Kenyan shilling steady despite political uncertainty

Riot policemen walk along a street in an attempt to disperse NASA supporters during a protest along a street in Nairobi, October 16, 2017. /REUTERS
Riot policemen walk along a street in an attempt to disperse NASA supporters during a protest along a street in Nairobi, October 16, 2017. /REUTERS

The Kenyan shilling was steady against the dollar on Monday in spite of political uncertainty and demand from importers.

Central Bank intervention is likely to buffer any volatility, traders said.

At 1113 GMT, commercial banks quoted the shilling at 103.20/40 per dollar, the same as Friday’s close.

"It's proven resilient...we've had some of the offshore participants wondering how it maintains stability with all this political noise,"

said a trader from a commercial bank.

"We

should get direction at some point in future."

Politicians, business people and other members of the public have urged an end to the stalemate saying the economy is at risk.

This was one of the reasons acting Interior minister Fred Matiang'i gave when he banned NASA protests in the CDBs of Nairobi, Kisumu and Mombasa.

Planning PS Irungu Nyakera warned that the country's current political uncertainty is hurting the economy.

Irungu said on September 7 that there is need to ensure stability, secure investor confidence and root for adequate supply of food.

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