Despite the introduction of the forex code by the top bank and a government agreement to import oil on credit from the Gulf States, according to data from the Central Bank of Kenya (CBK), the local currency declined from an average of Ksh135.9 on Monday evening to the new rate on Tuesday.
The Kenyan shilling has fallen to a new record low of 136.02 per dollar, putting the nation at risk of higher import costs and trouble paying its debts.
The shilling lost 9% of its value in the 12 months leading up to December of last year, driving up living expenses and harming consumers already facing high food and gasoline prices.
