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Iran war tests the shilling as risk of costly imports rises
A decline in remittances, allied with a higher import bill, would likely see the demand for foreign currency begin to exceed supply, risking further depreciation of the shilling.
The month-long US-Israel war with Iran is testing the Kenya shilling’s prolonged stability at the Sh129 level against the dollar, with the local currency already beginning to weaken gradually.
The trend poses risks of increased cost of imports and lower investor confidence.
