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Kenya shilling breaks key 90 per dollar level
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ngapat
#1 Posted : Tuesday, November 22, 2011 11:36:12 AM
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Joined: 12/11/2006
Posts: 902
Applause
Kenya's shilling firmed for the fifth straight session on Tuesday, breaking the key psychological level of 90 per dollar, and was seen extending its gains if the central bank maintained its tight monetary policy stance.

The shilling traded at an intra-day high of 89.85, a level it last touched on July 26, as an acute liquidity crunch forced commercial banks to compete for scarce shillings and pushed overnight borrowing costs higher.

82 magic number in the horizon
“Invest in yourself. Your career is the engine of your wealth.”
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VituVingiSana
#2 Posted : Tuesday, November 22, 2011 11:42:36 AM
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Joined: 1/3/2007
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At the cost of 33% interbank rates? If these rates continue then banks will raise Base Rates again to 25% then 30% then what?

I see lots of defaults in the near future.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Mainat
#3 Posted : Tuesday, November 22, 2011 11:44:05 AM
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Anything below Ksh85 is not sustainable imho unless we significantly change our trading habits...
Sehemu ndio nyumba
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VituVingiSana
#4 Posted : Tuesday, November 22, 2011 11:49:24 AM
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Mainat wrote:
Anything below Ksh85 is not sustainable imho unless we significantly change our trading habits...

At 85/- imports will start surging. Kenyans just LOVE buying foreign everything...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Jamani
#5 Posted : Tuesday, November 22, 2011 11:52:19 AM
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VituVingiSana wrote:
Mainat wrote:
Anything below Ksh85 is not sustainable imho unless we significantly change our trading habits...

At 85/- imports will start surging. Kenyans just LOVE buying foreign everything....... Who bewitched us....
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ngapat
#6 Posted : Tuesday, November 22, 2011 12:00:43 PM
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Jamani wrote:
VituVingiSana wrote:
Mainat wrote:
Anything below Ksh85 is not sustainable imho unless we significantly change our trading habits...

At 85/- imports will start surging. Kenyans just LOVE buying foreign everything....... Who bewitched us....



The govt should control imports and encourage consumption of local produce to reduce demand for dollars and create market for local industries. Its time kenya stopped importing what it can produce
“Invest in yourself. Your career is the engine of your wealth.”
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Sober
#7 Posted : Tuesday, November 22, 2011 12:53:06 PM
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waambie wazalendo wenzetu how you're crushing the Dollar back home now currently trading for 89.857/- endelea namna hio hio.
African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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kyt
#8 Posted : Tuesday, November 22, 2011 12:58:14 PM
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the shilling reached 85 when cbk was buying the dollar. above that the level were not justifiable. to say 85 is unstainable is not true.
LOVE WHAT YOU DO, DO WHAT YOU LOVE.
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kyt
#9 Posted : Tuesday, November 22, 2011 1:01:13 PM
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Heck even 75 is verysustainable
LOVE WHAT YOU DO, DO WHAT YOU LOVE.
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GGK
#10 Posted : Tuesday, November 22, 2011 1:04:26 PM
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Location: Ruiru
VituVingiSana wrote:
Mainat wrote:
Anything below Ksh85 is not sustainable imho unless we significantly change our trading habits...

At 85/- imports will start surging. Kenyans just LOVE buying foreign everything...


With fellaz importing drinking water what do you expect. We need to do something as a matter of policy.

Brazil have done it ... they are now 6th largest economy
Argentina are doing it ...they will be there soon

And am not talking soccer here
"..I am because we are. "― Ubuntu, Umtu,
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2012
#11 Posted : Tuesday, November 22, 2011 1:07:16 PM
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VituVingiSana wrote:

At 85/- imports will start surging. everything...


I don't think so. With banks lending at 25% where will traders get money from? And who will buy from them if they need to make enough to repay the banks? I actually think CBK is messing up this economy.

BBI will solve it :)
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Kaigangio
#12 Posted : Tuesday, November 22, 2011 1:09:42 PM
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what do you expect when we are importing eggs, chicken, maize etc as if they are unknown locally!!!
...besides, the presence of a safe alone does not signify that there is money inside...
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Cde Monomotapa
#13 Posted : Tuesday, November 22, 2011 1:41:34 PM
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Kaigangio wrote:
what do you expect when we are importing eggs, chicken, maize etc as if they are unknown locally!!!
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Sufficiently Philanga....thropic
#14 Posted : Tuesday, November 22, 2011 3:06:09 PM
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Joined: 9/23/2010
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Location: Sundowner,Amboseli
2012 wrote:
VituVingiSana wrote:

At 85/- imports will start surging. everything...


I don't think so. With banks lending at 25% where will traders get money from? And who will buy from them if they need to make enough to repay the banks? I actually think CBK is messing up this economy.

CBK is doing the right thing! Let them continue increasing the rates for consumption loans until we love to live within our means!!
At times pain is necessary to make us wiser!
And wooow, the dollar now at 89.642! Rooooaaar!Laughing out loudly
@SufficientlyP
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2012
#15 Posted : Tuesday, November 22, 2011 3:16:24 PM
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Joined: 12/9/2009
Posts: 6,592
Location: Nairobi
Sufficiently Philanga....thropic wrote:
2012 wrote:
VituVingiSana wrote:

At 85/- imports will start surging. everything...


I don't think so. With banks lending at 25% where will traders get money from? And who will buy from them if they need to make enough to repay the banks? I actually think CBK is messing up this economy.

CBK is doing the right thing! Let them continue increasing the rates for consumption loans until we love to live within our means!!
At times pain is necessary to make us wiser!
And wooow, the dollar now at 89.642! Rooooaaar!Laughing out loudly


Very true. Maybe this is the wake up call we need.

BBI will solve it :)
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kizee1
#16 Posted : Tuesday, November 22, 2011 3:17:43 PM
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Joined: 9/29/2010
Posts: 679
Location: nairobi
Sufficiently Philanga....thropic wrote:
2012 wrote:
VituVingiSana wrote:

At 85/- imports will start surging. everything...


I don't think so. With banks lending at 25% where will traders get money from? And who will buy from them if they need to make enough to repay the banks? I actually think CBK is messing up this economy.

CBK is doing the right thing! Let them continue increasing the rates for consumption loans until we love to live within our means!!
At times pain is necessary to make us wiser!
And wooow, the dollar now at 89.642! Rooooaaar!Laughing out loudly

wtf is it cbks or any1s business wat i do with my money?
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Cde Monomotapa
#17 Posted : Tuesday, November 22, 2011 3:59:43 PM
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Joined: 1/13/2011
Posts: 5,964
kizee1 wrote:
Sufficiently Philanga....thropic wrote:
2012 wrote:
VituVingiSana wrote:

At 85/- imports will start surging. everything...


I don't think so. With banks lending at 25% where will traders get money from? And who will buy from them if they need to make enough to repay the banks? I actually think CBK is messing up this economy.

CBK is doing the right thing! Let them continue increasing the rates for consumption loans until we love to live within our means!!
At times pain is necessary to make us wiser!
And wooow, the dollar now at 89.642! Rooooaaar!Laughing out loudly

wtf is it cbks or any1s business wat i do with my money?

Unless u live & work in TZ, then YES house rules do apply.
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Cde Monomotapa
#18 Posted : Tuesday, November 22, 2011 4:05:32 PM
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Joined: 1/13/2011
Posts: 5,964
2012 wrote:
Sufficiently Philanga....thropic wrote:
2012 wrote:
VituVingiSana wrote:

At 85/- imports will start surging. everything...


I don't think so. With banks lending at 25% where will traders get money from? And who will buy from them if they need to make enough to repay the banks? I actually think CBK is messing up this economy.

CBK is doing the right thing! Let them continue increasing the rates for consumption loans until we love to live within our means!!
At times pain is necessary to make us wiser!
And wooow, the dollar now at 89.642! Rooooaaar!Laughing out loudly


Very true. Maybe this is the wake up call we need.

@philanga & @2012 I concur with you 100% pupa za media lazima zipunguzwe, watu wafanye kazi!! Btw @2012 u promised to expire next year..remember? Laughing out loudly Laughing out loudly
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Coolio
#19 Posted : Tuesday, November 22, 2011 5:00:39 PM
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Joined: 10/28/2008
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@Vituvingi i solidly conquer.
Nadondosha meli kubwa seuze ngalawa!
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Impunity
#20 Posted : Tuesday, November 22, 2011 5:06:56 PM
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Joined: 3/2/2009
Posts: 26,330
Location: Masada
At 85 I would order to import a 3rd hand plombox from Chapan.
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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