Kenya: Shilling On Free Fall

Nairobi — The Kenyan currency has maintained a downward slide against major world currencies prompting fears that the events of last year that saw it hit an all-time low could recur. The shilling has currently slipped to a seven month low.

The shilling defied a bullish stock market run to slide from an initial 85 against the US Dollar to 86.45 by close of business Wednesday last week. This reflected a fall of over 0.5 per cent. Analysts have predicted tumultuous times for the Kenyan currency aided by increased imports of oil and machinery coupled with inflationary pressures occasioned by electioneering spend.

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