NAIROBI, Feb 28 (Reuters) - Kenya's shilling eased slightly on Tuesday as persistent dollar demand from fuel
importers and manufacturers outstripped foreign-currency supply
that mostly came from tourism and flower farms, traders said.
At 0937 GMT, commercial banks quoted the shilling at
127.20/40 per U.S. dollar - a new all-time low - compared with
Monday's closing rate of 127.15/35.
Kenya is asking up to a year to pay for imported oil rather
than as soon as it is delivered to relieve pressure on the
foreign exchange rate, the country's energy minister said on
Monday.
The East African nation's useable foreign exchange reserves
have shrunk to less than enough to cover four months of imports
of all kinds, which is a statutory requirement.
The shilling has lost 3% against the greenback since the
start of the year, according to Refinitiv data.
(Reporting by Hereward Holland
Editing by Alexander Winning)
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