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GenghisCapitalLtd
#1 Posted : Wednesday, December 14, 2011 3:09:16 PM

Rank: Bona-fide

Joined: 11/2/2011
Posts: 191
Location: Nairobi
The CBK got an injection of forex funds from the IMF to the tune of US$144Mn Sickquot; (my reaction exactly). Yesterday they used REPOs to mop up Kes.2Bn and today they are in the market again to mop up a further Kes.4Bn, all this to support the shilling which is trading at 87.3 to the US$. We had predicted it will close the year at 87.5 but now things are looking better, how low do you think it can go? I'm thinking 84 by end year, what are your thoughts?
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Cde Monomotapa
#2 Posted : Wednesday, December 14, 2011 3:16:00 PM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
Tomorrow banks comply with new CRR levels (4.75% to 5.25%) read somewhere that that is approx. a further 7.5B off the table. USD/KES @80 is my target.
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GenghisCapitalLtd
#3 Posted : Wednesday, December 14, 2011 3:27:43 PM

Rank: Bona-fide

Joined: 11/2/2011
Posts: 191
Location: Nairobi
Cde Monomotapa wrote:
Tomorrow banks comply with new CRR levels (4.75% to 5.25%) read somewhere that that is approx. a further 7.5B off the table. USD/KES @80 is my target.

Read that too so might we see it below the 80 mark? Follow us on twitter @genghiscapital for latest forex info
Follow us on Twitter @genghiscapital
“Be a yardstick of quality. Some people aren’t used to an environment where excellence is expected.” Steve Jobs,iGenius
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jamplu
#4 Posted : Wednesday, December 14, 2011 3:36:02 PM
Rank: Veteran

Joined: 3/25/2010
Posts: 939
Location: Nai
GenghisCapitalLtd wrote:
Cde Monomotapa wrote:
Tomorrow banks comply with new CRR levels (4.75% to 5.25%) read somewhere that that is approx. a further 7.5B off the table. USD/KES @80 is my target.

Read that too so might we see it below the 80 mark? Follow us on twitter @genghiscapital for latest forex info


around 78 am that optimisticsmile
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Cde Monomotapa
#5 Posted : Wednesday, December 14, 2011 3:40:27 PM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
jamplu wrote:
GenghisCapitalLtd wrote:
Cde Monomotapa wrote:
Tomorrow banks comply with new CRR levels (4.75% to 5.25%) read somewhere that that is approx. a further 7.5B off the table. USD/KES @80 is my target.

Read that too so might we see it below the 80 mark? Follow us on twitter @genghiscapital for latest forex info


around 78 am that optimisticsmile

When we get to 80 then upper 70s will be a possibilty. Let's see.
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Kihangeri
#6 Posted : Wednesday, December 14, 2011 3:58:44 PM
Rank: User

Joined: 11/10/2010
Posts: 550
Location: Junction
Why are we fascinated by dollars. Does America have a Kenya shilling reserve? I thought we should be having Yuans, Ugandan/Tz shillings and the likes if our biggest trading partners are what matters. I mean, why buy the car from japan in dollars when the japs have yen?
By inference, the man is all that Mr Phantom is not: an untrustworthy radical, divisive, too many enemies, a dictator, and a persistent liar...
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VituVingiSana
#7 Posted : Wednesday, December 14, 2011 4:40:33 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,361
Location: Nairobi
Kihangeri wrote:
Why are we fascinated by dollars. Does America have a Kenya shilling reserve? I thought we should be having Yuans, Ugandan/Tz shillings and the likes if our biggest trading partners are what matters. I mean, why buy the car from japan in dollars when the japs have yen?

Well, coz we hardly export anything to Japan/China so where do we source Yen/Yuan from?

I can understand your views on Uganda & Tanzania but the 'catch' is their exporters want $$$. Also we export much more to them than the imports so its a 'net inflow' for us i.e. they send us $$$.

Also a little more reading might help you... Yuan trading is very limited. Not fully liberalized like US$. China restricts the use of Yuan in foreign markets or trades. The Chinese firms quote $$$ for their products for export.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Cde Monomotapa
#8 Posted : Wednesday, December 14, 2011 7:07:58 PM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
Oil & other commodities (which we import) on the international mkt are quoted in which currency?? And that's why USD/KES remains a big deal.
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Cde Monomotapa
#9 Posted : Wednesday, December 14, 2011 7:17:18 PM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
Cde Monomotapa wrote:
Oil & other commodities (which we import) on the international mkt are quoted in which currency?? And that's why USD/KES remains a big deal.

Nevertheless, I agree 100% on need to expand/diversify our FX reserves to contain currencies of our major trading partners.
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GGK
#10 Posted : Wednesday, December 14, 2011 9:01:55 PM
Rank: Member

Joined: 11/21/2006
Posts: 608
Location: Ruiru
vicious cycle: strong KSh, more and more unnecessary imports. We need an import policy.
"..I am because we are. "― Ubuntu, Umtu,
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