On Wednesday, the Kenyan shilling was bought at 20.75 units against the Tanzanian shilling compared to the pre-Covid 19 rate of above 22. The Kenyan shilling exchanged at 32.98 yesterday against the Uganda shilling compared to Sh34 in March before the local currency started to tumble. "The weak shilling and increased logistics costs due to Covid-19 are taking a huge toll on my business," she said. ''The weak shilling is slashing my profit margin on every bag of maize and beans I buy in Tanzania. Besides pushing up the cost of living, the weak shilling is likely to pile pressure on the country's external debt which is largely denominated in the greenback.

Source: The Star December 10, 2020 00:56 UTC