• About Us
  • Archives
  • SWG Registration
Samrack Media
Mahiga Homes
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events
No Result
View All Result
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events
No Result
View All Result
Samrack Media
No Result
View All Result

Time To Send Money Home? Shilling Falls Again Against Dollar

samrack by samrack
July 15, 2015
in Africa, Business, Diaspora, Kenya, News, People, Politics
A A
0
Time To Send Money Home? Shilling Falls Again Against Dollar

Kenya Shilling bundles

Share this
FacebookTwitterPinterestEmailWhatsAppLinkedIn

The shilling fell shortly after the Central Bank (CBK) injected dollars into the market Tuesday for the second consecutive trading session.

The shilling firmed to 101.50/70 per dollar in the first hour of trading, up from Monday’s close of 101.90/102.00. But soon after it was trading at 102.20/40. Traders said the bank intervened soon after the market opened.

“It’s an extension of Tuesday’s programme,” said one trader, referring to the bank’s intervention late on Monday when the bank also sold dollars to support the sagging shilling that had weakened to 103.85/95, a new 3-1/2 year low.

A second trader confirmed the bank had intervened. Down about 13 per cent against the dollar this year, the shilling has been under pressure from a wide current account deficit and a slump in tourism caused by a spate of attacks by Somali Islamists.

Like other frontier and emerging-market currencies, the shilling has also been weakened by the dollar’s gains on the back of expectations the US Federal Reserve will start raising interest rates this year.

CBK has hiked rates by 300 basis points in the last two months but the shilling has continued its downward spiral, worrying officials who fear that could lead to higher inflation. “Monetary policy alone will not help this.

There must be some determination on the fiscal side to help the shilling,” said the first trader, referring to the country’s wide current account deficit. The bank also said it planned to mop up Sh20 billion in excess liquidity.

Last week, the Central Bank raised its policy rate by 1.5 percentage points to 11.50 per cent. Standard Investment Bank (SIB) analysts said the ‘hawkish rate hike’ would only offer “temporal relief to the currency given persistent weakness in current account position and muted foreign capital inflows given current aversion of risk globally.”

Read more at: The Star

Tags: dollarshillingSomali
Previous Post

Italian PM In Kenya For Two-Day Visit

Next Post

Obama Senior’s Unclaimed Sh50,000 Found As Barack Visits

Related Posts

Azimio Leader Raila Odinga leading the "People's Baraza" in Nakuru Town on March 17, 2023.
News

Raila Odinga’s secret cards for mass action

March 19, 2023
President William Ruto. Image: PCS
News

I will not allow you to terrorise Kenyans, Ruto tells Raila

March 19, 2023
Transition /Death Announcement of Joseph Karanja Gaturu (Mr. Karanja) father to Esther Macharia & father in-law to James Macharia Matu of Lowell, Massachusetts
Diaspora

Transition /Death Announcement of Joseph Karanja Gaturu (Mr. Karanja) father to Esther Macharia & father in-law to James Macharia Matu of Lowell, Massachusetts

March 19, 2023
URGENT COMMUNITY APPEAL : FOUR KENYANS ESCAPE A FIRE TRAGEDY IN MALDEN, MASSACHUSETTS
Africa

URGENT COMMUNITY APPEAL : FOUR KENYANS ESCAPE A FIRE TRAGEDY IN MALDEN, MASSACHUSETTS

March 11, 2023
Ireland-Based Kenyan Businessman Seeks Justice After His Sh55 Million Property Was Demolished

Ireland-Based Kenyan Businessman Seeks Justice After His Sh55 Million Property Was Demolished

March 10, 2023
Jeff Mwathi (left) was buried (inset) in Nakuru County on March 3, 2023, after dying outside Kikuyu entertainer, DJ Fatxo's house in Nairobi.
News

DJ Fatxo speaks: ‘Justice will prevail’

March 10, 2023
Next Post
Obama Senior’s Unclaimed Sh50,000 Found As Barack Visits

Obama Senior's Unclaimed Sh50,000 Found As Barack Visits

Please login to join discussion
ADVERTISEMENT
ADVERTISEMENT
Royal Gardens Ngong Royal Gardens Ngong Royal Gardens Ngong
ADVERTISEMENT
KIBS VILLA HOMES:(ABNB) Relax into Luxury: Monthly ABNB rates are negotiable Call:508-479-1517 / 254714428680 KIBS VILLA HOMES:(ABNB) Relax into Luxury: Monthly ABNB rates are negotiable Call:508-479-1517 / 254714428680 KIBS VILLA HOMES:(ABNB) Relax into Luxury: Monthly ABNB rates are negotiable Call:508-479-1517 / 254714428680
ADVERTISEMENT

Latest News

Raila Odinga’s secret cards for mass action

I will not allow you to terrorise Kenyans, Ruto tells Raila

Transition /Death Announcement of Joseph Karanja Gaturu (Mr. Karanja) father to Esther Macharia & father in-law to James Macharia Matu of Lowell, Massachusetts

URGENT COMMUNITY APPEAL : FOUR KENYANS ESCAPE A FIRE TRAGEDY IN MALDEN, MASSACHUSETTS

Ireland-Based Kenyan Businessman Seeks Justice After His Sh55 Million Property Was Demolished

DJ Fatxo speaks: ‘Justice will prevail’

[PHOTOS] Dramatic scenes during Kisumu demonstrations

Raila names Safaricom among companies listed for boycott

Ex-Nyandarua governor Waithaka, 5 others have case to answer in graft case

Transition/Death Announcement of Beatrice Njeri Njagi (mother to Pastor Catherine Ulanga and Mother in law to Pastor Charles Ulanga Mwele of Christ is the Answer church – (CITAC)

We are grateful for your monthly or one-off donations To Samrack Media: Cash App No: 781-888-8770 $SAMRACK001

Money

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency

by samrack
November 19, 2021
0

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency This week sees the launch of a new initiative to equip...

A simple guide to Government Bonds investing in Kenya

A simple guide to Government Bonds investing in Kenya

by samrack
September 17, 2021
0

A simple guide to Government Bonds investing in Kenya A treasury bond (T-bond) is a medium term to long term...

Politics

Kisumu residents stage protests over high cost of living in Kisumu on March 10. Image: DANIEL OGENDO

[PHOTOS] Dramatic scenes during Kisumu demonstrations

by samrack
March 10, 2023
0

Dramatic scenes during Kisumu demonstrations The protesters are seen negotiating with police to allow them to demonstrate. They held...

Azimio leaders at Migori rally on Friday, March 10, 2023 Image: JAMES ORENGO/TWITTER

Raila names Safaricom among companies listed for boycott

by samrack
March 10, 2023
0

Raila names Safaricom among companies listed for boycott He said his call for mass action and demonstrations which will culminate...

  • About Us
  • Archives
  • SWG Registration

© 2023 SAMRACK - Diaspora News & Updates; design by: Samrack.

No Result
View All Result
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events

© 2023 SAMRACK - Diaspora News & Updates; design by: Samrack.

Page generated in 1.024 seconds. Stats plugin by www.blog.ca