| Currency Pair | 7 March 2022 | 8 March 2022 | 9 March 2022 | 10 March 2022 | 11 March 2022 |
| USD/NGN | 415.769 | 414.987 | 414.987 | ||
| USD/GHS | 7.0539 | 7.03856 | 7.03856 | ||
| USD/ZAR | 15.3534 | 15.3074 | 15.3074 | ||
| USD/GMD | 52.9654 | 53.0582 | 53.0582 | ||
| USD/AOA | 470.136 | 470.436 | 470.436 | ||
| USD/UGX | 3,582.84 | 3,586.45 | 3,586.45 | ||
| USD/RWF | 1,017.67 | 1,012.15 | 1,012.15 | ||
| USD/KES | 113.073 | 113.103 | 113.103 | ||
| Dollar Index | 98.73 | 98.94 | 98.45 |
Tag: Kenya
Interbank Market News Scan: Remittances, foreign exchange; Africa sees average cost of remittances at 8.2% …
Foreign exchange rates of interest…
| Currency Pairs | Rates as of 8:13 am EST 17 May 2021 |
| USD/AOA | 652.8280 |
| USD/GMD | 50.9478 |
| USD/GHS | 5.7535 |
| USD/NGN | 379.9410 |
| USD/KES | 108.0900 |
| USD/SLL | 10134.0000 |
| USD/RWF | 979.3480 |
| USD/ZAR | 14.1119 |
| USD/MZN | 58.3200 |
Links to follow …
Remittances. According to the bank’s latest Migration and Development Brief, officially recorded remittance flows to low- and middle-income countries reached US$540 billion in 2020, 1.6 per cent below the 2019 total of US$548 billion. Remittance flows remained strong during COVID-19 in 2020, says World Bank (jamaicaobserver.com)
Remittances, Philippines. Remittances continued to grow in March as more countries eased travel restrictions and reopened borders to foreign workers, the Bangko Sentral ng Pilipinas (BSP) reported Monday. Remittances up 4.9% in March (msn.com)
Remittances, Ghana. Remittances from Ghanaians grew by five per cent from $3.39 billion in 2019 to $5.57 billion in 2020, a World Bank report has said.
This was in spite of the grim economic outlook presented by the COVID-19 pandemic, which affected people’s earnings and the economies of nations worldwide last year. Remittances From Ghanaians Abroad Increase | Social | Peacefmonline.com
Remittances, Nigeria. Pan-African credit rating agency, Agusto & Co has projected that Nigeria’s diaspora remittances will reach $22 billion by 2021, representing a year-on-year (y-o-y) rise of five per cent. Agusto & Co Forecasts $22bn Diaspora Remittances for Nigeria in 2021 | THISDAYLIVE
Remittances, Kenya. Kenya is targetting to collect at least Sh700 billion from over four million Kenyans working abroad, Labour Cabinet Secretary Simon Chelugui has said. Kenya targets Sh700 billion in diaspora remittances annually (the-star.co.ke)
Interbank news scan: Latest global central bank and foreign exchange news …
The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China’s interbank market, increased 6.3 basis points to 1.738 percent Friday. Source: Xinhuanet
Some of the world’s biggest banks are urging a US judge not to immediately terminate the London Interbank Offered Rate (Libor) after a group of borrowers filed suit claiming the benchmark was the work of a “price-fixing cartel.” Source: BusinessWorld
How do you wean everyone from asset managers and traders to corporate treasurers off derivatives that are so ubiquitous, they’ve become part of the fabric of the financial system? Source: Bloomberg
Data from the Central Bank of Kenya (CBK) covering the lead up to Friday showed that daily interbank rate was on a rising trend, sending the average near the 6.29 per cent that was last seen in April 2020. Source: Business Daily
On January 15th, the midpoint of RMB exchange rate in the interbank foreign exchange market is: 1 US dollar to RMB 6.4633, 1 euro to RMB 7.8549, and 100 yen to RMB 6.2263. Source: SMM News
Unlike West African counterparts, Kenya shows appetite for US dollar …
While the US dollar has been declining against a number of currencies, the Kenya shelling does not appear to be one of them, at least during the first week of December. According to data from OANDA, a foreign exchange brokerage, from the period 1 December through 5 December 2020, the Kenya shelling price of a US dollar increased 0.625% from 109.268 KES on 1 December 2020 to 109.951 KES on 5 December 2020. The current Bank of Kenya exchange rate is 1 USD for 111.0618 KES.
The Kenya shilling price for the euro, British pound, and Chinese yuan also increased during the same period. The euro shilling price ticked up from 131.076 KES to 133.253 KES (1.660%). The pound-shilling price advanced 1.0358% from 146.162 KES to 147.676 KES while the Chinese yuan advanced 1.2936% from 16.6311 KES to 16.8665 KES.
The Kenyan central bank’s inter-bank interest rate is 3.96% while the 91-day treasury bill is yielding 6.86%.
Foreign exchange rates in Bezos’ Africa play …
Last November, it was reported that Jeff Bezos, via his personal venture capital fund, would be investing in the Uganda-based financial technology firm Chipper Cash. In an effort to monitor the progress of capital flows into African countries within Chipper Cash’s footprint, we are beginning a series of blog posts documenting foreign exchange rates in these countries.
As of 8:24 am AST 4 December 2020, here are the exchange rates with Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya based on the U.S. dollar.
GHS/USD=0.17061 USD/GHS=5.82987
UGX/USD=0.00027 USD/UGX=3,668.06
NGN/USD=0.00262 USD/NGN=377.448
TZS/USD=0.00043 USD/TZS=2308.76
RWF/USD=0.00100 USD/RWF=974.557
ZAR/USD=0.06551 USD/ZAR=15.2518
KES/USD=0.00895 USD/KES=110.008
Source: OANDA
Legal/Political events impacting African currencies:
U.S. releases jobs report today
The U.S. Department of Labor today will release its jobs situation report which is expected to provide the U.S. and its trading partners with insights into the spending power of Americans. More individuals entering the labor market along with increases in wages should provide African nations trading with the U.S. a gauge on the capacity of the American consumer.
Foreign exchange rates between U.S. and select countries in East Africa, West Africa, the Caribbean, and Asia
As of 11:32 am EST, 6 November 2020:
How to read the chart:
CAD/USD: If you come to the United States with one Canadian dollar (CAD)and wish to sell it for a US dollar (USD), the market price is .76351 USD.
USD/CAD: If you take a US dollar (USD) to Canada and wish to sell it for a Canadian dollar (CAD), the market price is 1.30955 CAD
CAD/USD=0.76351 USD/CAD=1.30955
CNH/USD= 0.15097 USD/CNH=6.62248
EUR/USD= 1.17863 USD/EUR=0.84834
DKK/USD =0.15827 USD/DKK=6.31674
NGN/USD= 0.00260 USD/NGN=382.756
JPY/USD=0.00962 USD/JPY=103.98
INR/USD=0.01349 USD/INR=73.9934
JMD/USD=0.00678 USD/JMD=144.450
GYD/USD=0.00478 USD/GYD= 209.187
GHC/USD=0.00002 USD/GHC= 58,277.2
XCD/USD=0.37037 USD/XCD= 2.70
KES/USD = 0.00909 USD/KES= 107.789
Source: Bankrate
Major political/legal event in the United States: Ballot counting is continuing in the U.S. presidential elections. Democratic presidential candidate Joseph R. Biden reportedly has 264 unofficial Electoral College votes while Republican candidate Donald J. Trump has 214 unofficial Electoral College votes.
The official declaration of President-Elect is scheduled for 14 December 2020.
Today, the House Republican caucus plans to meet to discuss the feasibility of President Trump’s legal strategy for turning the ballot counting tide toward him and away from Joe Biden. A number of prominent Republicans have questioned the President’s post election tone. For example, retiring US Senator Pat Toomey, Republican of Pennsylvania, found Trump allegations of election fraud to be without evidence and Mr Trump‘s words, “disturbing.”
Source: Bloomberg
Foreign exchange: For businesses and individuals buying the US …
As of 9:02 AM EST, here is the price of the US dollar in particular foreign currencies:
1 Euro= $1.19 USD
1 Angolan Kwanza= $0.0015 USD
1 South African Rand=$0.061 USD
1 Nigerian Naira= $0.0026 USD
1 Indian Rupee = $0.014
1 Kenyan Shilling = $0.0092
1 Chinese Yuan= $0.15
1 Eastern Caribbean Dollar=$.37
Source: Morningstar
Alton Drew 