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Banking updates from Kenya - May 23, 2011

May 23, 2011‐ Nairobi, Kenya

National Bank of Kenya profits fall 4% in Q1

The National Bank of Kenya that announced its Q1 numbers said its profits fell by 4%. The profits are at 467 million shillings pre-tax. The reason for the decline in the profits was attributed to the decline in the value of its holdings in government bonds which in turn was because of rising interest rates and inflation.

Kenya Central Bank staying out of foreign exchange

Contrary to the market expectations, the Central Bank of Kenya has announced it is staying out of foreign exchange market. Market analysts say that the announcement will trigger Shilling to weaken further on end-month dollar demand.

It may be recalled the bank has already bought 28 million euros ($39.38 million) in seven sessions since May 10.

1 US Dollar = 87.15 Kenyan Shelling (during weekend)

1 US Dollar = 86.65 Kenyan Shelling (at 0852 GMT)

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