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EAC currencies gain against dominant Kenyan shilling
IFC is set to offer advisory services to Kenyan banks in a $1.5 million deal (Sh219 million) to help the lenders in climate risk mitigation. PHOTO | SHUTTERSTOCK
The Kenya shilling has lost nearly 20 percent of its value against regional currencies in under a year, weakening its dominant position in the region in a trend that is serving pain to traders importing goods from Uganda and Tanzania.
The Kenyan currency is now priced at about 19.7 percent lower than the Uganda shilling when compared with mid-July last year while its value against the Tanzania shilling and Rwandese franc has also dropped by 12.1 percent and 4.4 percent respectively in the same period.
