Economy
Shilling falls to new low of Sh160 to the dollar
Tuesday January 16 2024
The shilling has shed 2.4 percent against the dollar in the first two weeks of 2024, jumping from Sh156.40 to the dollar to Sh160. 23. PHOTO | SHUTTERSTOCK
The shilling’s official exchange rate has hit Sh160.23 to the dollar, extending its record decline against the US currency on the back of pressure from importer demand and efforts by the Central Bank to report the true trading value of the local unit.
Currency dealers said that dollar demand from the energy and manufacturing sectors has put pressure on the shilling over the past week.
The move by the Central Bank of Kenya (CBK) to adopt actual traded rates in the interbank market to determine the official rate has also caused the sharp upward adjustment in the CBK rate, which was previously criticised for being out of line with the…
