Trending
- The Crucial Role of Private Capital Africa’s Economic Development
- Kenya’s Marine Potential: Fostering Sustainable Blue Economy
- American nationals arrested in foiled attempt to overthrow President Tshisekedi
- The role of financial services in achieving financial inclusion in Rwanda and beyond
- Will Tanzania’s new truck assembly plant revive old coal mines?
- Communications Authority of Kenya needs $820M for digital superhighway goals
- Youth Unemployment in Kenya: The Role of Vocational Training
- New $900,000 initiative aims to boost sustainable trade in Tanzania
Browsing: Kenya National Bureau of Statistics AZA Finance
- The Kenyan shilling has fallen to a new low of 140.04 against the US dollar.
- Central Bank of Kenya data shows the unit is also losing to other major currencies including British Pound and Euro.
- Last year, the Kenyan shilling depreciated by about 7.5 per cent against the US dollar, the UAE dirham (7.5%), Saudi Riyal (7.4%) and the Chinese Yuan (3.1%), the Kenya Economic Survey 2023 shows.
As developing market currencies continue to suffer from the worldwide increase in interest rates, which is being spearheaded by the US Federal Reserve, the Kenyan Shilling has dropped to a historic low in relation to the US Dollar.
The Fed has increased the benchmark rate ten times in a row, or a total of five percentage points, since March of last year. In the last 40 years, these increases are the most abrupt. In an effort to combat US inflation, interest rates …