The Lower Eastern Times Opening The Third Eye
Related Articles
The Kenyan shilling fell by 0.35 percent this week, ending at 129.71, amid mounting uncertainty regarding the effects of U.S. tariff hikes, as reported by the Central Bank of Kenya on Friday.
The currency started the week at 129.26 and steadily declined throughout the five days, with ongoing tariff tensions between the U.S. and other countries.
The U.S. imposed a 10-percent tariff on Kenyan goods, prompting concerns that the increased costs will negatively affect local businesses.
Kamau Thugge, Governor of the Central Bank of Kenya, stated on Wednesday that the 10 percent tariff is expected to reduce Kenya’s exports to the U.S. by $100 million, which will in turn diminish foreign exchange reserves.
Experts have highlighted that the ongoing trade dispute involving the U.S. has contributed to greater volatility in global markets.
In addition, the Kenyan shilling has also depreciated against both the British Pound and the Euro, standing at 168.1 and 146.6, respectively, as of Friday.
