Kenya, Uganda shillings to firm up next week
The Kenyan and
Ugandan shillings should strengthen next week, although minor political
uncertainty surrounding an election in neighbouring Tanzania is likely
to keep its currency in check.
Kenya’s shilling is seen firming, helped by dollar proceeds from sectors such as tourism, and remittances from Kenyans abroad.
“We favour a
stronger shilling going forward if, as expected, the euro makes further
gains in the days to come,” Bank of Africa said in a note.
“We also expect the local unit to receive support from strong
inflows from tourism, diaspora repatriation, and non-governmental
organisation proceeds – all of which could give the local unit impetus
to chart new levels,” it further said.
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