Kshs. not fairing well........
NAIROBI, Nov 25 (Reuters) - Kenya's shilling fell to
a new three-year low on Tuesday, weakened by concerns the
central bank has wiped out some of its reserves and due to
falling revenue from the tourism and tea sectors, while shares
also retreated.
At the 1300 GMT close of trade, commercial banks posted the
shilling at 90.30/90.40 against the dollar, weaker than Monday's
closing level of 90.05/90.25 against the dollar.
"People are waiting to see if the central bank will
intervene again," said Ian Kahangara, a trader at the National
Bank of Kenya. He added the shilling had been negatively
impacted by recent interventions that had wiped out some of its
reserves.
The central bank sold dollars on Thursday and Friday last
week to prop up the shilling, on both occasions offering dollars
when the local currency was around the 90.30-level.
The shilling has weakened by 4.64 percent against the dollar
so far this year, under pressure from a fall in revenues from
tourism, a major hard currency earner that has been affected by
a spate of militant attacks in East Africa's biggest economy.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen