The Kenya shilling continued with its strengthening streak against the American dollar as the greenback continues to weaken.
The shilling opened trading Monday on a stronger note exchanging at 100.05 against the US dollar and 140 for the UK pound.
The central bank says the shilling is boosted by improved import cover and inflows from the agricultural sector. A strong shilling is good for importers while exporters prefer a weak shilling.
The Kenya Shilling strengthened against major international and regional currencies last week according to data from the central bank.
Get breaking news on your Mobile as-it-happens. SMS ‘NEWS’ to 22163
It also strengthened against the Euro and the Japanese Yen but weakened against the Sterling Pound.
In the EAC region, the Shilling Strengthened against all the currencies. The Kenyan shilling opened the trading week quoting at 100.05 against the United States dollar which has been on a losing streak due to trade tensions with China and a widening trade deficit.
Official data shows that Diaspora remittances jumped by nearly one-half in February to hit a new monthly high of 21.25 billion.
The CBK weekly report indicates that the official import cover remains a record high at 9.5 billion US dollar which can cover the country’s import for 6.5 months.
The shilling is also enjoying relative calm due to serenity within the political space after an elongated electioneering period.