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Kenya's shilling firms on tea and tourism inflows

By 0935 GMT, commercial banks quoted the shilling at 101.85/95 to the dollar. PHOTO | FILE

Kenya's shilling strengthened on Monday, buoyed by dollar inflows from the tea and tourism sectors.

By 0935 GMT, commercial banks quoted the shilling at 101.85/95 to the dollar, compared with Friday's close of 102.00/10.

"There is a bit of inflows from the tea sector and tourism," said one Nairobi-based trader. He added the shilling has also been helped by weak dollar demand and low oil prices, which have cut Kenya's import costs.

Central Bank offered banks Sh4 billion ($39.29 million) in reverse repurchase agreements (reverse repos) Monday morning.

The regulator uses reverse repos to provide liquidity to any lender that might be struggling for funding on the interbank market.

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