Shortly after Kenya’s 2022 elections, the shilling depreciated rapidly against the US dollar – the country’s main currency for international transactions – fuelling a wave of political discontent.
More than a year later, the Central Bank of Kenya (CBK), taking its cue from the International Monetary Fund (IMF), said that the run on the shilling was a market correction for a currency that had been overvalued by between 20 percent and 25 percent.
