21 February 2018

Kenya: Shilling Remains Stable After IMF Credit Facility Disclosure

The shilling was stable Wednesday even as the market adjusted to news of suspension of Kenya's access to the International Monetary Fund's (IMF) precautionary credit facility.

The facility is meant to offer insurance against any shocks to the country's balance of payments.

Commercial banks quoted the shilling at an average of 101.35 by mid-afternoon, which was only slightly weaker than the closing average of 101.30 recorded on Tuesday.

Traders said that there was continuing support from dollar remittances from the diaspora, while portfolio investors were also bringing in dollars.

"We had a fairly balanced market today, with support mainly coming from remittances. People are also well aware that Central Bank has enough reserves to iron out any volatility," said a trader in a commercial bank.

Shilling liquidity was also fairly balance Wednesday, with CBK saying in a market alert that it was staying out of the repo market for the day.


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