The Kenyan and Tanzanian currencies have stabilised in the past five months due to tighter monetary policies, while the General Election in Uganda has forced its currency to depreciate even further.
In the past two months, the Kenyan and Tanzanian shillings have made slight gains against the dollar, buoyed by stronger dollar earnings. The Kenyan shilling has moved from 102.80 units to the dollar at the start of the year to 101.80 units. The shilling has so far lost 0.02 per cent to the dollar this year.
“We have seen some slight gains attributed to export earnings, notably from tea and horticulture. We have also seen good dollar inflows for non-governmental organisations. On the other hand, the market has recorded limited demand for the dollar,” said Wilson Kibe, a treasury dealer in Nairobi. Read more. Source | East African