The shilling’s slide against the US dollar is a wake-up call for the government to come up with quick measures that will reinvigorate the economy.
The currency touched a new mean of 103 against the US dollar last week, the lowest rate since January.
Currency traders have attributed the slide to rising demand pressures mainly from oil importers.
Demand for the greenback has been growing since last week and is expected to continue as companies race to close their annual orders before the year ends.
We must promote exports to secure the long-term strength of the shilling.
The pace of dollar inflows has failed to match demand, which has left the shilling exposed.
Kenya’s forex reserves have fallen un the past few months from a high of over six months of import cover to the current level of 5.4 months.
A weakening shilling transmits consumers pain across all sectors of the country’s economy.
The shilling’s current woes offer key lessons on why the state of the economy is always paramount.
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