The shilling Wednesday weakened to a new record low of 108.40 against the dollar, pulled down by the scramble for hard currencies from importers resuming business following the easing of coronavirus lockdowns.
Given that Kenya is a net importer of goods, including vital commodities such as fuel, medicine, clothes, cars and industrial raw materials, a depreciating shilling makes the imports costly with the effect trickling down to all facets of the economy.
