Kenyan currency experiences significant decline in value


Kenya’s currency, the shilling, experienced a decline in value against the US dollar, reaching a new low, as per the latest data from LSEG. At 1015 GMT, the exchange rate was recorded at 149.35/55 per dollar, in contrast to the previous day’s closing rate of 149.20/40. This signifies a 17.4% depreciation in the shilling’s value since the year began, with a session low of 149.40/60.

This downward trend is commonly attributed to the surge in demand for dollars from the energy and manufacturing sectors. In light of these developments, acquiring licensing rights to the image of Kenya shilling coins and notes inside a cashier’s booth at a forex exchange bureau in Nairobi seems timely. The aforementioned image was captured by REUTERS photographer Thomas Mukoya in April 2016.

Author: Hereward Holland | Editor: George Obulutsa