The Kenya shilling held largely steady on Monday as global volatility hit other regional currencies. Business Today Kenya credits a government-to-government fuel deal and debt restructuring with easing pressure on dollar demand.
The Kenya shilling held steady on Monday as global market volatility hit other regional currencies, Business Daily reported. Business Today Kenya said the currency has stayed relatively stable at around KSh129-130 against the US dollar.
Business Today Kenya said this stability is not accidental. It credited several policy and economic measures with easing pressure on the local foreign-exchange market.
The first is the government-to-government (G2G) fuel arrangement. According to the outlet, it extended payment terms for petroleum suppliers. That cut immediate demand for dollars. The second is debt restructuring, which Business Today Kenya said helped spread out the country's obligations.
Neither outlet's published material named the regional currencies under pressure or said how far they have fallen.
We use cookies to measure readership. They are only switched on if you agree. You can change your choice at any time at the bottom of the page. Privacy policy