Kenya's rising cost of living leaves low-income earners struggling
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GUEST – Maurice Madiba - Head of Primary markets at the JSE
The Kenyan shilling sank to a new all-time low of 150 to the dollar on Monday, adding to the woes of people already battered by high inflation and a raft of new taxes.
The shilling has been in decline for several years 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 bureaux have been trading it at that level or higher in recent weeks.
The Kenyan shilling sank to a new all-time low of 150 to the dollar on Monday, adding to the woes of people already battered by high inflation and a raft of new taxes.
The shilling has been in decline for several years 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 bureaux have been trading it at that level or higher in recent weeks.
