Central Bank defends shilling as demand for dollar increases

Kenya: All eyes will be on the next Monetary Policy Committee (MPC) to see what actions Central Bank of Kenya (CBK) will take to defend the shilling. With the shilling weakening against other hard currencies, exporters will have a problem getting their products to the European Union - the country's main export market.

When markets opened yesterday, the shilling was quoted at 88.70/80 to the dollar, compared to Friday's close of 88.50/60. In the last one month, the shilling has traded at between Sh87.50 and 88.50 to the dollar.