Kenya struck a $750 million syndicated loan agreement with a consortium of lenders on October 28, 2015 with stated maturities of April 27, 2018. Kenya’s outstanding indebtedness under the 2015 syndicated loan facility is $646 million, according to the prospectus for the recently raised $2 billion Eurobond. The central bank did not respond to queries on the looming payment of the syndicated loan. Increased activity on the dollar supply counter, mainly by corporate players, surpassed weak foreign currency demand, pushing the US dollar-Kenya shilling currency pair below a key psychological barrier,” said CBA. The CBA said in its report that the local currency was likely to be on a strengthening streak if the supply of dollars continued.

Source: Daily Nation April 26, 2018 08:15 UTC