New car sales jump in 2015 as shilling holds steady against dollar

New car sales increased by 12.86 percent last year to 19,524 units, the Kenya Motor Industry Association said on Monday.

Rita Kavashe, who chairs the association, told Reuters in November that growth was driven by demand for light trucks used to distribute goods and carry construction materials.

Meanwhile, the Kenyan shilling was unchanged against the dollar on Monday and traders said activity was likely to remain subdued until the central bank sets rates on Wednesday.

At 0720 GMT, commercial banks posted the shilling at 102.35/45, the same level it closed on Friday.

“It is quiet as we await the MPC on Wednesday,” said a trader at a commercial bank, referring to the central bank’s Monetary Policy Committee.

The shilling fell less than many other emerging market currencies last year, weakening 11 percent against steeper falls in other currencies like the Ugandan shilling.