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16 Oct 2017

Kenyan Shilling Remains Steady Against Dollar Despite Political Uncertainty

The Kenyan shilling was
steady against the dollar on
Monday in spite of political
uncertainty and demand from importers.

Central Bank of Kenya intervention is likely to buffer any volatility,
traders said.

At 1113 GMT, commercial
banks quoted the shilling at
103.20/40 per dollar, the
same as Friday's close.

"It's proven resilient...we've
had some of the offshore
participants wondering how it maintains stability with all
this political noise," said a
trader from a commercial bank.

"We should get direction at
some point in future." Politicians, business people
and other members of the
public have urged an end to
the stalemate saying the
economy is at risk. This was one of the reasons
acting Interior minister Fred
Matiang'i gave when he
banned NASA protests in the
CDBs of Nairobi, Kisumu and
Mombasa. Planning PS Irungu Nyakera warned that the country's current
political uncertainty is
hurting the economy.

Irungu said on September 7
that there is need to ensure
stability, secure investor
confidence and root for
adequate supply of food.

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