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Shilling takes a hit after PS announces Sh250bn Eurobond
The shilling exchanged at an average of 101.73 units to the dollar in the interbank market, a level last seen at the end of February. PHOTO | FILE | NMG
The Kenyan shilling yesterday weakened to an eight-month low against the US dollar in what market watchers attributed to excess liquidity in the money markets and demand for the dollar from manufacturers and oil importers.
Analysts, however, said Monday’s announcement that the Treasury is about to issue a new Eurobond is causing a recasting of positions as markets prepare for a looming jump in external debt.
