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Ksh at its weakest since it floated in 1994
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Mainat
#171 Posted : Wednesday, September 14, 2011 5:48:48 PM
Rank: Veteran

Joined: 11/21/2006
Posts: 1,590
CBK announces 75bps rise. Will definitely help reduce pressure on KES. For now.
Sehemu ndio nyumba
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the deal
#172 Posted : Wednesday, September 14, 2011 5:50:38 PM
Rank: Elder

Joined: 9/25/2009
Posts: 4,534
Location: Windhoek/Nairobbery
@mainat 7% is good indeed.
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  | | Edit by user: Wednesday, September 14, 2011 5:51 PM | Reason: Not specified
Cde Monomotapa
#173 Posted : Wednesday, September 14, 2011 5:56:39 PM
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Joined: 1/13/2011
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hisah
#174 Posted : Wednesday, September 14, 2011 6:57:37 PM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
At least some solid rate hike. But strangely the USDKES cross still wants to reclaim the 95/- handle. What is the rush of floating a sovereign bond. And I hope it not a eurobond. Not at this time!

$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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kizee1
#175 Posted : Wednesday, September 14, 2011 9:09:24 PM
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Joined: 9/29/2010
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Location: nairobi
im sori guy a 75 bp wud have sufficed 4 months ago, no hike wud have saved the kes, heck onite rates hit 30pct and the kes only rallied to the 92 level...guess they can continue to cling on to their sweet reserves while rome burns
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kizee1
#176 Posted : Wednesday, September 14, 2011 9:11:48 PM
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Joined: 9/29/2010
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Location: nairobi
Mainat wrote:
CBK announces 75bps rise. Will definitely help reduce pressure on KES. For now.

really? kes looses a cool 50cents after the announcement
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Mainat
#177 Posted : Wednesday, September 14, 2011 10:44:25 PM
Rank: Veteran

Joined: 11/21/2006
Posts: 1,590
Kizee1-If you recall, I said we'd get to Ksh100 if CBK knitted jumpers rather than increasing CBR. My pt here is that the pressure for Ksh100 is off. For now. The EU situation is also at play and whilst that remains unresolved, things will be dicey.
Sehemu ndio nyumba
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kizee1
#178 Posted : Thursday, September 15, 2011 9:35:40 AM
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Joined: 9/29/2010
Posts: 679
Location: nairobi
Mainat wrote:
Kizee1-If you recall, I said we'd get to Ksh100 if CBK knitted jumpers rather than increasing CBR. My pt here is that the pressure for Ksh100 is off. For now. The EU situation is also at play and whilst that remains unresolved, things will be dicey.



the pressure is bak on mate, kes today traded at 95.85! another all time low, a move to 100 could occur even this week, offcourse CBK may support the unit but selling loose change as an intervention helps nothing

i say again the kes weakness is structural, the growing current account deficit needs to be resolved, short term measures such as hiking rates will not help at this time, selling reserves is a good short term measure while the structural problems causing the deficit to grow are resolved
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Mainat
#179 Posted : Thursday, September 15, 2011 9:50:52 AM
Rank: Veteran

Joined: 11/21/2006
Posts: 1,590
Kizee1-yes it does look like market had already discounted 7% and requires a higher rise.
The BoP status can't been changed overnight
Sehemu ndio nyumba
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kizee1
#180 Posted : Thursday, September 15, 2011 10:03:01 AM
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Joined: 9/29/2010
Posts: 679
Location: nairobi
Mainat wrote:
Kizee1-yes it does look like market had already discounted 7% and requires a higher rise.
The BoP status can't been changed overnight

agreed on the bop but in the interim some short term measures are available
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