The Kenya shilling posted its strongest intra-day gain against the US dollar in the last 12 years on Wednesday, reaping from a tide of investor confidence after the government received significant inflows to pay off the $2 billion Eurobond.
The heightened demand for bonds was reflected in the recent Kenyan Eurobond offering which garnered over $5 billion in subscriptions.
Kenya’s planned agricultural produce exchange is scheduled to go live in February next year, the Trade and Investment Ministry said in a disclosure.
Diaspora inflows for the first nine months of the year grew at the slowest pace in the past 13 years, putting more pressure on the country’s supply of dollars.
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