March 20, 2020 / 8:04 AM / in 19 days

Kenyan shilling hammered by the impact of coronavirus

    NAIROBI, March 20 (Reuters) - The Kenyan shilling
fell to a new four and a half year low on Friday, extending its
weakening streak due to persistent worries about the impact of
the coronavirus pandemic on export earnings.
    At 0623 GMT, commercial banks quoted the shilling at
105.70/90 per dollar, a fresh low since late 2015, and down from
105.50/70 at Thursday's close. 
    "There is a lack of inflows, everybody is holding back onto
their dollars," said a senior currency trader from a commercial
bank.
    The currency of East Africa's biggest economy tumbled to a
four and a half year low in Thursday's session as turmoil in
global financial markets spread spilled over into frontier
economies. 
    The lock downs in Europe, which is Kenya's biggest export
markets for produce like flowers in Europe and source of
tourists, are expected to curb its hard currency earnings
temporarily.
    Last Friday, Kenya confirmed its first case of the
coronavirus, causing the shilling to weaken. The cases have
since jumped to seven. 
    The government has closed down schools indefinitely,
restricted large public gatherings and limited entry into Kenya
for people from countries with high cases of the virus. 
               ...........................Shilling spot rates
                  .....................Shilling forward rates
                           .......................Cross rates
         ..................................Local contributors
           .......................Central Bank of Kenya Index
          .....................Kenyan Bonds contributor pages
                          ...............Treasury bill yields
        ..................Central bank open market operations
        .........................Horizontal repo transactions
         ,       ................Daily interbank lending rate
              .............................Kenya Bond pricing
          .................................NSE-20 Share Index
          .................................NSE-25 Share Index
         .................................NSE All Share Index
             ...........................FT NSE Kenya 15 Index
             .......................... FT NSE Kenya 25 Index
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 (Reporting by John Ndiso
Editing by Omar Mohammed and Duncan Miriri)
  
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