NAIROBI, Nov. 23 (Xinhua) -- The Kenyan shilling was largely stable on Thursday as the Central Bank's monetary policy committee met and retained its benchmark at 10 percent.
The shilling traded at an average of 103.35, the same level it stood on Wednesday as the currency held steady against the dollar.
The apex bank placed the shilling in the Thursday trading at 103.39, a marginal decline from the previous day's 103.38.
On the other hand, commercial banks in the East African nation quoted the currency at a stronger position of between 103.00 and 103.20, a two-month high.
Traders in the financial institutions credited the surge to the shilling consolidating its gains after the Supreme Court ruling amid increased inflows from agriculture and the debt market.
Against the British pound, the shilling dropped by 0.37 percent as it lost ground to close the day at 137.50 from 136.90.
As the shilling remains steady, the Central Bank's committee noted that Kenya has sufficient forex reserves standing at 7 billion dollars or 4.7 months of import cover to cushion the shilling in case of shocks.
"The reserves, together with a precautionary arrangement with International Monetary Fund standing at 1.5 billon dollars, continue to provide an adequate buffer against short-term shocks in the foreign exchange market," Patrick Njoroge, the Central Bank governor, said in a statement.
