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Citi sees shilling faces renewed pressure on costly fuel amid Iran war
The Kenya shilling hit a low Sh160.75 against the US dollar at the height of the FX crunch on January 30, 2024, when investor jitters on a potential sovereign default were at their peak.
Global bank Citi expects renewed pressure on the Kenyan shilling as higher fuel prices create a wider current account deficit in the wake of the Iran war.
The global lender sees the new Middle East crisis as a test for the Central Bank of Kenya (CBK) which is tasked with minimizing extreme volatility on the exchange rate system as part of its policy.
