DOLLAR hits Sh 150 mark as RUTO and GACHAGUA continue to lie to Kenyans that they have improved the economy

 

Monday, October 23, 2023 – The Kenyan Shilling has sunk to a new all-time low of 150 to the dollar, adding to the woes of Kenyans already battered by high inflation and a raft of new taxes.

The Kenya shilling has been in a steady decline and plunged by almost 24 percent over the past year, under pressure from high debt levels and depleted government revenues.

According to Central Bank of Kenya data, the dollar was selling at just over 150 shillings, although some commercial banks and foreign exchange bureaus have been trading it at that level or higher in recent weeks.

Ken Gichinga, a chief economist at Mentoria Economics, told AFP the exchange rate reflected the strengthening of the dollar during the Middle East crisis “which is pushing investors to safe-haven assets”, as well as high US treasury yields.

The weakening of the Kenya Shilling comes at a time when President William Ruto and his deputy, Rigathi Gachagua, continue to lie to Kenyans that they have improved the economy.