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Browsing: weakening Kenyan shilling
- The IMF anticipates a peak in interest rates at the beginning of 2024, following a slower climb in 2023 across major economies.
- This will likely exert pressure on already struggling currencies across Africa.
- Notably, the US Federal Reserve is expected to witness interest rates reaching around 5.4%, with plans for rate cuts in Third Quarter.
Pressure on the weakening local currencies in African economies may persist for much of this year, with further depreciation against major currencies anticipated until the third quarter.
According to the International Monetary Fund (IMF), their latest interest rates forecast update for major economies covering the period from 2024 to 2028 projects a peak in interest rates at the beginning of 2024. This comes after rates continued to climb at a slower pace late last year.
US Federal Reserve interest rate
For instance, the US Federal Reserve is expected to witness interest rates peaking around 5.4 …