The Kenya shilling has hit a low of Ksh 108 against the dollar. This implies that some Kenyans are staring at a gloomy festive season while others are smiling to the bank. The fall in the shilling against the dollar has been occasioned by deterioration in the country's external interaction- more dollars are leaving the country.
The Central Bank of Kenya governor, Patrick Njoroge, said in one of the local TV station that"When you have a well organized market, you have a rate that is appropriate for both buyers and suppliers." He further added that a significant change in the exchange rate might have an impact on the cost of living of the citizens.
On the other hand,exporters of tea, coffee and horticulture will get better prices. Recipients of diaspora inflows will also benefit from a weak shilling. Tourism is another great beneficiary of dwindling shilling against the dollar. According to economist Tony Watima, "Speculators also tend to have a field day which works both ways. Some will speculate a gain and others a loss, that always affects balances."
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