Monday, February 6, 2023
  • Login
Upgrade
The Southern African Times
  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • SAT Jobs
No Result
View All Result
  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • SAT Jobs
No Result
View All Result
The Southern African Times
No Result
View All Result
Home Eastern Africa Kenya

Kenya shilling plummets to record low amid rise of dollar

by SAT Reporter
October 30, 2022
in Kenya
0
Kenya shilling plummets to record low amid rise of dollar

Kenya's former Central Bank Governor Njuguna Ndung'u speaks to Reuters during an interview at his office in Nairobi. File REUTERS/ Antony Njuguna

0
VIEWS

The Kenyan shilling plunged to the lowest level this week as the U.S. dollar continued to strengthen following interest rate hike by the Federal Reserve, the Central Bank said in its weekly update on financial markets released Friday evening.

The shilling exchanged at an average of 121.20 against the dollar this week, a historical low, according to the apex bank.

The local unit has declined 8 percent year-to-date against the dollar.

The decline of the shilling saw the Central Bank support the currency using some of its dollar reserves, which fell by 30 million dollars to 7.286 billion dollars.

The apex bank normally props up the shilling in case of volatility in the market so that it doesn’t fall to a level that destabilizes the financial market.

With the shilling on free fall and imports getting expensive due to a stronger dollar, the Central Bank has struggled to maintain its dollar reserves above the minimum required level.

The 7.286 dollars reserves cover 4.11 months of import cover, the lowest cover in five years.

To curb inflation that has surged at a faster rate in 40 years, the U.S. Federal Reserve has raised its benchmark interest rate five times this year, a move that has seen currencies of developed and developing countries tank.

Tags: currencyFinanceInflationKenya
Previous Post

High inflation arouses anxiety for Ghanaian traders

Next Post

South Africa health minister hopes for more pharma investment

SAT Reporter

Related Posts

Here are the top 3 takeaways from Bill Gates’ trip to Nairobi
Kenya

Here are the top 3 takeaways from Bill Gates’ trip to Nairobi

by SAT Reporter
November 22, 2022
Gates Foundation pledges $7B for health, farming in Africa
Eastern Africa

Gates Foundation pledges $7B for health, farming in Africa

by SAT Reporter
November 18, 2022
Kenyan Investors lobby outlines new roadmap to boost circular economy
Kenya

Kenyan Investors lobby outlines new roadmap to boost circular economy

by SAT Reporter
October 25, 2022
Kenya’s proposed finance minister says to re-profile debt load

Kenya’s proposed finance minister says to re-profile debt load

by SAT Reporter
October 18, 2022
Kenyan conservationist bags award for protecting iconic wildlife species
Kenya

Kenyan conservationist bags award for protecting iconic wildlife species

by SAT Reporter
October 18, 2022
Next Post
South Africa health minister hopes for more pharma investment

South Africa health minister hopes for more pharma investment

Browse by Category

  • African Continental Free Trade Area
  • African Start ups
  • Algeria
  • Analysis
  • Angola
  • Asia
  • Botswana
  • BOTSWANA
  • Burkina Faso
  • Burundi
  • Business
  • Business
  • Cameroon
  • Central Africa
  • China
  • Climate Change
  • Climate Changev
  • Congo Republic
  • COVID 19
  • Culture
  • Democratic Republic of Congo
  • Eastern Africa
  • Education
  • Egypt
  • Entertainment
  • Environment
  • Ethiopia
  • Europe
  • Fashion
  • Feature
  • Finance
  • Food
  • Food and Drink
  • Foods
  • Ghana
  • Global
  • Guinea
  • Health
  • Immigration
  • in Southern Africa
  • International news
  • Just In
  • Kenya
  • Lesotho
  • Libya
  • Life Style
  • Lifestyle
  • Malawi
  • Malawi
  • Mali
  • Markets
  • Middle East
  • Mozambique
  • Namibia
  • Nigeria
  • North Africa
  • Opinion
  • Politics
  • Rwanda
  • SAT Jobs
  • Senegal
  • Seychelles
  • South Africa
  • South Sudan
  • Sports
  • Startup Africa
  • STOCK EXCHANGE
  • Tanzania
  • Tech
  • Togo
  • Travel
  • Travel
  • Tunisia
  • Uganda
  • Uncategorized
  • West Africa
  • World
  • World
  • ZAMBIA
  • Zambia
  • ZIMBABWE
  • Zimbabwe

Browse by Tags

africa African business news Africa News african footballer african markets African news African start-up Agriculture banking Business China Classic Climate change Content currency economy Explore Bali Finance football Investment Kenya Life Style Markets Market Stories Nigeria oil and gas Opinion Pandemic Politics Premium Russia South Africa Southern African News sports Stay Home technology Travel United Kingdom United Stated Vaccine Work From Home Wuhan Zambia Zimbabwe Zimbabwe Harare Manufacturing Africa Employment creationn

Categories

  • African Continental Free Trade Area
  • African Start ups
  • Algeria
  • Analysis
  • Angola
  • Asia
  • Botswana
  • BOTSWANA
  • Burkina Faso
  • Burundi
  • Business
  • Business
  • Cameroon
  • Central Africa
  • China
  • Climate Change
  • Climate Changev
  • Congo Republic
  • COVID 19
  • Culture
  • Democratic Republic of Congo
  • Eastern Africa
  • Education
  • Egypt
  • Entertainment
  • Environment
  • Ethiopia
  • Europe
  • Fashion
  • Feature
  • Finance
  • Food
  • Food and Drink
  • Foods
  • Ghana
  • Global
  • Guinea
  • Health
  • Immigration
  • in Southern Africa
  • International news
  • Just In
  • Kenya
  • Lesotho
  • Libya
  • Life Style
  • Lifestyle
  • Malawi
  • Malawi
  • Mali
  • Markets
  • Middle East
  • Mozambique
  • Namibia
  • Nigeria
  • North Africa
  • Opinion
  • Politics
  • Rwanda
  • SAT Jobs
  • Senegal
  • Seychelles
  • South Africa
  • South Sudan
  • Sports
  • Startup Africa
  • STOCK EXCHANGE
  • Tanzania
  • Tech
  • Togo
  • Travel
  • Travel
  • Tunisia
  • Uganda
  • Uncategorized
  • West Africa
  • World
  • World
  • ZAMBIA
  • Zambia
  • ZIMBABWE
  • Zimbabwe

Browse by Tag

africa African business news Africa News african footballer african markets African news African start-up Agriculture banking Business China Classic Climate change Content currency economy Explore Bali Finance football Investment Kenya Life Style Markets Market Stories Nigeria oil and gas Opinion Pandemic Politics Premium Russia South Africa Southern African News sports Stay Home technology Travel United Kingdom United Stated Vaccine Work From Home Wuhan Zambia Zimbabwe Zimbabwe Harare Manufacturing Africa Employment creationn
  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • SAT Jobs

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?