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Global analysts see shilling weakening to Sh134 against dollar
A teller handles US dollar banknotes and Kenya shilling banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya on February 16, 2024.
The shilling is expected to weaken against the US dollar to about Sh134 next year on the back of increased imports and higher costs for servicing foreign public debt.
Seven global institutions tracking Kenya’s macroeconomic position such as Oxford Economics, Standard Chartered and Citigroup Global Markets see sustained calmness in the foreign exchange market for nearly one and a half years coming under threat in coming months due to mounting pressure on Kenya’s dollar reserves.
