Before Kenya announced its first case of Covid-19 on March 13, a dollar fetched Sh102.4 to the shilling. Motorists would have had it easier after the prices of a barrel of Murban crude oil dropped - but weaker unit thwarted the benefits. However, a weak shilling will see exports, mainly tea, coffee and horticulture, fetch better prices. Gichinga said the country’s exchange rate is finally going to its equilibrium, a situation that will boost exports. A weak shilling has also benefited speculators, said Tony Watima, an economist.

Source: Standard Digital November 02, 2020 04:01 UTC