Kenya shilling drum-up flops as local unit extends decline
Tier one banks recorded currency gains worth $100.14 million in the first half of the year due to the shilling’s depreciation against the local currencies. PHOTO | SHUTTERSTOCK
The Kenyan shilling has extended its losses against the US dollar to surpass its overall drop last year despite the revamp of the interbank forex market in March.
President William Ruto expected the re-opening of the interbank forex market to reinvigorate price discovery to yield gains for the local currency.
