Tracking currency movements across East Africa

Economy tides are shifting in East Africa with currencies gaining ground and some unstable amid global inflationary measures. To unpack currency movements across the region and overall economy performance, CNBC Africa was joined live by Carol Nampurira, Corporate Sales Manager, Energy and Infrastructure, Global Markets, Stanbic Bank. Carol discussed the positive gain of the Kenyan shilling against the dollar, citing factors such as the infrastructure bond and horticulture flows as key supporters. Moving to Uganda, a slight depreciation was noted, driven by corporate dividend requirements and profit-taking by portfolio investors. Both the Kenyan and Ugandan central banks are actively supporting their currencies through policy measures like interest rate adjustments. Uganda recently netted $339 million in a debt auction, aiding supplementary budget support. Despite stable fuel prices in Kenya, global energy price trends may influence future adjustments. The central banks continue to balance fiscal consolidation and growth objectives amidst global economic volatility.