Today’s edition of the Business Daily carried a lead story on what the author reported was the IMF’s view of the exchange rate of the Kenyan shilling to the US dollar. The story quoted my comments in a panel discussion at a forum last Friday out of context and was misleading.
The fact is that the exchange rate is a price. In fact, it is multiple prices, reflecting the demand for various currencies. That demand arises because we are buying goods and services in the currencies in question.
