The Central Bank of Kenya (CBK) has revised its projection of this year’s current account deficit to 5.9 percent of GDP from 5.2 percent previously, citing the higher price of crude which has raised Kenya’s petroleum import bill.
This points to a tighter dollar supply in the market as the gap between outflows and inflows widens, which will put the shilling under further pressure and raise the cost of living for Kenyans.
