Kenya’s currency has been losing its value over the past years and that was mostly caused by the challenges the country was facing from covid 19 , drought due climatic change, 2022 general elections, among others In 2023, things have started going astray with the Kenyan shillings depreciating way hard and now the Kenyan shilling is going from 136 to around 143 against the dollar.
The dollar is the most traded currency globally and bilateral exchange is quoted against the dollar, with the Kenyan shillings hitting this low you have to know that things are getting out of hands at the moment. Consumers are exposed to bilateral exchange rates when they travel abroad or when they order goods and services from other countries, and businesses are exposed to them when they enter into contracts to export their goods and services to other countries and buy production inputs from other countries.
The country is currently in an inflation phase and the economy is so bad for the common man who tries to make ends meet. Prices of goods have gone high and it is becoming unbearable for everyone not to mention thousands of Kenyans who are unemployed and starve to death in various parts of the country and can’t get access even to the most basic things .
Despite reports that the crucial trade currency is exceedingly scarce, the National Treasury says Kenya has enough dollars in its reserves.
“What I can say is we still have adequate reserves,” National Treasury PS Dr. Chris Kiptoo said when he appeared before the National assembly public debt
and privatisation committee.
