Political tension hits stockmarket, but Kenya shilling remains stable

The shilling has been stable, checking inflation. However, besides trade in foodstuff all other businesses have slowed down. PHOTO FILE | NATION

Kenya’s drawn-out election season compounded by a political impasse is slowing down the economy, with key indicators in the money and stockmarket rising stress levels.

The weekly bulletin of the Central Bank of Kenya (CBK) indicates that the country’s foreign reserves have been falling — since the September 1, Supreme Court ruling that annulled the August 8 presidential election — from $7.54 billion to $7.37 billion.