Kenya cbank to buy £5m

The Pak Banker - - Front Page -

NAIROBI: The Cen­tral Bank of Kenya said on Wed­nes­day it plans to buy 5 mil­lion pounds ster­ling ($7.70 mil­lion) from the lo­cal mar­ket, in its first for­eign cur­rency pur­chase this week. Some mar­ket play­ers say the bank's fre­quent pur­chases of for­eign cur­rency has kept the shilling un­der-priced. The cen­tral bank has said the pur­chases are meant to add to the coun­try's for­eign ex­change re­serves and are not aimed at weak­en­ing the shilling. Com­mer­cial banks quoted the shilling KES= at 80.65/75 to the dol­lar, weaker than Tues­day's close of 80.55/65, and 80.60/70 ear­lier on Wed­nes­day. -PB News

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