By CHARLES MWANIKIMore by this AuthorThe shilling gained further ground on the dollar on Thursday to hit a three-and-a-half year high, setting the stage for cheaper imports of goods like cars, clothes, petrol and machinery. The shilling traded at an average of Sh99.70 per dollar, a level it last traded at in July 2015, from Sh100.03 the previous day on increased hard currency inflows and a drop in demand for imports. Exporters of goods like flowers, tea and coffee will feel the pinch of reduced earnings once they convert their dollar sales to Kenya shilling. “Other than the usual dollar inflows from exports and remittances, we have also seen flows coming in from investors looking at the infrastructure bond currently on sale. The shilling has strengthened progressively in the past two months, hence the optimism that the gains made so far on the greenback will hold.

Source: Daily Nation March 07, 2019 18:45 UTC