Dollar hits record 145 against Kenyan Shilling
By McCreadie Andias,
The US dollar has reached an all-time high of 145 against the Kenyan shilling in the banking sector and forex exchange rates with the Central Bank Of Kenya (CBK) watching helplessly.
The pricing has been influenced by the shortage of the dollar in the country widening the gap between the official and open markets in the country.
A spot check has shown that the majority of banks in the market are currently selling dollars to customers at between sh. 140.55 and sh 144.50 while buying at between sh. 128.20 and sh. 131.40.
Consumers are buying the dollar between sh 141 and sh 146 per unit in forex bureau who are getting the greenback at between 135 and 138.
The local currency has been depreciating since 2021 but has dropped to an unprecedented rate in just one and a half months falling to about sh.5 to the US dollar every week.
Trade Cabinet Secretary Moses Kuria recently claimed that the ongoing US dollar shortage and the depreciation of the Kenyan shilling are beyond government control.
”Because of the way the FED is playing the with the interest rates, the dollar is becoming very expensive .So in so many ways, this is not just a Kenyan problem. It is a global problem but Africa has been hit the most….That one I can admit is out of control,” said the CS when he appeared before the National Assembly Committee on Trade, Industry and cooperatives.