Kenya Shilling Strength Gain to Benefit Importers
The Kenyan shilling has appreciated to levels last seen in July 2015. The rise which has been attributed to low demand of dollars by the importers has seen the Kenyan shilling almost being exchanged at 99.75 to 1 dollar.
According to a currency trader with a Kenyan commercial bank explaining to Reuters, the strengthening of the Kenyan shilling had been brought about by the fact that the demand is not absorbing flaws.
The Kenyan shilling remained strong in 2018 due to the remittances received from Kenyans living in the diaspora, making the foreign income from the tourism sector go up.
Kenyan exporters have to bare high costs of doing business in an event when the shilling is strong due to the fact that their goods and services go up. On the other hand, strong shilling is an advantage to the importers and the government as it helps the government to achieve its debt repayment plan.
According to last week’s Citi report, it indicated that the Kenyan shilling has been overvalued and that the shilling is most likely to end the year at 108.9 against the US dollar.
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