing currency? If the criteria ni hiyo kushuka thamani for three consecutive days, basi wangeiangalia Tanzanian Shilling last month wanheshangaa sana as ilipungua thamani for about ten consecutes days

    TIMING JF-Expert Member

    Jan 5, 2012
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    it is still way better than our madafu