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Kenya to Use World Bank Loan to Settle Eurobond, Stabilising Shilling

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Otiato Guguyu

Otiato Guguyu, a business and data journalist from Kenya, covers banking, technology, and economic issues.
  • Trades at 130 units to the dollar following the Eurobond repayment announcement
  • Despite gains, analysts warn of continued currency volatility

 

Nairobi, Kenya – The Kenyan shilling eased off pressure to trade at 130 units to the dollar on June 7, following news that Kenya would settle the outstanding balance of Sh65.3 billion ($500 million) from its debut Eurobond, maturing on June 24, with part of the proceeds from a loan from the World Bank.

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