Kenya shilling on a downward spiral

Kenya shilling is at record low and is the second worst performer in Africa so far in 2024 after the naira trading against the dollar at 162 shillings. The MPC in its last meeting noted that exchange rate depreciation continues to exert upward pressure on domestic prices, thereby increasing the cost of living and reducing purchasing power. As a currency that was performing well against its peers amidst domestic and global factors and the Eurobond debt race repayment, what do the dwindling numbers speak about the power of the shilling and what does this mean to the Kenyan economy both locally and globally? CNBC Africa is joined by Ronny Chokaa, Research Analyst at AIB-AXYS Africa from Nairobi, Kenya.
Wed, 24 Jan 2024 10:25:47 GMT