• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Kenya shilling soars as locals ditch dollars after Eurobond sale

2 years ago
in Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
47
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Kenya shilling soars as locals ditch dollars after Eurobond sale

Kenya’s shilling rallied the most in almost 16 years as locals offloaded dollars after the nation’s successful Eurobond sale fueled speculation a shortage of the US currency is over.

The shilling headed for its eighth day of gains — putting it on track for an almost 10% appreciation against the greenback in the period. That’s seen the currency go from second-worst performer in Africa to the strongest in the year so far.

A $1.5 billion Eurobond placement by Eastern Africa’s second-largest economy was met with strong foreign-investor demand this week, easing concern about the repayment of a note due in June.

On top of that, foreign investors are snapping up the local currency to pay for 241 billion shillings ($1.6 billion) of local infrastructure debt sold on Wednesday. The central bank accepted bids for about three times the amount of notes on offer.

“There has been an unwinding of domestic dollar long positions,” said Samir Gadio, head of Africa strategy at Standard Chartered Plc. “Not all foreign investors participating in the infrastructure bond auction had converted dollars to shilling.”

The shilling surged as much as 4.7% against the dollar, the most since 2008, before trading 3.9% stronger at 146.61 per dollar by 12:32 p.m. in the capital, Nairobi.

RelatedPosts

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

GSE Opens Week Higher as CPC Posts First Gain of 2025

Borrowings from the International Monetary Fund and the Trade & Development Bank have also boosted the volume of dollars in circulation.

“The question of dollar scarcity in the economy is no longer there,” said Rufas Kamau, market analyst at foreign-exchange trading platform FXPesa. “This is leading to a lot of panic selling by people who were holding dollars.”

In an interview on local television, Principal Secretary of the National Treasury Chris Kiptoo addressed currency investors directly.

“The risk of failure to settle the Eurobond is gone,” he said. “Sell your dollars and get back to business and don’t do any speculation anymore.”

Tags: Eurobond saleKenya ShillingKenya shilling soars as locals ditch dollars after Eurobond sale
No Result
View All Result

Highlights

Asante Gold Announces Completion of $500m Financing Package to Boost Bibiani and Chirano Growth Plans

Gov’t Pledges to Intensify Reforms in Gold Sector Ahead of Crucial Anti-Money Laundering Assessment

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

Trending

Features

Premier League: Ngumoha’s Late Goal Seals Liverpool’s Thrilling Win Over Newcastle

August 26, 2025

Premier League: Ngumoha’s Late Goal Seals Liverpool's Thrilling Win Over Newcastle Liverpool triumphed 3-2 over Newcastle United...

US Open: Venus Williams and Keys Bow Out as Alcaraz Launches Campaign

August 26, 2025

GSE Opens Week Higher as CPC Posts First Gain of 2025

August 26, 2025

Asante Gold Announces Completion of $500m Financing Package to Boost Bibiani and Chirano Growth Plans

August 26, 2025

Gov’t Pledges to Intensify Reforms in Gold Sector Ahead of Crucial Anti-Money Laundering Assessment

August 26, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.