Kenya’s shilling is gaining value, but don’t expect it to last, expert says
The drivers of international money flows are affected by economic factors (called fundamentals) such as interest rates, inflation, and income. PHOTO | SHUTTERSTOCK
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.
