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Kamau Thugge: Kenya paying the price for overvalued shilling
Central Bank Governor Dr Kamau Thugge before the Departmental Committee on Finance and National Planning at Continental House Nairobi on October 24, 2023.
The Central Bank of Kenya (CBK) has said the shilling was overvalued by up to 25 percent in a rare admission that suggests the ongoing free-fall of the currency is far from flattening out.
CBK governor Kamau Thugge told MPs that the demand for foreign exchange has outweighed supply in most months leading to the depreciation of the shilling that has since officially crossed the Sh150 mark against the US dollar.
