Shilling wipes out Sh13bn payout to foreign investors

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The State has set a target to ramp up Kenya’s foreign exchange reserves to at least 6.1 months of import cover. FILE PHOTO | JEFF ANGOTE | NMG

The sharp depreciation of the Kenyan shilling against the dollar has hit foreign-owned firms and investors with steep exchange losses on expatriated dividends and profits, threatening Kenya’s position as a preferred investment destination.

An analysis of dividend repatriation across 13 listed companies shows that foreign investors have taken a Sh13 billion haircut on currency depreciation alone.

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Note: The results are not exact but very close to the actual.