Bloomberg News

Kenyan Shilling Strengthens on Inflows From Tea, Coffee Sales

February 22, 2012

Feb. 22 (Bloomberg) -- Kenya’s shilling climbed for the first day in six against the dollar on inflows from coffee and tea sales.

The currency of East Africa’s biggest economy appreciated 0.3 percent to 83.08 per dollar and was trading 0.2 percent lower at 83.10 as of 12:38 p.m. in Nairobi.

Kenya’s coffee sales rose to 8,341 bags worth $3 million at an auction, from 8,117 bags valued at $2.8 million, Kenya Coffee Exchange said yesterday in an e-mailed statement from Nairobi. The average price for all the coffee sold rose to $295.58 a bag from $284.67 last week after some grades improved and supplies fell, the exchange said.

African tea prices rose to an average of $2.66 a kilogram at a weekly auction in the Kenyan port of Mombasa from $2.63 a kilogram a week earlier, the Tea Brokers East Africa Ltd. said in an e-mailed report yesterday.

Tanzania’s shilling weakened for the first day this week, depreciating 0.2 percent to 1,596 to the dollar, while the Ugandan shilling snapped a two-day losing streak, gaining 0.2 percent to 2,340 per dollar.

--Editors: Peter Branton, Ash Kumar

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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