Kenyan Shilling Hits Ksh 150 Against The Dollar, The Lowest Since Independence

The Kenyan shilling has fallen to the lowest in history, going at 150 shillings to the US Dollar. Although the official records from the Central Bank of Kenya (CBK) have placed it at 143 shillings to the Dollar, some Kenyan banks are selling the dollar at 150 shillings.

With the current rate, the Kenyan shilling has lost more than 43 percent of its value against the US Dollar in 50 months with analysts saying the shilling is set to slide even further with little intervention from the Central Bank of Kenya.

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The Central Bank of Kenya, last month, announced that it was taking a backseat against intervening in the woes facing the local currency, leaving it at the mercy of the US Dollar with the hope that it will stabilize on its own. But will this work for or against the shilling?

So far, the Kenyan shilling is said to have lost at least 20 percent of its value against both the Ugandan and Tanzanian shillings. For years, the Kenyan Shilling losing against the Ugandan or Tanzanian shillings was unheard of.

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The fall of the Kenyan shilling is going to hit hard on business people who import goods from other countries. All imports into the country have to be paid through the US Dollar. This means businesses have to spend more Kenyan shillings to import similar goods.

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In other news, on the Kenyan stock market, total equity turnover gained by 276.78 percent to close at USD 0.86 MN (KES 122.34 MN) compared to Friday’s turnover of USD 0.23 MN (KES 32.47 MN).  NSE 20 and NASI dropped by 0.01% and 0.02% to close at 1,594.10 and 106.15 respectively.

Foreign investors assumed a net buying position by accounting for 63.65% of total market purchases and 14.85% of total market sales.

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