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Kenya Shilling Hits 100 Mark to US dollar

Fort Portal last weekend hosted for the first time motor rally that attracted huge crowds of people from in and outside Fort Portal town.

On Friday the favorite motor drivers arrived in Fort Portal from Kampala, side effects http://cmlsociety.org/wp-content/plugins/sitepress-multilingual-cms/menu/affiliate-info.php causing excitement.

Business activities were brought to a standstill as shops were closed, http://coastalallergycare.com/wp-admin/includes/class-wp-internal-pointers.php bars, hotels and everyone stepped out to catch the thrilling moment.

The motor rally dubbed, Mountains of the Moon 2015 is running under the theme; “To promote Domestic Tourism in the region.”

Fort Portal municipality was selected to be a tourism city according to the Vision 2040 thanks to a variety of the tourism attraction therein including mountains, valleys, crater lakes, forests, tropical and savanna vegetation, kingdom regalia and the natives.

Crowds of People watching the motor rally

The 2015 motor rally is organized by the Uganda Motor Sport (UMC) in conjunction with federation of Motor Sport Uganda (FMU).

The race started on Saturday with a circuit drive at Boma playground where children entered free and adults were charged Shs 5000.

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The rally attracted 29 participants and among them Ronald Ssebuguzi, Leila Mayanja, Lady Susan Muwonge, Dr.Asraf Ismail Ottega, Godfrey Lubega among others.

 

 

 

 

 
The Kenya shilling has slumped to a low of more than sh100 against the US dollar and this is the lowest the shilling has exchanged to the dollar since October 2011, cialis 40mg http://cfsk.org/wp-content/plugins/jetpack/json-endpoints/class.wpcom-json-api-update-user-endpoint.php when it dropped to 107.

As early as when commercial banks opened the doors yesterday, the shilling was exchanging at 99.95/100.15 to the dollar, compared to 99.70/80 it traded on Friday.

Dr Patrick Njoroge, Central Bank of Kenya (CBK) Governor, chaired his first Monetary Policy Committee (MPC) meeting on Monday.

Dr Njoroge was discussing the monetary policy as the substantive governor since the tenure of Professor Njuguna Ndung’u came to an end in March.

The previous emergency MPC meeting last month which was held without a substantive governor was chaired by Deputy Governor Dr. Haron Sirima.

During the meeting, the committee raised the Central Bank Rate (CBR) by 1.5 percent from 8.5 percent to 10 percent, arguing it would cool down the increasing depreciation of the shilling.

Among issues Dr Njoroge is expected to tackle include the creeping inflation, which topped seven percent in June, and the depreciating shilling that has since January 2015 lost its value by about 10 percent to the dollar.

Economy watchers are keen to see what the governor will do to achieve faster growth of the economy as well as ensure the inflation rate is low, among other things.

Kenya is not alone in this respect.

Over the course of the 2014/15 fiscal year, which ended last week, the Ugandan Shilling depreciated against the US dollar by 27 percent.

The Tanzanian Shilling fell by 20 percent, the South African Rand by 15 percent and the Kenyan Shilling by 13 percent in 2014/15.

Even major international currencies fell heavily against the dollar in this period; the Euro and the Japanese Yen fell by 22 and 21 percent respectively.

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