Kenya shilling trade hit by communications breakdown

NAIROBI (Reuters) - Electronic trading in the Kenyan shilling was interrupted on Wednesday after one of the east African country's major communications links was cut.

Some commercial banks quoted the local currency at 82.25/45 per dollar, slightly weaker than Tuesday's close of 82.20/40.

But actual trading levels were unclear after a major inland fibre optics cable was cut, affecting Internet service providers, market players said.

"We are using anything we can like mobile phones, BlackBerry messenger (to communicate between customers and other banks). But the market is dead," said Sameer Lagadia head of trading at Diamond Trust Bank.

Ignatius Chicha, head of markets at Citibank said the traders could deal with customers by matching importers and exporters, but banks could not cover themselves in the interbank market.

Reuters was also affected by the Internet breakdown.

Source: http://news.yahoo.com/kenya-shilling-trade-hit-communications-breakdown-084136064.html

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