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A look at the Shilling

26 Oct

I have never been intrigued by exchange rates really. I had never taken the time to understand how the strength of the shilling actually affects the economy, or is it the other way round? How the economy affects the shilling on the market, whichever way it is, I have come to understand recently, that it is important to keep an eye out for exchange rates on the money markets especially if you send money abroad on a regular basis.

Obviously, you want to keep an eye out for commission charges and the commercial rates, that way you can compare the different rates and make note of any trends that might actually help you when making major decisions when sending money to Kenya.

With this in mind, I though it suitable to just get a very general perspective of how the Shilling has been doing of late.

According to Reuters Africa, the Kenyan Shilling is likely to fall against the dollar, and might even reach a new record low. The shilling has been on a downward spiral against the US dollar for a while owing partly to the import of more than 23000 tonnes of maize at a cost of more than $100 million.

The shilling has depreciated 20 percent this year and acooding to Bloomberg Business week, this makes it the world’s worst performer against the dollar. With infation accelerating steadily over the last 11 months maybe it is best for government to get more vigilant and ready to take additional measures to stem any inflationary pressures and instability in the foreign exchange market.


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