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More pain for Kenyans as shilling at new record low
A client holds US dollar notes at a forex bureau in Nairobi. Kenyans face more expensive household budgets after the shilling hit a fresh historic low against the dollar yesterday, pointing to costlier imported goods and inflation.
Photo credit: File | Nation Media Group
What you need to know:
- Kenyans face more expensive household budgets after the shilling hit a fresh historic low against the dollar yesterday, pointing to costlier imported goods and inflation.
- CBK showed the US Dollar exchanged at an average of 125.07 Kenyan shillings yesterday after a relentless weakening of the local unit against the greenback.
- A weaker shilling means that it will cost more to pay for imports of goods, grain, and raw materials into the country—costs that will be passed on to consumers.
Kenyans face more expensive household budgets after the shilling hit a fresh historic low against the dollar yesterday, pointing to costlier imported goods and inflation.
The indicative exchange rates by the Central Bank of Kenya (CBK) showed the US Dollar exchanged at an average of 125.07 Kenyan shillings yesterday after a relentless weakening of the local unit against the greenback, with the impact expected to be felt in key areas including the cost of petroleum, food, and debt service costs.
