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EAST AFRICA CURRENCIES FLUCTUATE SLIGHTLY - FINANCIAL-24

THE East African currencies have shown strong level of stability fluctuating either side insignificantly against US dollar in the first half of this month.

According to the central banks foreign exchange reports, the highest depreciated currency was Burundian franc, followed by Rwandan franc also loss less than two units and the Tanzania shilling by less than one unit.

The Ugandan shilling was the best after appreciated by almost three units while the Kenyan shilling was the second best after maintained its position despite market uncertainty pushed by drought and fresh presidential election called by the Supreme Court after nullifying the August 8.

Burundi’s franc on sliding mode Bank of Republic of Burundi (BRB) yesterday forex statement showed that the franc lost less than three units to settle at 1,761.56 yesterday from 1,751.00 at beginning of the month.

BRB data showed, however, the depreciating trend continue to walk south since January when opening at 1,702 compared. End of last month the franc went down to 1,794 a greenback. Rwandese franc fight back.

The National Bank of Rwanda reported yesterday that the franc lost merely 2.0 units to dollar after sliding down to 844.86 compared to 842.96 at the beginning of the month. However, Rwandan franc opened a year at 828.

The franc was tipped to appreciate on easing demand of greenback as the economy heading to end year holidays. Tanzanian shilling stable The Tanzanian shilling despite demonstrating stability in the first half of this month, the local unit seats on a shake foundation.

“Pressure has been felt on the local currency due to increased demand for the US dollar, with low inflows to support it,” CRDB bank said yesterday. Ugandan shilling gain. The Ugandan currency gained in the first half of this month by almost 3/- to 3602/83.

The Bank of Uganda foreign exchange data showed the shilling appreciation trend since the beginning of this year. The shilling opened the year at 3,616/- but continue to gain on the back steady inflow and low demand.

Kenyan shilling hold firmly The Central Bank of Kenya data showed that the shilling maintained its position trading around 103/- a US dollar in the first half of this month. The shilling continues to hold firmly despite uncertainty of drought and another presidential election on October 17 after the Au gust 8 was nullified by the Supreme Court.

However, analysts said market players eyeing central bank’s yesterday monetary policy meeting to determine the shilling movement directions— south or north.

DailyNews

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