The International Monetary Fund (IMF) wants Kenyan and other central banks in sub-Saharan Africa with a floating exchange rate to let their currency depreciate to encourage local production and export-oriented investments.
This comes at a time when the Kenya shilling has already hit a record low exchanging at an average of 134.56 against the dollar, inflating the size of the country’s external debt and the cost of importing critical inputs such as fuel and fertiliser.
