Nairobi – Kenya’s shilling was little changed yesterday, staying firmly in a range that has held since November, with corporate demand for dollars and inflows of foreign exchange both subdued.

Commercial banks in Nairobi quoted the shilling at 102.15/35 to the dollar, compared with Wednesday’s close of 102.28/30.

One trader said earnings from tea exports and inflows from charities were helping match needs of oil firms, telecoms and other companies seeking dollars.

"But it is small amounts,” he said.

CBK action

The Central Bank of Kenya said it planned to mop up Sh8 billion (about $78.35 million) in excess liquidity from the money markets.

The bank uses repurchase agreements (repos) and term auction deposits to absorb the excess liquidity, making it more expensive to hold dollars, which in turn lends support to the shilling.