Shilling strengthens on the back of joint Uhuru, Raila statement

March 9, 2018
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The shilling expected strengthened against the dollar following joint Uhuru, Raila statement/FILE

, NAIROBI, Kenya, March 9 – The Kenya Shilling gained 10 cents against the US dollar to trade within the Sh101.00 to Sh101.30 range following the reading of the joint statement between President Uhuru Kenyatta and Opposition leader Raila Odinga.

Analysts at CBA Bank say they expect the market to react positively pushing the shilling in the right direction.

Prior to the announcement, the shilling had held its ground in early morning trading largely on the back of position re-alignment by interbank players.

The two leaders held a closed-door meeting for over two after which they to roll out a programme to work together to unite and develop the country.

They outlined ethnic competition, devolution, inclusivity, divisive elections, security and shared prosperity as among the key challenges that Kenyans need to tackle.

In September, shares and bonds plummeted while the currency fell after the country’s Supreme Court overturned President Uhuru Kenyatta’s August 8 election win.

Earlier, the shilling had gained notably after Kenyatta was declared president before Odinga moved to court to challenge the decision.

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