BLBG:Kenya Shilling Set to Slip to 100 Per Dollar by Year-end, Renaissance Says
Kenya’s shilling is poised to weaken to 100 per dollar by the end of the year, Renaissance Capital said.
“A softer oil price due to an economic slowdown in the advanced economist is positive for Kenya’s current account and the shilling,” Yvonne Mhango, a Johannesburg-based economist with Renaissance, wrote in an e-mailed research note today. “However, this could be countered by weaker demand for exports and slowing financial inflows.”
The currency of East Africa’s biggest economy depreciated 0.3 percent to 95 per dollar by 10:36 a.m. in the capital, Nairobi. It declined to 95.80 on Sept. 13, the weakest level in 17 years. Kenya’s currency has retreated 15 percent against the dollar this year, making it the world’s worst performer after Uganda’s shilling, Suriname’s dollar and Maldives’ rufiyaa.
To contact the editor responsible for this story: Ana Monteiro at amonteiro4@bloomberg.net
