Kenya shilling holds steady despite political uncertainty around Presidential Results


Friday, the 8th of March 2013 –Kenyan’s shilling has held steady against major international currencies even as the market tries to read which way the country could go after the final results of Monday’s elections are announced by the IEBC.

Trade on the shilling was on an 18-week high of 85.1o after Monday’s voting but has then been less steady as the uncertainty about the winner of the Presidential election grows.

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Peter Mutuku, a trader at Bank of Africa, said that the market is watching the happenings on the political front with a lot of interest;

“People are waiting to see what will happen,” he said.

“The scenarios are a winner is announced and people accept, which will see the shilling strengthen, or a winner is announced many people don’t accept, which will be negative for the shilling,” he explained.

Another trader said that the shilling is holding steady so far because there have been encouraging signs that the conclusion of the election exercise will be peaceful;

“The market is just happy that tallying so far has been smooth,” he said, adding “We have nothad any incidents that could jeopardise the country.”

Some estimates out yesterday predicted that the Kenyan economy would grow by as much 7% if the elections go on peacefully.

More updates to follow.


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