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CBK Steps In To Arrest Shilling Drop

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The Central Bank of Kenya on Tuesday moved to calm the market as the shilling continued its slide to a new three- year low of 93.40 units to the US dollar.

A CBK statement to newsrooms said the shilling was being weakened by a combination of a stronger dollar and rising demand from local companies, even as it assured the market that it has enough reserves to support the local currency if need be.The reassurance was welcomed by currency traders who reported cautious trading due to uncertainty over the CBK’s intervention once the shilling crossed the 93.50 mark.

The shilling weakened further on Tuesday after opening at the rate of 93.20/30 and closing at 93.35/45 with an intraday average of 93.45/55 to the dollar.
The CBK’s mean indicative rate on Tuesday stood at 93.24, the lowest since mid-November 2011.The CBK said it was closely monitoring developments in the foreign exchange market and would continue to use appropriate monetary policy instruments to minimise exchange rate volatility.

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