Bloomberg News

Kenya Shilling Gains 2nd Day Before Kenyatta Announces Cabinet

April 16, 2013

Kenya’s shilling advanced for a second day against the dollar on subdued demand for the U.S. currency before President Uhuru Kenyatta forms his government this week.

The currency of the region’s biggest economy appreciated 0.2 percent to 83.77 per dollar by 10:10 a.m., the strongest level since Aug. 13, according to data compiled by Bloomberg.

President Kenyatta, 51, is this week expected to form a government and fill all cabinet positions that fell vacant after his inauguration on April 9. Kenyatta is a former deputy premier and finance minister.

Demand for dollars is low “because a lot of people had covered their positions in the event of political disturbances and now everyone is waiting to see how low it goes before they begin buying,” Julius Kiriinya, a dealer at Nairobi-based African Banking Corp., said today in a phone interview.

Uganda’s currency strengthened 0.1 percent to 2,522 per dollar, while Tanzania’s shilling gained 0.5 percent to 1,617 per dollar.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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