Shilling Weakens On Concerns Over Banking Sector

The shilling weakened slightly against the dollar on Thursday due to market jitters after the central bank placed mid-tier lender Chase Bank Ltd under a 12-month receivership.

By 0720 GMT, the shilling was quoted at 101.35/45 to the dollar, a touch weaker from Wednesday’s close of 101.30/40. The shilling has appreciated about 0.7 percent against the dollar so far this year.

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