Kwnyan shilling dropping like a rovk. Saa hii iko 196 and failing
106
msee, unakunywa nini?
Ilifika 196 lini…
https://kenyanwallstreet.com/kenyas-central-bank-to-buy-dollars-from-commercial-banks/
this is the cause
The Central Bank of Kenya announces that it will commence buying of US dollars in order to progressively increase its foreign exchange levels above normal levels. CBK says the move will increase its preparedness to deal with the heightened global volatility and uncertainty.
The move saw the Kenya Shilling lose ground against the dollar to hit 102.3800 per US Dollar from KSh 100.93 per US Dollar on close of last week (February 27).
In this case, CBK looks to purchase up to USD100 million each month from commercial banks from March to June 2020. The minimum amount for these purchases will be USD 1million and will transact at the prevailing market rate and at CBK’s discretion.
However, CBK will take precautions to ensure that the purchases do not introduce volatility and instabilities in the foreign exchange markets.
CBK weekly bulletin for the week ending February 28 shows that usable foreign exchange reserves remained adequate at USD 8,409 million (5.11 months of import cover) as at February 27 from USD 8,500 (5.16 months import cover) as at January 30.
In addition, the bulletin shows that remittance inflows increased to USD 259.4 million in January 2020 from USD 250.3 million in December 2019. The cumulative inflows in the 12-months to January 2020 increased to USD 2,811 million compared to USD 2,733 million in 2019, reflecting a growth of 2.8 per cent.
trading at 94 sahii actually…
Kwa forex bureau should be over 100
Wacha kuatua watu
its the reverse msee, 0.0094 $ = 1 Ksh, in short 106 Ksh = 1$
you mean 0.0094?
.
There was also the mass exodus of foreign investors and the demand for dollars as the Kenya economy continues to slip.
[SIZE=7]The dollar is in high demand, prone to dangerous appreciation[/SIZE]
The Fed does not want to be the world’s central bank
America’s currency was not always as coveted as it is in today’s troubled times. In the 1960s European central banks had more dollars than they felt comfortable holding. To discourage them from converting their greenbacks into gold, the Federal Reserve introduced its first “swap line” in 1962, allowing foreign central banks to obtain dollars in exchange for their own currency, then swap them back at a later date. Combined with the Fed’s purchases of dollars, the swaps helped protect nervous foreign central banks from the dangers of a dollar devaluation.
The world now faces the opposite problem: a dollar in high demand, prone to dangerous appreciation. It has, unsurprisingly, strengthened against the currencies of emerging markets, which have suffered brutal capital outflows since late January (see chart). But the dollar has, more surprisingly, also strengthened against safe-haven currencies such as the yen and the Swiss franc, and pushed currencies like the pound and the Norwegian krone to their weakest level in decades. On March 18th Bloomberg’s dollar spot index, which measures the greenback against a basket of currencies, hit an all-time high, its seventh consecutive rise. Anyone seeking to swap their yen, francs or euros for dollars (and then swap them back again after a few months) must pay a premium, known as the cross-currency basis, which is deducted from any interest they earn. That premium has risen sharply on several occasions in the past two weeks.
whatever you are talking about is true and will definately affect us together with the rest of the world at some point in future…but the current slide of our currency could be corona related…no tourists, no dollars kutoka kwenu diaspora, no current funding for some NGO projects and no exports
Oh yes, it’s all corona related. The shilling is about to get a thrashing of a lifetime. The price of commodities will go up perhaps to unsustainable levels, for the poor. People should buy food and stock up on essentials before the riots begin…
Counter rate is 101.5 in most banks but you can get at 104-105 if you’re changing over $1k
Alarmist
Sawa sawa. Do it for your loved ones.
Lemme heed this but tone down the Bible apocalyptic rhetoric
Man, it is still down but slight improvement. 0.00945 now.
Wacha fangih