Bloomberg News

Kenyan Shilling Gains on Speculation of Euro Crisis Resolution

February 20, 2012

Feb. 20 (Bloomberg) -- Kenya’s shilling climbed for the first time in four days on signs that the euro-area debt crisis will be resolved.

The currency of East Africa’s biggest economy appreciated 0.3 percent to 82.80 per dollar and was trading 0.2 percent at 82.91 as of 1:15 p.m. in Nairobi.

European officials are meeting today to attempt to fend off the euro area’s first sovereign default by trying to settle remaining disputes as they close in on a 130 billion-euro ($171 billion) Greek bailout. The euro gained 0.7 percent against the dollar.

“The shilling is gaining on the dollar on account of the strengthening of the euro as the leaders try to resolve the Greek debt crisis,” Jeremiah Kendagor, acting head of trading at Nairobi-based Kenya Commercial Bank Ltd., said in a phone interview.

Tanzania’s shilling appreciated 0.3 percent to 1,595 per dollar, while Uganda’s shilling depreciated 0.4 percent to 2,320 per dollar.

--Editors: Peter Branton, Linda Shen

To contact the reporter on this story: Johnstone Ole Turana in Nairobi at jturana@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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